Bankruptcy by State
Bankruptcy in New York
How New York's bankruptcy exemptions, Chapter 7 income limits, and filing volume compare to the rest of the country.
Homestead exemption
$204,825
#11 of 51
Vehicle exemption
$5,500
#11 of 51
Median income (1 person)
$73,272
Chapter 7 means-test threshold
Annual filings
23,149
Year 2025
New York vs. national medians
National medians are calculated across all 51 states plus the District of Columbia. Ranks run from #1 (highest) to #51 (lowest). Where a state publishes a range or a conditional amount, the exemption is shown in full and ranked by its guaranteed minimum.
| Metric | New York | National median | Rank |
|---|---|---|---|
| Homestead exemption | $204,825 | $90,000 | #11 of 51 |
| Motor vehicle exemption | $5,500 | $7,250 | #11 of 51 |
| Median income (1-person household) | $73,272 | $71,745 | #21 of 51 |
| Median income (4-person household) | $139,040 | $126,058 | #15 of 51 |
| Annual bankruptcy filings | 23,149 | 8,707 | #7 of 51 |