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Exemptions in a New Jersey Bankruptcy

Filing for bankruptcy in New Jersey does not mean that you have to give up all of your property in exchange for having your debts discharged. In fact, most Debtors usually keep all of their property while simultaneously discharging their debt. Exempt property is property that you can keep- you don't have to give it up to your creditors! The Bankruptcy Code allows certain exemptions on both federal and state levels, but since New Jersey's state exemptions are not nearly as generous as the federal exemptions, make sure that you elect to choose federal exemptions.

- Will I Lose My Car In Bankruptcy?
- Will I Lose My House In Bankruptcy?

For a free bankruptcy consultation and to make sure you maximize your NJ exemptions, call the Rokicki Law Firm at 973 - 671 - 8529 today!

New Jersey Exemptions

As stated above, New Jersey's state exemptions are very limited:

- Up to $1,000: Goods and chattels, shares of stock or interests in any corporation and personal property of every kind (Sec. 2A:17-19.)

- Up to $1,000: Household goods and furniture (Sec. 2A:26-4.)

- Disability benefits, sickness insurance policies, workers' compensation benefits, and retirement benefits are generally exempt from execution. (Sec. 17:18-12, 34:15-29, 43:21-15(c), 43:13-9, 37.5.)

Major Federal Exemptions

Asset Exemption Statute
Wildcard Aggregate interest in any property up to $1,150. Can also use up to $10,825 of unused homestead exemption. 11 U.S.C. 522(d)(5)
Homestead Real property or personal property used as a residence, up to $21,625. 11 U.S.C. 522(d)(1)
Personal Property Motor vehicle: up to $3,450. 11 U.S.C. 522(d)(2)
  Household goods and furnishings: up to $11,525. 11 U.S.C. 522(d)(3)
  Jewelry: up to $1,450. 11 U.S.C. 522(d)(4)
  Health aids: all. 11 U.S.C. 522(d)(9)
  Personal injury compensation payments: up to $21,625. 11 U.S.C. 522(d)(11)(D)
  Lost earnings compensation payments: all. 11 U.S.C. 522(d)(11)(E)
  Wrongful death payments: all. 11 U.S.C. 522(d)(11)(B)
Insurance Life insurance policy, unmatured: all. 11 U.S.C. 522(d)(7)
  Life insurance policy, with loan value: up to $23,050. 11 U.S.C. 522(d)(8)
  Life insurance payments needed for support: all. 11 U.S.C. 522(d)(11)(C)
Miscellaneous Alimony and child support: to extent necessary for support of debtor and debtor's dependents. 11 U.S.C. 522(d)(10)(D)
Pensions Pension, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor, up to $1,000,000. 11 U.S.C. 522(d)(10)(E)
Public Benefits Social Security: all. 11 U.S.C. 522(d)(10)(A)
  Unemployment: all. 11 U.S.C. 522(d)(10)(A)
  Public Assistance: all. 11 U.S.C. 522(d)(10)(A)
  Veteran's Benefits: all. 11 U.S.C. 522(d)(10)(B)
  Crime Victim's Compensation: all. 11 U.S.C. 522(d)(11)(A)