Signed by Governor Kathy Hochul

Vote Smart's Synopsis:

Vote to pass a bill that exempts a debtor's interest in their rent-stabilized lease from bankruptcy proceedings.

Highlights:

• Authorizes the debtor's right to receive or the debtor's interest in (Sec. 1):

• A social security benefit, unemployment compensation or a local public assistance benefit; or

• A veterans' benefit; or 

• A disability, illness, or unemployment benefit; or

• Alimony, support, or separate maintenance, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor; or

• The debtor's interest in his or her rent-stabilized lease; and

• All payments under a stock bonus, pension, profit sharing, or similar plan or contract on account of illness, disability, death, age, or length of service.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that exempts a debtor's interest in their rent-stabilized lease from bankruptcy proceedings.