| CONCEPT |
NY EXEMPTION |
FEDERAL EXEMPTION |
| Social security, unemployment and local public assistance benefits – |
|
Fully exempt. |
| Veteran's benefits |
|
Fully exempt. |
| Worker's compensation benefits |
|
Fully exempt. |
| Employment-related/government disability/illness benefits |
|
Fully exempt. |
| Private disability insurance. |
|
Exempt to the extent reasonably necessary to support debtor and dependents. |
| College TSP (thrift saving plan) programs. |
Fully exempt if debtor is owner, beneficiary and a minor; $13,625.00 if debtor is the owner but not a minor. |
Fully exempt. |
| Life Insurance policies and annuities. |
Fully exempt in most cases. |
1.- Life Insurance Contracts – Such contracts owned by the debtor are fully exempt. Generally pertains to "term life insurance".
2.- Life Insurance Cash Surrender Value – Exempt up to $16,850.00 where the insured is debtor or spouse. Generally pertains to "whole life insurance".
3.- Life Insurance payments – Right to receive from spouse's policy exempt to the extent reasonably necessary for the support of debtor and his dependents. |
| Death Benefits. |
Unlimited exemption, providing debtor is the spouse, or a dependent, of the insured. |
|
| Military Pay. |
Fully exempt, except as against claims for child and spousal support. |
|
