Exemptions
 

Exemptions 

New York State law determines what property is exempt from creditors and what property is not exempt. Non-exempt property can be reached by your creditors or the Trustee and exempt property may be kept by the client after the bankruptcy discharge. New York State exemptions, per debtor, include but are not limited to $50,000 of equity in a house, co-op or condominium that a person lives in, $2,500 in cash if a person does not own real estate, $5,000 in personal property (up to $2,500 which may be cash) and up to $1,000,000 in a pension plan, SEP, IRA or Keogh and $2,400 of equity in one car.