Under the New York State bankruptcy exemptions, a debtor in Buffalo NY may keep up to $75,000 in equity in his or her home. A married couple filing jointly may keep up to $150,000 in home equity. Under the federal exemptions, each debtor may keep up to $22,000 in equity in his or her home.
As long as the difference between what you owe on your house and its market value is less than the exemption amount, you will not lose your home.
For those who do not own homes, the federal exemptions are the preferable option since they allow the debtor to keep considerably more in cash and personal property, such as an automobile.