New York only allows state exemptions; however, Pennsylvania allows state or federal exemptions. Essentially, the bankruptcy code allows states the option of offering their own exemptions, federal exemptions or both. This is often referred to "opting in" or "opting out". Generally speaking New York state exemptions do not change and federal exemptions are better then Pennsylvania exemptions. However, federal exemptions due increase slightly every single year.

Exemptions New York Federal

1) Household $10,000.00 $ + 20,000.00

2) Vehicle $2,400.00 $2,775.00

3) Household † $9,300.00

4) Jewelry ** $1,150.00

5) Wildcard $0.00 $8,725.00*

Exemptions New York Federal

6) Tools of Trade $600.00 $1,750.00

* Unless homestead is used

** 1 wedding ring, 1 watch

† Furnishing, wearing apparel, appliances, animals

Other very specific and seldom used exemptions may be available in certain circumstances.