S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6350

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 20, 2015
                               ___________

Introduced  by M. of A. PERRY -- read once and referred to the Committee
  on Judiciary

AN ACT to amend the debtor and creditor law, in relation to exempting  a
  debtor's  interest in his or her rent-stabilized lease from bankruptcy
  proceedings

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subdivision  2  of section 282 of the debtor and creditor
law, as amended by chapter 206 of the laws of 1998, is amended  to  read
as follows:
  2.  Bankruptcy  exemption  for right to receive benefits. The debtor's
right to receive or the debtor's interest  in:  (a)  a  social  security
benefit, unemployment compensation or a local public assistance benefit;
(b)  a  veterans'  benefit;  (c)  a disability, illness, or unemployment
benefit; (d) alimony, support, or separate maintenance,  to  the  extent
reasonably  necessary for the support of the debtor and any dependent of
the debtor; [and] (e) THE DEBTOR'S INTEREST IN HIS  OR  HER  RENT-STABI-
LIZED  LEASE;  AND (F) 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  unless (i) such plan or contract,
except those qualified under section 401, 408  or  408A  of  the  United
States Internal Revenue Code of 1986, as amended, was established by the
debtor  or  under the auspices of an insider that employed the debtor at
the time the debtor's rights under such plan  or  contract  arose,  (ii)
such plan is on account of age or length of service, and (iii) such plan
or  contract  does  not qualify under section four hundred one (a), four
hundred three (a), four hundred three  (b),  four  hundred  eight,  four
hundred  eight  A,  four hundred nine or four hundred fifty-seven of the
Internal Revenue Code of nineteen hundred eighty-six, as amended.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08809-01-5