11 New York Bankruptcy Exemptions You Need to Know

Bankruptcy exemptions for New York cases are5. Your right to receive benefits for disability, illness,
governed by state law rather than by the U.S.or unemployment;
Bankruptcy Code. Under Section 522 of the U.S.6. Your right to receive alimony, support, or separate
Bankruptcy Code, a consumer domiciled in New Yorkmaintenance, to the extent reasonably necessary for
can exempt only personal and real property exemptthe support of the debtor and any dependent of the
under Section 5205 and Section 5206 of the Newdebtor;
York CPLR, Section 3212 of the New York Insurance7. Your right to receive all payments under a stock
Law, and under New York Debtor Creditor and Lawbonus, pension, profit sharing, or similar plan or
Section 282.contract on account of illness, disability, death, age, or
Here are 10 important New York bankruptcylength of service except under certain circumstances;
exemptions you need to know before filing for8. Your right to receive award under a crime victim's
Chapter 7 bankruptcy:reparation law;
9. Your right to receive payments for wrongful death
1. One motor vehicle not exceeding $2,400 in valueof a parent or guardian;
above liens such as car loans;10. Your right to receive up for $7,500 for
2. Your right to receive social security benefits,compensation in connection with a pending personal
unemployment compensationinjury lawsuit; and
3. Your right to receive a local public assistance11. Your right to receive payments in compensation
benefit;of loss of future earnings.
4. Your right to receive veterans' benefits;