New York Homestead Laws
Homestead protection laws protect homeowners and other small property owners from being left homeless during times of economic strife. Specifically, homestead laws allow individuals to declare a portion of their property as "homestead" and therefore mostly off-limits to creditors.
Under the New York homestead law, the amount property owners may declare exempt varies based on county location and range from $75,000 to $150,000. The table below highlights the basic provisions of New York's homestead protection laws. See Bankruptcy Exemptions: Chapter 7 for more information.
|Code Section||Civ. Prac. L. & R. §5206|
|Max. Property Value That May Be Designated 'Homestead'||
$150,000 (Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, Putnam counties
$125,000 (Dutchess, Albany, Columbia, Orange, Saratoga, Ulster counties)
$75,000 (all other counties)
|Maximum Acreage (Urban)||-|
|Maximum Acreage (Rural)||-|
Note: State laws are constantly changing -- contact a New York bankruptcy attorney or conduct your own legal research to verify the state law(s) you are researching.
Research the Law:
- New York Code
- Official State Codes - Links to the official online statutes (laws) in all 50 states and DC.
Related Resources for Homestead Laws: