The New York Homestead Exemption Form

Despite record real estate appreciation, the value provided by the New York Homestead Exemption Act remains at $10,000, based on fair market equity above all applicable liens. The New York homestead exemption law also allows proceeds generated from the sale of exempt real estate to remain exempt for a period of one year, or repurchase of an alternate homestead, whichever period is less. Filing a New York homestead exemption form affects the election of homestead property in Chapter 7 bankruptcy cases.

Upon filing within the deed and real estate records, a formal declaration of primary residence may be used to defend against creditor objections during the administration of the estate. Both declarations (county deed records & federal bankruptcy forms) adds a layer of protection when retaining assets during the discharge of general, unsecured debts.