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.

ASSETEXEMPTIONLAW
New Jersey HomesteadNone
Wages90% 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
2A:17-56; 38A:4-8
AutomobileNone specified, but personal property and possessions of any kind to $1,000 total allowed2A:17-19
Other propertyDisability benefits17:18-12
Furniture and household goods to $1,0002A:26-4
Clothing2A:17-19
Burial plots45:27-21
WildcardNone

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.

Back to all State Bankruptcy Exemptions
Go to Complete State of New Jersey bankruptcy exemptions laws.
Go to Federal Bankruptcy Exemptions

New Jersey Bankruptcy Court links :

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