|§ 282||Permissible Exemptions in Bankruptcy|
|§ 283||Aggregate Individual Bankruptcy Exemption for Certain Annuities and Personal Property|
|§ 284||Exclusivity of Exemptions|
|§ 285||Alternative Federal Exemptions|
Terms Used In New York Laws > Debtor and Creditor > Article 10-A - Personal Bankruptcy Exemptions
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.