§ 282 — Permissible exemptions in bankruptcy

New York § 282

• Jurisdiction: New York
• Law DCD: Debtor & Creditor
• Art. 10-A: Personal Bankruptcy Exemptions

Text

§ 282. Permissible exemptions in bankruptcy. Under section five\nhundred twenty-two of title eleven of the United States Code, entitled\n"Bankruptcy", an individual debtor domiciled in this state may exempt\nfrom the property of the estate, to the extent permitted by subsection\n(b) thereof, only (i) personal and real property exempt from application\nto the satisfaction of money judgments under sections fifty-two hundred\nfive and fifty-two hundred six of the civil practice law and rules, (ii)\ninsurance policies and annuity contracts and the proceeds and avails\nthereof as provided in section three thousand two hundred twelve of the\ninsurance law and (iii) the following property:\n 1. Bankruptcy exemption of a motor vehicle. One motor vehicle not\nexceeding four thousand dollars in value above liens and encumbrances of\nthe debtor; provided, however, if such vehicle has been equipped for use\nby a disabled debtor, then ten thousand dollars in value above liens and\nencumbrances of the debtor.\n 2. Bankruptcy exemption for right to receive benefits. The debtor's\nright to receive or the debtor's interest in: (a) a social security\nbenefit, unemployment compensation or a local public assistance benefit;\n(b) a veterans' benefit; (c) a disability, illness, or unemployment\nbenefit; (d) alimony, support, or separate maintenance, to the extent\nreasonably necessary for the support of the debtor and any dependent of\nthe debtor; (e) the debtor's interest in his or her rent-stabilized\nlease; and (f) all payments under a stock bonus, pension, profit\nsharing, or similar plan or contract on account of illness, disability,\ndeath, age, or length of service unless (i) such plan or contract,\nexcept those qualified under section 401, 408 or 408A of the United\nStates Internal Revenue Code of 1986, as amended, was established by the\ndebtor or under the auspices of an insider that employed the debtor at\nthe time the debtor's rights under such plan or contract arose, (ii)\nsuch plan is on account of age or length of service, and (iii) such plan\nor contract does not qualify under section four hundred one (a), four\nhundred three (a), four hundred three (b), four hundred eight, four\nhundred eight A, four hundred nine or four hundred fifty-seven of the\nInternal Revenue Code of nineteen hundred eighty-six, as amended.\n 3. Bankruptcy exemption for right to receive certain property. The\ndebtor's right to receive, or property that is traceable to: (i) an\naward under a crime victim's reparation law; (ii) a payment on account\nof the wrongful death of an individual of whom the debtor was a\ndependent to the extent reasonably necessary for the support of the\ndebtor and any dependent of the debtor; (iii) a payment, not to exceed\nseventy-five hundred dollars on account of personal bodily injury, not\nincluding pain and suffering or compensation for actual pecuniary loss,\nof the debtor or an individual of whom the debtor is a dependent; and\n(iv) a payment in compensation of loss of future earnings of the debtor\nor an individual of whom the debtor is or was a dependent, to the extent\nreasonably necessary for the support of the debtor and any dependent of\nthe debtor.\n