Author: Andrew M. Thaler
New York State’s Exemptions for property exempt from application to the satisfaction of money judgments is adjusted every 3 years. The exemptions recently changed, effective April 1, 2021. Of note is that the personal Homestead Exemption (in the Metropolitan Area) increased over $9,000, from $170,825 to $179,975 in just three years. When I started practicing bankruptcy law in 1984, the homestead exemption was $10,000! Many thought that amount, which had not changed in many years, was too low. New York Lawmakers ultimately enacted legislation to avoid this circumstance from happening again by having the exemptions automatically adjusted every three years based on the change to the consumer price index for All Urban Consumers, New York-Northern New Jersey-Long Island, NY-NJ-CT-PA region.
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