N.Y. Debtor & Creditor Law § 282: Permissible exemptions in bankruptcy

§ 282. Permissible exemptions in bankruptcy. Under section five

hundred twenty-two of title eleven of the United States Code, entitled

"Bankruptcy", an individual debtor domiciled in this state may exempt

from the property of the estate, to the extent permitted by subsection

(b) thereof, only (i) personal and real property exempt from application

to the satisfaction of money judgments under sections fifty-two hundred

five and fifty-two hundred six of the civil practice law and rules, (ii)

insurance policies and annuity contracts and the proceeds and avails

thereof as provided in section three thousand two hundred twelve of the

insurance law and (iii) the following property:

1. Bankruptcy exemption of a motor vehicle. One motor vehicle not

exceeding four thousand dollars in value above liens and encumbrances of

the debtor; provided, however, if such vehicle has been equipped for use

by a disabled debtor, then ten thousand dollars in value above liens and

encumbrances of the debtor.

2. Bankruptcy exemption for right to receive benefits. The debtor's

right to receive or the debtor's interest in: (a) a social security

benefit, unemployment compensation or a local public assistance benefit;

(b) a veterans' benefit; (c) a disability, illness, or unemployment

benefit; (d) alimony, support, or separate maintenance, to the extent

reasonably necessary for the support of the debtor and any dependent of

the debtor; (e) the debtor's interest in his or her rent-stabilized

lease; and (f) all payments under a stock bonus, pension, profit

sharing, or similar plan or contract on account of illness, disability,

death, age, or length of service unless (i) such plan or contract,

except those qualified under section 401, 408 or 408A of the United

States Internal Revenue Code of 1986, as amended, was established by the

debtor or under the auspices of an insider that employed the debtor at

the time the debtor's rights under such plan or contract arose, (ii)

such plan is on account of age or length of service, and (iii) such plan

or contract does not qualify under section four hundred one (a), four

hundred three (a), four hundred three (b), four hundred eight, four

hundred eight A, four hundred nine or four hundred fifty-seven of the

Internal Revenue Code of nineteen hundred eighty-six, as amended.

3. Bankruptcy exemption for right to receive certain property. The

debtor's right to receive, or property that is traceable to: (i) an

award under a crime victim's reparation law; (ii) a payment on account

of the wrongful death of an individual of whom the debtor was a

dependent to the extent reasonably necessary for the support of the

debtor and any dependent of the debtor; (iii) a payment, not to exceed

seventy-five hundred dollars on account of personal bodily injury, not

including pain and suffering or compensation for actual pecuniary loss,

of the debtor or an individual of whom the debtor is a dependent; and

(iv) a payment in compensation of loss of future earnings of the debtor

or an individual of whom the debtor is or was a dependent, to the extent

reasonably necessary for the support of the debtor and any dependent of

the debtor.