NY Exemptions vs. Federal Exemptions | Lizarraga Law Firm, PLLC

Practice Areas / Bankruptcy / Chapter 7 / NY Exemptions vs. Federal Exemptions"

Effective January 22, 2011, the exemptions a New York resident can choose to claim are those available:

1. Under the laws of New York, or under any federal law except Bankruptcy Code § 522(d) (collectively referred to herein as the "New York Exemptions"); or
2. Under Bankruptcy Code § 522 (d) (collectively referred to herein as the "Federal Exemptions").

If you have lived in New York for less than two years prior to your bankruptcy filing, the exemptions that you are allowed to claim are either those available:

1. Under the laws of the State in which you lived for the six months prior to the two year period (or 910 days/2-1/2 years prior to the filing); or
2. The federal exemptions.

If a husband and wife file a joint petition, they are each entitled to exempt property, which frequently results in a doubling of the allowable exemption. However, joint debtors cannot separately choose the New York Exemptions and the Federal Exemptions. Each debtor must claim the same exemption scheme.

CONCEPT	NY EXEMPTION	FEDERAL EXEMPTION
Residence – The amount of the "homestead exemption" protecting equity in your residence, which also applies to mobile homes, shares of stock in a cooperative apartment and a condominium unit used as your primary residence, is determined by the location of said residence, as follows:	• $204,825.00 for the five boroughs of New York City and the following counties: Nassau, Suffolk, Westchester, Rockland and Putnam; • $170,700.00 for Orange, Ulster, Dutchess, Columbia, Saratoga and Albany counties; • $102,400.00 for Sullivan and Greene counties, and all other counties in New York State. In order to be able to claim this "homestead exemption" your name must appear on the deed to your residence. If a husband and wife jointly own the residence and they file a joint bankruptcy they can each claim a "homestead exemption", thereby doubling the amount of equity that can be protected. Remember that "equity" is the value of the property less all liens secured by it (i.e., mortgages, judgments, tax liens, etc.). Equity is what you own.	Up to $31,575.00 in value. Again, if a husband and wife file a joint petition and they jointly own the residence they can claim a combined exemption of $63,150.00.

Sources

New York: amounts effective April 1, 2024 through March 31, 2027, as adjusted every three years by the New York State Department of Financial Services — NYS DFS, Exemption Amounts; CPLR § 5205; CPLR § 5206; Debtor & Creditor Law § 282; Debtor & Creditor Law § 283.
Federal: amounts effective April 1, 2025 through March 31, 2028, as adjusted every three years under 11 U.S.C. § 104 — 11 U.S.C. § 522(d).

This information is general and is not legal advice. Amounts are adjusted periodically; consult an attorney about your case.