{"id":8297,"date":"2018-11-29T07:00:21","date_gmt":"2018-11-29T07:00:21","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=8297"},"modified":"2019-05-08T11:21:28","modified_gmt":"2019-05-08T11:21:28","slug":"new-york-bankruptcy-exemptions-increased-in-2018-due-to-inflation","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/new-york-bankruptcy-exemptions-increased-in-2018-due-to-inflation\/","title":{"rendered":"New York Bankruptcy Exemptions Increased in 2018 Due to Inflation"},"content":{"rendered":"<p>Anyone who lived through or has read about the 1970s thinks of inflation as a secret thief that&#8217;s trying to cheat them out of their wages. Or something like that. The economics is much more complicated\u2014and consumer-price inflation has been historically low for a while\u2014but one place inflation can cause consumer debtors serious injury is when it eats away at the value of their bankruptcy and judgment exemptions. Say a debtor exempts $10,000 of auto equity in bankruptcy, then as inflation occurs, that $10,000 is worth less than before. It&#8217;s a problem for most states, but New York bankruptcy has an adjustment mechanism that keeps debtors&#8217; exemptions valuable. Here is a list of the state&#8217;s most common exemptions, with attention to the ones that have changed, as well as and where they are found in New York&#8217;s Civil Practice Law &amp; Rules (CPLR).<\/p>\n<ul>\n<li>A stove or home heating equipment in the debtor&#8217;s dwelling, sufficient fuel for 120 days, and one sewing machine. (CPLR \u00a7 5205(a)(1))<\/li>\n<li>The debtor&#8217;s religious texts, family portraits, school books, and other books valued at $575 (used to be $550, up 4.5 percent (+$25)). (CPLR \u00a7 5205(a)(2))<\/li>\n<li>The debtor&#8217;s seat or pew at a public place of worship. (CPLR \u00a7 5205(a)(3))<\/li>\n<li>120 days&#8217; worth of food for the debtor; the debtor&#8217;s domesticated animals along with 120 days&#8217; worth of food for them not exceeding $1,150 (used to be $1,100, up 4.5 percent (+$50)). (CPLR \u00a7 5205(a)(4))<\/li>\n<li>Clothes, household furniture, a refrigerator, radio, television, computer (and related equipment), one cell phone, crockery, tableware, and cooking utensils, and all prescribed health aids. (CPLR \u00a7 5205(a)(5))<\/li>\n<li>A wedding ring, watch, jewelry and art not exceeding $1,150 (used to be $1,100, up 4.5 percent (+$50)). (CPLR \u00a7 5205(a)(6))<\/li>\n<li>Up to $3,400 in tools of trade, including 120 days&#8217; worth of food for the debtor&#8217;s team (formerly $3,300, up 3 percent (+$100)). (CPLR \u00a7 5205(a)(7))<\/li>\n<li>One motor vehicle with a net value of $4,550; $11,375 if the vehicle is equipped to help a disabled debtor (formerly $4,425 and $11,025, respectively, up 2.8 percent (+$125) and 3 percent (+$350), respectively). (CPLR \u00a7 5205(a)(8))<\/li>\n<li>$1,150 in cash if the debtor does not claim a homestead exemption (used to be $1,100, up 4.5 percent (+$50)). (CPLR \u00a7 5205(a)(9))<\/li>\n<li>A cause of action by the debtor to recover any of the above items. (CPLR \u00a7 5205(b))<\/li>\n<li>Trust funds created by someone other than the debtor. (CPLR \u00a7 5205(c))<\/li>\n<li>Up to 90 percent of the payments to the debtor from an exempt trust, and up to 90 percent of the debtor&#8217;s earnings from 60 days before the judgment. (CPLR \u00a7 5205(d)(1)-(2))<\/li>\n<li>Alimony payments to a wife or to a child who happen to be debtors. (CPLR \u00a7 5205(d)(3))<\/li>\n<li>Exemptions for pay and equipment for debtors serving in the armed forces. (CPLR \u00a7 5205(e))<\/li>\n<li>Up to 90 percent of money owed to the debtor for milk sales. (CPLR \u00a7 5205(f))<\/li>\n<li>The debtor&#8217;s