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New Jersey Personal Property Exemptions: The Property Creditors Can Not Touch!!!

In a U.S. federal bankruptcy case, your lawyers can use New Jersey state law to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of New Jersey bankruptcy exemptions that a lawyer can use to help keep creditor's hands off your cherished possessions. The New Jersey bankruptcy exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a U.S. federal bankruptcy case is often very involved. Additionally, the exemptions below are not an exhaustive list, therefore you should contact a New Jersey bankruptcy attorney to determine the other types of property that you own which may be exempt.

Motor Vehicle New Jersey Bankruptcy Exemptions

Your New Jersey bankruptcy attorneys can use these New Jersey exemptions to protect $1,000 in value of any one motor vehicle listed in your U.S. federal bankruptcy. Additionally, if you file the bankruptcy with a spouse a lawyer can use both vehicle exemptions to protect up to $2,000 in vehicle equity as long as both you and your spouse are on the title to the car.

Household Furniture New Jersey Bankruptcy Exemptions

These New Jersey bankruptcy exemptions allows your bankruptcy attorneys to protect up to $1000 in value of your household furniture in items ranging from your kitchen table to your living room couch.

Life Insurance Proceeds New Jersey Bankruptcy Exemptions

These New Jersey bankruptcy exemptions can protect 100% of the value in life insurance that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).

Retirement Plan New Jersey Bankruptcy Exemptions

Your bankruptcy attorneys can prevent creditors from touching the proceeds of your many types of retirement plans. They can exempt anything from stock bonuses, pensions, profit sharing plans and annuities as long as we determine that your savings match a specific type of retirement plan.

Unemployment Compensation Benefits New Jersey Bankruptcy Exemptions

Your attorneys can protect all of your unemployment compensation from creditors' reach. However, past due child support may still be deducted from the income of people receiving public assistance.

Worker's Compensation New Jersey Bankruptcy Exemptions

These New Jersey bankruptcy exemptions can help to protect 100% of compensation you receive under New Jersey workers' compensation laws. Your lawyers can protect both 100% of your wages and 100% of the award you receive to compensate you for any permanent disability. In New Jersey, workers' compensation cases are 100% exempt. If you are injured while working then that is money you deserve and creditors will be prevented from reaching those funds.

Wages New Jersey Bankruptcy Exemptions

Your lawyers can help to protect up 90% if earned but unpaid wages if your income is less than $7500. However, if your income is more then $7500 then it will be up to the Judge to decide the total amount you can retain.

Learn more about New York bankruptcy exemptions.