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Bankruptcy in New York: Exemptions and Filing Guide

State-specific bankruptcy exemptions and filing information for New York. These exemptions determine what property you can keep when filing Chapter 7 bankruptcy.

Data last updated: Jan 15, 2025

Key Takeaways

  • Homestead exemption: $179,975–$299,975 (varies by county).
  • Vehicle exemption: $4,825.
  • Must use state exemptions (no federal option).
  • Attorney fees: $1,500–$2,500 (Ch. 7) / $3,500–$5,000 (Ch. 13) typical.
$179,975–$299,975 (varies by county) Homestead exemption
$4,825 Vehicle exemption
No Federal option
$338 (Chapter 7) / $313 (Chapter 13) Filing fee

New York Bankruptcy Exemptions

  • Homestead$179,975–$299,975 (varies by county)
  • Vehicle$4,825
  • Personal property$13,500 household goods
  • WildcardNone
  • Federal exemptionsNot available

Means Test: New York Median Income

To qualify for Chapter 7 in New York, your income must be below the state median or you must pass the means test showing no disposable income for creditors.

  • 1 person$67,800
  • 2 people$86,000
  • 3 people$99,200
  • 4 people$114,600

Filing Costs

  • Court filing fee$338 (Chapter 7) / $313 (Chapter 13)
  • Typical attorney fee$1,500–$2,500 (Ch. 7) / $3,500–$5,000 (Ch. 13)
  • Court districtsNorthern, Southern, Eastern, and Western Districts of New York

New York bankruptcy court

Related Resources

Frequently Asked Questions

  • What is the homestead exemption in New York?

    New York's homestead exemption varies by county, ranging from $179,975 to $299,975. The highest amounts apply in the New York City metropolitan area, Westchester, and Rockland counties.

  • Can I use federal exemptions in New York?

    No. New York has opted out of the federal exemption system. However, New York's own exemptions are relatively generous.

  • Is my retirement account safe in New York bankruptcy?

    Yes. New York fully protects most retirement accounts, including ERISA plans, IRAs, and public pensions.

  • How does New York handle student loans in bankruptcy?

    Like all states, student loan discharge requires proving undue hardship through an adversary proceeding. New York uses the Brunner test.

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