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New York Asset Protection Laws

Filed under Asset Protection Strategies. Fact checked on April 22, 2012.

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These assets are exempted from a state court or bankruptcy proceeding in New York.

Homestead: Real property, including co-op, condo or mobile home, up to $$75,000-$150,000, depending on county. Husband and wife may double the exemption.

Pensions and Retirement Benefits: ERISA-qualified benefits needed for support. Funds exempt for public retirement benefits of state employees and village police officers. IRA exemptions for conventional, Roth and SIMPLE plans, limited to contributions that are made more than 90 days before court action. Roth IRAs and regular IRAs up to $1,245,000 per person.

Insurance: Annuity contract benefits due or prospectively due the debtor, who paid for the contract; if purchased within 6 months of filing for bankruptcy and not tax-deferred, only $10,000. Disability or illness benefits to $400 per month. Life insurance proceeds and avails if the person effecting the policy is the spouse of the insured. Life insurance proceeds left at death with the insurance company pursuant to agreement, if clause prohibits proceeds from being used to pay beneficiary's creditors.

Personal Property: Bible. Schoolbooks. Books up to $500. Pictures. Clothing. Church pew or seat. Stoves with fuel to last 120 days. Sewing machine. Domestic animal with food to last 120 days up to $1,000. Food to last 120 days. Furniture. Refrigerator. TV. Radio. Wedding ring. Watch to $1,000. Crockery. Cooking utensils and tableware needed. Burial plot without structure to 1/4-acre. Cash, the lesser of either $2,500 or an amount, that, with annuity, totals $5,000 in lieu of homestead. Health aids including animals with food. Lost earnings recoveries needed for support. Motor vehicle up to $4,000. Personal injury recoveries up to $7,500 (not to include pain and suffering). Security deposits to landlord. Utility company trust fund principal and 90% of income. Wrongful death recoveries for death of person who supported you, to the extent needed for support.

Tools of Trade: Professional furniture, books and instruments to $3,000 total. Uniforms, medal, equipment, emblem, horse, arms and sword of military member.

Miscellaneous: Business partnership property. Alimony. Child support necessary for support.

Wages: 90% of earnings from milk sales to milk dealers. 90% of earned but unpaid wages received within 60 days of filing for bankruptcy (100% for a few militia members).

Public Benefits: Unemployment compensation. Workers compensation. Social Security. Home relief. Local public assistance. Aid to blind, aged and disabled. AFDC. Veteran's benefits. Crime victim's compensation.

Wild Card: $1,000 of any property.

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