New York State’s “Exemptions” are Increased
As one of his final acts in office, on December 22, 2010, Governor David Paterson signed a significant law regarding exemptions for personal and real property, Chapter 568 of the Laws of New York 2010. The law amends and adds certain exemptions relating to the satisfaction of money judgments under Civil Practice Law and Rules (CPLR) § 5205(a) for exemption of personal property, and under CPLR § 5206 for the exemption of real property. The law also amends N.Y. Debtor and Creditor Law (DCD.) §§ 282(1), 283, and adds § 285 specifically regarding exemptions for debtors in bankruptcy. The amendments update and modernize several exemptions, some of which had not been altered for decades.