NY State Assembly Considers Increases to Exemptions for Real and Personal Property

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The New York State Assembly has approved legislation (S7034) which increases the amounts of certain real and personal property that are exempt from money judgments and bankruptcy; provides a choice between claiming the state or federal exemptions in such instances; provides for cost of living

adjustments in such amounts every three years. If signed into law, effective 30 days after signing, the homestead exemption would be raised from $50,000 to $150,000 and other changes favorable to debtors would result.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© David Blansky, LaMonica Herbst & Maniscalco | Attorney Advertising

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