This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.

Bankruptcy Exemption in New York

New York’s homestead exemption allows a homeowner to protect up to $204,825 of equity in their primary residence from creditors, as set by N.Y. C.P.L.R. § 5205. This figure applies to the aggregate value of the debtor’s interest in real property used as a principal dwelling, including a cooperative or condominium. The exemption adjusts periodically; the official source at the New York Senate website provides the current amount and any applicable conditions. Additional exemptions for personal property, such as motor vehicles and household goods, are governed by N.Y. Debt. & Cred. Law §§ 282, 283, and 285, which outline categories and thresholds. A worked example below demonstrates how the exemption is calculated. To estimate your own allowable amount, use the calculator and consult the full statutory text for precise details.

Governing authority

In New York, the bankruptcy exemption rule is set by N.Y. C.P.L.R. §§ 5205, 5206; N.Y. Debt. & Cred. Law §§ 282, 283, 285. The verified packet cites N.Y. C.P.L.R. §§ 5205, 5206; N.Y. Debt. & Cred. Law §§ 282, 283, 285 (https://www.nysenate.gov/legislation/laws/CVP/5205).

New York bankruptcy exemption: the verified value is $204,825 under N.Y. C.P.L.R. §§ 5205, 5206; N.Y. Debt. & Cred. Law §§ 282, 283, 285. The verified packet cites N.Y. C.P.L.R. §§ 5205, 5206; N.Y. Debt. & Cred. Law §§ 282, 283, 285 (https://www.nysenate.gov/legislation/laws/CVP/5205).

Estimate your own result: every situation has exceptions that can change the outcome. Use the bankruptcy exemption calculator to estimate your specific figure.

This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.