New Jersey Bankruptcy Exemptions
The chart below contains a summary of New Jersey state bankruptcy exemptions and other relevant statutory laws.
Click here for complete State of New Jersey bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are available.
Click here for Federal Bankruptcy Exemptions
Personal exemptions allowed by New Jersey Bankruptcy Laws
Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.
|New Jersey Homestead||None|
|Wages||90% of earned but unpaid wages if annual income is less than 250% of Federal poverty level; 75% if annual income is higher.|
Wages received by military personnel
|Automobile||None specified, but personal property and possessions of any kind to $1,000 total allowed||2A:17-19|
|Other property||Disability benefits||17:18-12|
|Furniture and household goods to $1,000||2A:26-4|
Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of New Jersey bankruptcy court statutes.