When filing bankruptcy in New York, individuals can get exemptions based upon their marital status for items such as homes and vehicles.
With regard to exemptions in bankruptcy the law in the state of New York is that an individual gets a 50,000 dollar exemption on a house and if it was a married couple they would get a 100,000 dollar exemption on a house. With regard to a vehicle an individual get’s a 2,400 hundred dollar exemption on a house. If one doesn’t own a home they get 2500 hundred cash exemption and if they were a married couple and didn’t own a home they would get 5,000 cash exemption. This in affect means one could have 2500 hundred dollars cash in the bank, 2500 hundred dollars of stock certificates or 2500 hundred dollars in a tax refund and be allowed to keep that money. And if you were a couple it would be 5,000 dollars.