{"id":375275,"date":"2016-03-31T21:36:04","date_gmt":"2016-04-01T02:36:04","guid":{"rendered":"https:\/\/ability-fl-prod.internetbrands.com\/ability-law\/state\/new-york-law\/new-york-homestead-laws.html"},"modified":"2026-09-14T09:04:04","modified_gmt":"2026-09-14T14:04:04","slug":"new-york-homestead-laws","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/state\/new-york-law\/new-york-homestead-laws.html","title":{"rendered":"New York Homestead Laws"},"content":{"rendered":"\n
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New York Homestead Laws<\/h1>\n\n
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\n By Christie Nicholson, J.D.<\/a> | Legally reviewed by Catherine Hodder, Esq.<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n\n\n

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Key Takeaways<\/h2>\n

The New York<\/span> homestead exemption<\/span> protects a debtor’s primary residence<\/span> equity from creditors during Chapter 7 or Chapter 13 bankruptcy. It allows homeowners<\/span> to retain properties like single-family houses, condos, co-ops, or mobile homes<\/span> up to county-specific statutory limits. Because New York<\/span> offers significantly higher coverage than federal standards, married couples<\/span> filing jointly can double their protected equity.<\/p>\n\n <\/div>\n <\/div>\n<\/div>\n\n

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The idea of losing their home can give most people pause when deciding whether to file bankruptcy. While it\u2019s true that a bankruptcy trustee can sell your primary dwelling to pay creditors, you may be able to take advantage of something called a \u201chomestead exemption<\/span>.\u201d<\/p>\n

The homestead exemption<\/span> protects a certain amount of equity<\/span> in a debtor\u2019s home. New York<\/span> offers debtors a rather high homestead exemption<\/span>, which can range anywhere from $102,400 to $204,825, depending on where you live.<\/p>\n

This article explains how the homestead exemption<\/span> works and what it can protect in your bankruptcy case. It also discusses how the exemption applies in a Chapter 7 bankruptcy case versus a Chapter 13 bankruptcy case.<\/p>\n

If you\u2019re considering filing bankruptcy or are already in the middle of bankruptcy proceedings and are worried about losing your home, consider contacting an experienced New York<\/span> bankruptcy attorney<\/span><\/a>. A skilled attorney will help you claim your homestead exemption<\/span> and ensure that you file your bankruptcy properly.<\/p>\n

What Is the Homestead Exemption<\/span> in Bankruptcy?<\/h2>\n

People who file Chapter 7 bankruptcy look to liquidate their assets to pay off their debts. Once the trustee does this, the bankruptcy court will discharge (wipe out) any remaining debts. When this happens, your creditors, including most judgment creditors<\/span>, will be prohibited from pursuing further collection activity.<\/p>\n

The homestead exemption<\/span> is a part of bankruptcy law that allows debtors to protect some or all of the equity in their home. As long as the property is their principal residence, a debtor can claim this exemption.<\/p>\n

There are two types of homestead exemptions<\/span>: the federal <\/span>homestead exemption<\/span> and the state homestead exemption<\/span>. When you claim this exemption, the trustee must protect the equity in your home, up to the amount of the exemption. If the equity is less than the homestead <\/span>exemption<\/span> amount<\/span>, then your home is protected from sale, and the trustee cannot liquidate it to pay creditors.<\/p>\n

If the equity exceeds the exemption, only the portion covered by the exemption is protected. In a Chapter 7 bankruptcy case<\/a>, the trustee can sell your home, give you the amount afforded to you via the exemption, and use the rest of the money to pay creditors.<\/p>\n

New York<\/span> exemptions<\/span> are much more generous than the federal exemption. Most New York<\/span> debtors opt for the state exemptions<\/span> rather than the federal protections.<\/p>\n

The homestead exemption<\/span> is available in both Chapter 7 and Chapter 13 bankruptcy. Since a Chapter 13 is a reorganization bankruptcy<\/a>, you\u2019ll likely be able to keep your home anyway. While the trustee won\u2019t sell it to pay creditors, they\u2019ll include any arrears you owe on your mortgage in your Chapter 13 repayment plan.<\/p>\n

A homestead exemption<\/span> is much more prominent in a Chapter 7 case. There\u2019s a good chance the trustee will intend to sell your home to pay creditors. The homestead exemption<\/span> protects a portion of your home equity<\/span>, often blocking any sale.<\/p>\n

Due to the high exemption amount<\/span> in New York<\/span> State<\/span>, only people with hundreds of thousands of dollars in equity risk losing their home in bankruptcy.<\/p>\n

New York<\/span> State<\/span> Homestead Protection Laws<\/h2>\n

Compared to the federal <\/span>homestead exemption<\/span>, New York<\/span>\u2019s <\/span>homestead exemption<\/span> is generous. Under federal law, the per-person\u00a0homestead exemption<\/span> is only $31,575 for single filers or $63,150 for spouses filing jointly.<\/p>\n

In New York<\/span>, the amount of your homestead exemption<\/span> depends on the county in which you live. According to New York<\/span> laws<\/span><\/a>, the specific exemption amounts<\/span> are as follows:<\/p>\n