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New Jersey Exemption Notes

Since the federal exemptions ARE available, New Jersey residents are not stuck with their state law exemptions. And that's good, because the New Jersey state law exemptions are so lame, everyone uses the the federal exemptions in New Jersey.

There is no homestead exemption, no specfic Vehicles exemption and only a $1,000 wildcard exemption for any property. And no exemption for in tools of trade.

New Jersey Exemptions Discussed On The Web

Both UpSolve and Nolo have discussions of New Jersey bankruptcy exemptions.

OPT OUT STATUS:

Can I use the §522(d) Federal Bankruptcy Exemptions in New Jersey?

Yes. Federal exemptions are available.

KEY EXEMPTIONS:

Homestead

None, but survivorship interest of a spouse in property held as tenancy by the entirety is exempt from creditors of a single spouse. And New Jersey residents can use the Federal Bankruptcy exemptions.

Motor Vehicle

no specific exemption

Wildcard

None (see personal property)

Personal Property

Personal property & possessions of any kind, stock or interest in corporations to $1,000 total
Clothing
Furniture & household goods to $1,000

See Also:
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  • Homestead

  • Homestead [US] Real property, including co-op or mobile home, or burial plot to $27,900; unused portion of homestead to $13,950 may be applied to any property
  • Tenancy by Entirety

  • Tenancy by Entirety [US] Tenancy by entirety is exempt only if debtor chooses State & Non-bankruptcy exemptions.
  • Insurance — Life, Disability

  • Insurance — Life, Disability [US] Disability, illness, or unemployment benefits
  • Insurance — Life, Disability [US] Life insurance payments from policy for person you depended on, needed for support
  • Insurance — Life, Disability [US] Life insurance policy loan value, in accured dividends or interest, to $14,875
  • Insurance — Life, Disability [US] Unamtured life insurance contract, except credit insurance policy
  • Pensions & Retirement Savings

  • Pensions & Retirement Savings [US] All types of retirement funds and accounts that tax-exempt under IRC section 401, 403, 408, 408A, 414, 457, or 501(a) ; IRAs & Roth IRAs limited to $1,512,350 (excluding rollover contributions); limitation can be overidden by judge.
  • Personal Property

  • Personal Property [US] Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments to $700 per item, $14,875 total
  • Personal Property [US] Health aids
  • Personal Property [US] Jewelry to $1,875
  • Personal Property [US] Lost earnings payments
  • Personal Property [US] Motor vehicle to $4,450
  • Personal Property [US] Personal injury recoveries to $27,900 (not to include pain & suffering or pecuniary loss)
  • Personal Property [US] Wrongful death recoveries for person you depended on
  • Public Benefits

  • Public Benefits [US] Crime victims' compensation
  • Public Benefits [US] Social Security
  • Public Benefits [US] Unemployment compensation
  • Public Benefits [US] Veteran's benefits
  • Tools of Trade

  • Tools of Trade [US] Implements, books, & tools of trade to $2,800
  • Wages

  • Wages [US] None
  • Wild Card

  • Wild Card [US] $1,475 of any property
  • Wild Card [US] Up to $13,950 of unused homestead exemption amount, for any property.
  • Miscellaneous

  • Miscellaneous [US] Alimony, child support needed for support
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