2018 Changes to New York Bankruptcy Exemption Amounts

New York exemption figures used in bankruptcy cases increased on April 1, 2018.

Bankruptcy exemptions allow a debtor to protect property needed to work and live after a bankruptcy proceeding. Some of New York’s exemption amounts increased effective April 1, 2018. Legal citations are to New York Consolidated Laws (NYCL) which you can find on the New York State Senate website.

  • Books in a personal library. $550 increases to $575. (CPLR § 5205(a)(2).)
  • Animals necessary for food. $1,100 increases to $1,150. (CPLR §§ 5205(a)(4).)
  • Wedding ring, watch, jewelry, and art. $1,100 increases to $1,150. (CPLR §§ 5205(a)(6).)
  • Personal property, bank account, or cash if the homestead exemption isn’t used. $1,100 increases to $1,150. (CPLR §§ 5205(a)(9).)
  • Statutorily exempt electronic or direct deposits. $2,750 increases to $2,850. (CPLR §§ 5205(l).)
  • Tools of the trade. $3,300 increases to $3.400. (CPLR § 5205(a)(7).)
  • Motor vehicle. $4,425 increases to $4,550. (CPLR § 5205(a)(8); Debtor and Creditor Law § 282(1).)
  • Cash exemption. $5,525 increases to $5,700. (Debtor and Creditor Law § 283(2)(c).)
  • Personal bodily injury. $5,525 increases to $5,700. (Debtor and Creditor Law § 282(3)(iii).)
  • Tuition savings account. $11,025 increases to $11,375. (CPLR § 5205 (j)(3).)
  • Motor vehicle accommodating a disability. $11,025 increases to $11,375. (CPLR § 5205(a)(8); Debtor and Creditor Law § 282(1).)
  • Annuity contract benefits. $11,025 increases to $11,375. (Debtor and Creditor Law § 283(1).)
  • Cash when specific exemptions aren’t used. $11,025 increases to $11,375. (Debtor and Creditor Law § 283(2)(b).)
  • Homestead for Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster counties. $137,950 increased to $142,350. (CPLR §§ 5206 (a), (d) and (e).)
  • Homestead for Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester and, Putnam counties. $165,550 increased to $170,825. (CPLR §§ 5206 (a), (d) and (e).)
  • Homestead for all other counties. $82,775 increased to $85,400. (CPLR §§ 5206 (a), (d) and (e).)

For more information, see New York Bankruptcy Exemptions.

Avoid property loss by verifying all bankruptcy exemption amounts through independent research or by consulting with a local bankruptcy attorney. These figures change on April 1 every three years.

Effective date: April 1, 2018