A Comparison of New York and Federal Asset Exemption Laws
|
Asset |
New York Exemption |
Federal Exemption |
| Homestead (principal Residence)
*amount of equity that is exempt |
$150,000 (Kings, New York, Nassau, Suffolk, Rockland, Westchester, Putnam)
$125,000 (Dutchess, Albany, Columbia, Orange, Saratoga, Ulster) $75,000 (all other counties in New York) |
$21,625 |
| “Wildcard”
*can be used on any asset |
$1,000 if no homestead exemption is used
*only available if homestead is not used |
$10,825 (only if homestead is not used) |
| Cash | $5,000
*only if homestead is not used |
$1,150
|
| Tools of the Trade | $3,000 | $2,175 |
| Watch and Jewelry | $1,000 | $1,450 |
| Books | $500 | |
| Domestic Animals | $1,000 | |
| Household Items | $5,000 | $11,525
*no item can exceed $525 *includes Books and Domestic Animals |
| Life Insurance Policy | Unlimited | Unlimited
*whole life insurance limited to $11,525 |
| Payment on Wrongful Death of claim of individual whom debtor was a dependant | Unlimited | Unlimited |
| Personal Injury Award | $7,500 | $21,625
*not including pain and suffering |
| Award for compensation of future earnings
*includes award for individual who debtor is or was a dependant |
Unlimited | Unlimited |
| Annuity Contracts
|
Unlimited
*Must be reasonably necessary for support of Debtor |
Unlimited |
| Pensions and Retirement Plans | Unlimited | Unlimited if in a tax exempt fund |