New York Bankruptcy

What Are The New York Bankruptcy Exemptions?

New York law protects all or a portion of your property from being seized by creditors or the bankruptcy trustee in a Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, you are generally allowed to keep all of your assets and property. Certain exceptions may apply, so it’s wise to consult with a New York bankruptcy attorney to find which of your assets will be protected in a bankruptcy filed in New York. In general, the major New York bankruptcy exemptions include:

GENERAL NEW YORK EXEMPTIONS
Real Estate (the Homestead Exemption) Up to $50,000 of equity in property owned and occupied as a principal residence can be protected.
Automobiles One motor vehicle valuing up to $2,400 can be protected.
Other Property The vast majority of Chapter 7 bankruptcies are “No-Asset” cases where the court does not liquidate any assets.
View the complete list of New York bankruptcy exemptions

Please remember that this page provides general information only, and is not intended to provide legal advice. The information is not a substitute for the advice of a qualified bankruptcy attorney. If you need legal assistance, consult an attorney.

Which state’s exemption laws apply in your bankruptcy?

Generally, the laws of the state in which you lived for the 730 days (2 years) prior to filing a bankruptcy petition will apply in your bankruptcy.

If you have not lived in the same state for 2 years immediately prior to filing your bankruptcy petition, the laws of the state in which you lived for the majority of the 180-day period preceding the 2-year period will likely apply.

If the application of the preceding general rules renders you ineligible for exemptions under any state’s laws, you may be allowed to choose the federal exemptions applicable in your bankruptcy.

Is New York a Community Property State?

No, New York is not a community property state. Because it is not a community property state, you will be responsible for your spouse’s debts only if you voluntarily assumed those debts by, for example, co-signing on a loan given to your spouse. In a non-community property state, one spouse can file for bankruptcy and be eligible to eliminate all of their unsecured debts without the involvement of the other spouse.

How did your senator vote on the new bankruptcy laws?

Following years of intense lobbying by creditors, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). How did your Senators vote on these largely pro-creditor provisions?

Clinton (D-NY) – Did Not Vote
Schumer (D-NY) – NAY

New York Bankruptcy Court Locations:
U.S. Bankruptcy Court, EDNY
271 Cadman Plaza East
Brooklyn, NY 11201-1800
(347) 394-1700

U.S. Bankruptcy Court, EDNY
Long Island Federal Court House
290 Federal Plaza
Central Islip, NY 11722
(631) 712-6200

U. S. Bankruptcy Court
James T. Foley U. S. Court House
445 Broadway, Suite 330
Albany, NY 12207
(518) 257-1661

U. S. Bankruptcy Court
Alexander Pirnie U. S. Court House
10 Broad Street, Room 230
Utica, NY 13502
(315) 793-8101

The Atrium
101 West Water Street, Suite 310
Syracuse, NY 13202
(315 295-1600

One Bowling Green
New York, NY 10004-1408
(212) 668-2870

300 Quarropas Street
White Plains, NY 10601-4140
(914) 390-4060

176 Church Street
Poughkeepsie, NY 12601
(845) 452-4200

Olympic Towers
300 Pearl St. Suite 250
Buffalo, NY 14202
(716) 551-4130

1220 U.S. Courthouse
100 State Street
Rochester, NY 14614
(585) 613-4200

Note: You may not have to actually go to one of the above bankruptcy courts. Trustees often conduct your meeting at a local venue.

Although bankruptcy is federal law, the bankruptcy courts in each jurisdiction have local rules that must be followed. A local bankruptcy attorney will be familiar with the specific rules in your area.