N.Y. Civil Practice Law & Rules § 5253: Cost of living adjustment for personal and real property exempt from application to the satisfaction of money judgments and exemptions in...

§ 5253. Cost of living adjustment for personal and real property

exempt from application to the satisfaction of money judgments and

exemptions in bankruptcy. (a) Beginning on April first, two thousand

twelve, and at each three-year interval ending on April first

thereafter, the dollar amount of the exemption provided in sections

fifty-two hundred five and fifty-two hundred six of this article and

sections two hundred eighty-two and two hundred eighty-three of the

debtor and creditor law shall be adjusted as provided in subdivision (b)

of this section.

(b) The superintendent of financial services shall determine the

amount of the adjustment based on the change in the consumer price index

for all urban consumers, New York-Northern New Jersey-Long Island,

NY-NJ-CT-PA, published by the U.S. department of labor, bureau of labor

statistics, for the most recent three-year period ending on December

thirty-first preceding the adjustment, with each adjusted amount rounded

to the nearest twenty-five dollars.

(c) Beginning on April first, two thousand twelve, and at each

three-year interval ending on April first thereafter, the superintendent

of financial services shall publish the current dollar amount of the

applicable exemption provided in this article, together with the date of

the next scheduled adjustment. The publication shall be substantially in

the form set forth below:

"Current dollar amount of exemption from application to the

satisfaction of money judgments under New York civil practice law and

rules sections 5205 and 5206 and exemptions in bankruptcy under debtor

and creditor law sections 282 and 283:

The following is the current dollar amount of exemptions from the

satisfaction of money judgments under civil practice law and rules

sections 5205 and 5206 and under debtor and creditor law sections 282

and 283:

(amount)

This amount is effective on April 1, (year) and shall not apply to

cases commenced before April 1, (year). The next adjustment is scheduled

for April 1, (year). Such adjustments shall not apply with respect to

restraining notices served or executions effected before the date of the

adjustment. Nothing in this section limits the judgment debtor's

exemption rights in this section or under any other law."