Banking Spectrum - What's New?

Both New York and federal law currently exempt certain income from debt collection or attachment. Beginning April 1, 2012, the Superintendent of the Department of Financial Services is required to update the current dollar amount of exemption from enforcement of judgments under New York Civil Practice Law and Rules Sections 5205(l), 5222(e), 5222(h), 5230(a) and 5232(e). The new dollar amount of exemption from enforcement of money judgments is $2625. This amount is effective on April 1, 2012 and shall not apply to cases commenced before April 1, 2012. The next adjustment is scheduled for April 1, 2015. The Gold Book updates may be found in the Legal Process chapter under the New York rules for Restraining Notices and Garnishments.