2021 Changes to New York Bankruptcy Exemption Amounts

New York exemption figures used in bankruptcy cases increased on April 1, 2021.

By , Attorney

New York exemption figures used in bankruptcy cases increased on April 1, 2021.

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, 2021. 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. $575 increases to $600. (CPLR § 5205(a)(2).)
  • Animals necessary for food. $1,150 increases to $1,175. (CPLR §§ 5205(a)(4).)
  • Wedding ring, watch, jewelry, and art. $1,150 increases to $1,175. (CPLR §§ 5205(a)(6).)
  • Personal property, bank account, or cash if the homestead exemption isn't used. $1,150 increases to $1,175. (CPLR §§ 5205(a)(9).)
  • Statutorily exempt electronic or direct deposits. $2,850 increases to $3,000. (CPLR §§ 5205(l).)
  • Tools of the trade. $3.400 increases to $3,575. (CPLR § 5205(a)(7).)
  • Motor vehicle. $4,550 increases to $4,825. (CPLR § 5205(a)(8); Debtor and Creditor Law § 282(1).)
  • Cash exemption. $5,700 increases to $6,000. (Debtor and Creditor Law § 283(2)(c).)
  • Personal bodily injury. $8,550 increases to $9,000. (Debtor and Creditor Law § 282(3)(iii).)
  • Tuition savings account. $11,375 increases to $11,975. (CPLR § 5205 (j)(3).)
  • Motor vehicle accommodating a disability. $11,375 increases to $11,975. (CPLR § 5205(a)(8); Debtor and Creditor Law § 282(1).)
  • Annuity contract benefits. $11,375 increases to $11,975. (Debtor and Creditor Law § 283(1).)
  • Cash when specific exemptions aren't used. $11,375 increases to $11,975. (Debtor and Creditor Law § 283(2)(b).)
  • Homestead for Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster counties. $142,350 increases to $149,975. (CPLR §§ 5206 (a), (d) and (e).)
  • Homestead for Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester and, Putnam counties. $170,825 increases to $179,975. (CPLR §§ 5206 (a), (d) and (e).)
  • Homestead for all other counties. $85,400 increases to $89,975. (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 consulting with a local bankruptcy attorney. These figures change on April 1 every three years.

Effective date: April 1, 2021