New Jersey State Exemption List
Federal or State Exemptions Allowed
In the state of New Jersey, you may choose either the state or federal exemptions. Exemptions have been created to allow you to maintain certain personal property, pensions, wages, and assets so you can start over after bankruptcy. If you choose the New Jersey exemptions, there may be a few federal supplemental exemptions allowed. There also may be certain residency requirements to use the state exemption list.
The following table will outline the New Jersey State Exemptions. Many of your assets may not have a matching exemption. It is important to discuss your assets with a New Jersey Bankruptcy Attorney prior to filing bankruptcy.
|
Exemptions
|
Exemption Amount
|
Statutes
|
| Homestead |
The New Jersey Consolidated Statutes contains no provision for a homestead exemption. |
|
| Personal Property |
Clothing; goods, personal property, and stock or interest in corporations up to $1,000 total. |
2A:17-19 |
| |
Household good and furniture up to $1,000. |
2A:26-4 |
| |
Burial plots |
45:27-21 |
Wages |
17-56 - 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 |
| |
Military personnel wages and allowances |
38A:4-8 |
| Pensions |
Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person. |
11 U.S.C. § 522 |
| |
Civil defense workers. |
A:9-57.6 |
| |
State police |
53:5A-45 |
| |
Street and water department employees |
43:19-17 |
| |
City boards of health employees. |
43:18-12 |
| |
Police officers, firefighters, and traffic officers |
43:16-7 & 43:16A-17 |
| |
Public employees. |
43:15A-53 |
| |
Municipal employees. |
43:13-44 |
| |
City workers' ERISA-qualified benefits |
43:13-9 |
| |
County employees |
43:10-57 & 43:10-105 |
| |
Alcohol beverage control officers. |
43:8A-20 |
| |
Prison employees |
43:7-13 |
| |
Judges |
43:6A-41 |
| |
Trust containing personal property if it was created pursuant to federal tax law. |
18A:66-116 |
| |
Teachers. |
18A:66-51 |
| |
Trust containing personal property if it was created pursuant to federal tax law. |
25:2-1 |
Public Benefits |
Workers' compensation |
34:15-29 |
| |
Unemployment compensation. |
43:21-53 |
| |
Old-age, permanent disability assistance |
44:7-35 |
Insurance |
Health and disability benefits. |
17:18-12 & 17B:24-8 |
| |
Military member disability or death benefits. |
38A:4-8 |
| |
Life insurance proceeds if policy prohibits use to pay creditors. |
17B:24-10 |
| |
Group life or health policy or proceeds. |
17B:24-9 |
| |
Civil defense workers' disability, death, medical or hospital benefits. |
A:9-57.6 |
| |
Health and disability benefits. |
17:18-12 & 17B:24-8 |
| |
Life insurance proceeds, dividends, interest, loan, cash, or surrender value, if not the insured |
17B:24-6b |
There are certain debts such as deeds of trust, taxes. And mortgages which will not be discharged by filing bankruptcy. Failure to pay these debts will allow the lender the right to pursue legal debt collection efforts