Bankruptcy exemptions are rules that exempt certain types and amounts of property from being sold or used to satisfy the claims of debtors in your bankruptcy case. Each state has a set of bankruptcy exemptions that you can use to protect your property while going through bankruptcy.

Federal law also provides a set of bankruptcy exemptions. Your state’s law will determine whether you can choose the federal bankruptcy exemptions, or if you must use your state’s bankruptcy exemptions. But if your state’s law allows you to choose between the two sets of bankruptcy exemptions, you must choose one or the other, and cannot choose exemptions from both your state and the federal exemptions.

In New York, bankruptcy exemptions allow individuals filing for bankruptcy to protect certain assets from creditors. New York has its own set of bankruptcy exemptions that residents may use when filing for bankruptcy. Unlike some states, New York allows filers to choose between using the state's exemptions or the federal bankruptcy exemptions, but not both. This means that if you are filing for bankruptcy in New York, you have the option to select the set of exemptions that most benefits your situation. However, once you choose one system, you cannot mix and match exemptions from the other. It's important to carefully review both the New York state exemptions and the federal exemptions to determine which set provides the most protection for your assets. An attorney can provide guidance on which set of exemptions would be most advantageous based on your individual circumstances.