| CONCEPT |
NY EXEMPTION |
FEDERAL EXEMPTION |
| Motor Vehicle – |
You may exempt $5,500.00 total equity in one vehicle, providing your name appears on the title, either as sole owner or a joint owner. If a husband and wife jointly own a vehicle and they file a joint bankruptcy petition, they can claim a combined exemption of $11,000.00 on this one vehicle. For a vehicle equipped for use by a disabled person the exemption is $13,625.00, or $27,250.00 if titled to both debtors in a joint filing. |
Exempt up to $5,025.00 equity in one vehicle, provided your name appears on the title either as sole owner or a joint owner. If a husband and wife jointly own a vehicle and file a joint bankruptcy, they can claim a combined exemption of $10,050.00 in this one vehicle. |
| Alternative Cash Exemption - |
If a debtor is not using a homestead exemption to protect equity in his residence, s/he can exempt up to $6,825.00 in cash on hand, funds on deposit in bank accounts and anticipated tax refunds. In a joint filing, where appropriate, one debtor can choose to claim the homestead exemption while the other can claim this $6,825.00 “alternative cash exemption”. |
|
| Jewelry. |
Exempt up to $1,325.00 in value. |
Exempt up to $2,125.00 in value. |
| Wildcard. |
If a debtor is not using a homestead exemption to protect equity in his residence, he can exempt an additional $1,325.00 in personal property, cash or funds in a bank account. |
Debtor's aggregate interest in any property exempt up to $1,675.00, plus up to $15,800.00 of any unused homestead exemption. |
| Household goods and clothing |
An individual debtor can exempt up to $13,625.00 in value for clothing, wearing apparel and wedding rings. |
Exempt up to $16,850.00 in the aggregate, with the exemption in any particular item not to exceed $800.00. |
| Tools of the trade |
Up to $4,075.00 in total equity. |
Up to $3,175.00 in total equity. |
| Burial plots of unlimited value. |
As long as less than 1/4 acre in size. |
|
| Health aids, including guide dogs. |
Exempt to the extent necessary for the reasonable requirement of debtor and his family. |
Fully exempt. |
| Government benefits. |
VA, Social Security and AFDC benefits are exempt. |
Fully exempt. |
