2006 New York Code - Permissible Exemptions In Bankruptcy.



 
  §  282. Permissible exemptions in bankruptcy. Under section five hundred
  twenty-two  of  title  eleven  of  the  United  States  Code,   entitled
  "Bankruptcy",  an  individual  debtor domiciled in this state may exempt
  from the property of the estate, to the extent permitted  by  subsection
  (b) thereof, only (i) personal and real property exempt from application
  to  the satisfaction of money judgments under sections fifty-two hundred
  five and fifty-two hundred six of the civil practice law and rules, (ii)
  insurance policies and annuity contracts and  the  proceeds  and  avails
  thereof  as provided in section three thousand two hundred twelve of the
  insurance law and (iii) the following property:
    1. Bankruptcy exemption of a motor  vehicle.  One  motor  vehicle  not
  exceeding   twenty-four   hundred  dollars  in  value  above  liens  and
  encumbrances of the debtor.
    2. Bankruptcy exemption for right to receive  benefits.  The  debtor's
  right  to  receive  or  the  debtor's interest in: (a) a social security
  benefit, unemployment compensation or a local public assistance benefit;
  (b) a veterans' benefit; (c)  a  disability,  illness,  or  unemployment
  benefit;  (d)  alimony,  support, or separate maintenance, to the extent
  reasonably necessary for the support of the debtor and any dependent  of
  the  debtor;  and  (e) all payments under a stock bonus, pension, profit
  sharing, or similar plan or contract on account of illness,  disability,
  death,  age,  or  length  of  service  unless (i) such plan or contract,
  except those qualified under section 401, 408  or  408A  of  the  United
  States Internal Revenue Code of 1986, as amended, was established by the
  debtor  or  under the auspices of an insider that employed the debtor at
  the time the debtor's rights under such plan  or  contract  arose,  (ii)
  such plan is on account of age or length of service, and (iii) such plan
  or  contract  does  not qualify under section four hundred one (a), four
  hundred three (a), four hundred three  (b),  four  hundred  eight,  four
  hundred  eight  A,  four hundred nine or four hundred fifty-seven of the
  Internal Revenue Code of nineteen hundred eighty-six, as amended.
    3. Bankruptcy exemption for right to  receive  certain  property.  The
  debtor's  right  to  receive,  or  property that is traceable to: (i) an
  award under a crime victim's reparation law; (ii) a payment  on  account
  of  the  wrongful  death  of  an  individual  of  whom  the debtor was a
  dependent to the extent reasonably necessary  for  the  support  of  the
  debtor  and  any dependent of the debtor; (iii) a payment, not to exceed
  seventy-five hundred dollars on account of personal bodily  injury,  not
  including  pain and suffering or compensation for actual pecuniary loss,
  of the debtor or an individual of whom the debtor is  a  dependent;  and
  (iv)  a payment in compensation of loss of future earnings of the debtor
  or an individual of whom the debtor is or was a dependent, to the extent
  reasonably necessary for the support of the debtor and any dependent  of
  the debtor.

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