security deposit for rental housing. (CPLR \u00a7 5205(g))<\/li>\n<li>Certain health care-related property, e.g. hearing aids, or guide dogs. (CPLR \u00a7 5205(h))<\/li>\n<li>An acceleration right for life insurance proceeds. (CPLR \u00a7 5205(i))<\/li>\n<li>Savings in college trusts for New York State colleges. (CPLR \u00a7 5205(j))<\/li>\n<li>Up to 10 percent of the compensatory damages owed to a victim of a crime committed by the debtor, as determined in a separate, non-criminal proceeding. (CPLR \u00a7 5205(k))<\/li>\n<li>Up to $2,850 in cash in a bank account above amounts directly deposited for statutorily exempt deposits, which include Social Security, supplemental security income, child support, veteran&#8217;s benefits, public assistance, worker&#8217;s compensation, unemployment insurance, pensions, railroad retirement, and black lung benefits (formerly $2,750, up 3.6 percent (+$100)). (CPLR \u00a7 5205(l))<\/li>\n<li>The debtor&#8217;s homestead exemption rose by more than 3 percent:<\/li>\n<\/ul>\n<p>Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester and Putnam counties: $165,550 to $170,825 (+$5,275).<\/p>\n<p>Dutchess, Albany, Columbia, Orange, Saratoga and Ulster counties: $137,950 to $142,350 (+$4,400).<\/p>\n<p>All remaining counties: $82,775 to $85,400 (+$2,625)<\/p>\n<p>(CPLR \u00a7 5206(a)-(e))<\/p>\n<ul>\n<li>A burial plot. (CPLR \u00a7 5206(f))<\/li>\n<\/ul>\n<p>Of these the increases to the homestead exemption, cash exemption, and automobile exemption are by far the most consequential to debtors.<\/p>\n<p>The state&#8217;s table of the changes to the exemptions can be found <a href=\"https:\/\/www.dfs.ny.gov\/legal\/legal_notices.htm\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>. The actual laws themselves are here: CPLR sections <a href=\"http:\/\/codes.findlaw.com\/ny\/civil-practice-law-and-rules\/cvp-sect-5205.html\" target=\"_blank\" rel=\"noopener noreferrer\">5205<\/a> and <a href=\"http:\/\/codes.findlaw.com\/ny\/civil-practice-law-and-rules\/cvp-sect-5206.html\" target=\"_blank\" rel=\"noopener noreferrer\">5206<\/a>.<\/p>\n<p>Inflation adjustments to exemptions have their strongest impacts soon after they occur, so if you own these assets and are experiencing financial difficulties, then now is the time to consult with an experienced New York bankruptcy lawyer.<\/p>\n<p>For answers to more questions about bankruptcy, the automatic stay, effective strategies for dealing with foreclosure, and protecting your assets in bankruptcy please feel free to contact experienced Brooklyn bankruptcy attorney Bruce Weiner for a free initial consultation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Anyone who lived through or has read about the 1970s thinks of inflation as a secret thief that&#8217;s trying to cheat them out of their wages. Or something like that. The economics is much more complicated\u2014and consumer-price inflation has been historically low for a while\u2014but one place inflation can cause consumer debtors serious injury is &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/nybankruptcy.net\/main\/new-york-bankruptcy-exemptions-increased-in-2018-due-to-inflation\/\"> <span class=\"screen-reader-text\">New York Bankruptcy Exemptions Increased in 2018 Due to Inflation<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16,49],"tags":[2,51,52],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New York Bankruptcy Exemptions Increased in 2018 Due to Inflation<\/title>\n<meta name=\"description\" content=\"Anyone who lived through or has read about the 1970s thinks of inflation as a secret thief that&#039;s trying to cheat them out of their wages. 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