What Creditors Can't Take in New York
Money, home and vehicle exemptions that protect your property from creditors in New York.
Short answer: Yes. If exempt payments (such as Social Security or SSI) were directly deposited in the 45 days before the restraint, $3,425 in the account cannot be frozen (for cases started on or after April 1, 2024). N.Y. CPLR 5205(l); CPLR 5222(h)-(i); CPLR 5205(a)(9); NYDFS adjustment effective April 1, 2024
| Money protected in a bank account | Yes. If exempt payments (such as Social Security or SSI) were directly deposited in the 45 days before the restraint, $3,425 in the account cannot be frozen (for cases started on or after April 1, 2024). In addition, an amount equal to 240 times the higher of the federal or state minimum hourly wage cannot be restrained. Up to $1,325 in cash can also be exempt if no homestead exemption is claimed. Inflation-adjusted every 3 years by the Department of Financial Services; next adjustment April 1, 2027. Statutory base amounts: $2,500 and $1,000 (https://www.nysenate.gov/legislation/laws/CVP/5205). |
|---|---|
| Homestead exemption | Depends on the county: $204,825 in Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester and Putnam; $170,700 in Dutchess, Albany, Columbia, Orange, Saratoga and Ulster; $102,400 in all other counties (amounts effective April 1, 2024). Statutory base tiers $150,000 / $125,000 / $75,000 (https://www.nysenate.gov/legislation/laws/CVP/5206), adjusted every 3 years; next adjustment April 1, 2027. |
| Vehicle exemption | One motor vehicle up to $5,500 in value above liens, or $13,625 if the vehicle is equipped for a debtor with a disability (amounts effective April 1, 2024). Statutory base amounts $4,000 / $10,000; adjusted every 3 years (next April 1, 2027). |
| Bankruptcy exemptions | New York lets a debtor in bankruptcy choose either the New York exemptions or the federal bankruptcy exemptions. DCL § 284 still states that federal exemptions are not authorized, but § 285 allows the federal election notwithstanding any other law. Source: N.Y. Debt. & Cred. Law § 285 |
Where to get help in New York
- New York State Office of the Attorney General, Bureau of Consumer Frauds and Protection
- File a complaint or claim
More New York debt & collections
- Statute of Limitations on Debt in New York
- Wage Garnishment in New York
- How to Respond to a Debt Collection Lawsuit in New York
- Medical Debt Protections in New York
- All New York debt & collections rules
FAQ
How much money in a bank account is protected from creditors in New York?
Yes. If exempt payments (such as Social Security or SSI) were directly deposited in the 45 days before the restraint, $3,425 in the account cannot be frozen (for cases started on or after April 1, 2024). In addition, an amount equal to 240 times the higher of the federal or state minimum hourly wage cannot be restrained. Up to $1,325 in cash can also be exempt if no homestead exemption is claimed.
What is the homestead exemption in New York?
Depends on the county: $204,825 in Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester and Putnam; $170,700 in Dutchess, Albany, Columbia, Orange, Saratoga and Ulster; $102,400 in all other counties (amounts effective April 1, 2024).
Can a creditor take my car in New York?
One motor vehicle up to $5,500 in value above liens, or $13,625 if the vehicle is equipped for a debtor with a disability (amounts effective April 1, 2024).
Which bankruptcy exemptions can I use in New York?
New York lets a debtor in bankruptcy choose either the New York exemptions or the federal bankruptcy exemptions.
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.