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Companion bill
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Increases the value of homesteads which are to be exempt from civil judgments
In Assembly Committee · Judiciary · Sponsor Hakeem Jeffries
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the civil practice law and rules, in relation to increasing the value of homesteads which are to be exempt from civil judgments
Purpose
This bill would amend the Civil Practice Law and Rules, in relation-to increasing the value of the homestead exemption for civil judgments.
Summary of provisions
This bill would amend Section 5206 of the Civil Practice Law and Rules to increase the homestead exemption amount from civil judgments in New York State from $50,000 to $250,000.
Justification
The idea of the homestead exemption to civil judgments seems to have been that no civil judgment against any person should result in that person forfeiting his or her having a right to a place to live. To that end, Chapter 181 of the Laws of 1977 made the value of a person's homestead up to $10,000 exempt from civil judgments against that person.
Later on, Section 282 of the Debtor and Creditor Law extended this exemption to assessments of the value of a person's estate when Bankruptcy is declared. When laws mention specific dollar amounts, it is prudent to periodically review and update those amounts.
Current law sets the homestead exemptions at $50,000. That amount was set by Chapter 623 of the laws of 2005.
This bill proposes to increase the homestead exemption to $250,000, a much more realistic figure. The current amount, although only one year old, is not at all realistic in today's economy.
Legislative history
2006: S.6651, S.2480
Fiscal implications
None noted.
Effective date
This bill shall take effect immediately and shall be deemed to have been in full force and effect on and after August 30, 2005.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.