New Jersey Bankruptcy Exemptions

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New Jersey Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE AVAILABLE.
All law references are to New Jersey Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

New Jersey Bankruptcy Exemptions

All law references are to New Jersey Bankrutcy Code.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	None
INSURANCE	Annuity contract proceeds to $500 per month	17B:24-7
	Disability or death benefits for military member	38A:4-8
	Disability, death, medical or hospital benefits for civil defense workers	App. A:9-57.6
	Group life or health policy or proceeds	17B:24-9
	Health or disability benefits	17:18-12, 17B:24-8
	Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors	17B:24-10
	Life insurance proceeds or avails if you’re not the insured	17B:24-6b
MISCELLANEOUS	Property of business partnership	42:1A-27
PENSIONS	Alcohol beverage control officers	43:8A-20
	City boards of health employees	43:18-12
	Civil Defense workers	A:9-57.6
	County employees	43:10-57, 43:10-105
	City workers' ERISA-qualified benefits.	43:13-9
	Firefighters, police officers, traffic officers	43:16-7, 43:16A-17
	Judges	43:6A-41
	Municipal employees	43:19-44
	Prison employees	43:7-13
	Public employees	43:15A-53
	School district employees	18A:66-116
	State police	53:5A-45
	Street & water department employees	43:19-17
	Teachers	18A:66-51
	Trust containing personal property created pursuant to federal law	25:2-1
	Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	Goods & chattels, personal property & stock or interest in corporations to $1000 total	2A:17-19
	Burial plots	8A:5-10
	Clothing	2A:17-19
	Furniture & household goods to $1000	2A:26-4
PUBLIC BENEFITS	Old -age, permanent disability assistance	44:7-35
	Unemployment compensation	43:21-53
	Worker’s compensation	34:15-29
TOOLS OF TRADE	None
WAGES	90% of earned but unpaid wages if your annual income is less than 250 percent of the federal poverty level. If income is higher, 75%.	2A:17-56
WAGES	Wages or allowances received by military personnel	38A:4-8

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