Updated: 2020-08-26 by
Federal Non-Bankruptcy Law (available in all states)
Federal "non-bankruptcy" law also offers exemption protection for wages.
US Bankruptcy Code § 522 Wage Garnishment Exemptions
The Federal Bankruptcy Exemptions are available to you if
- you haven't lived in any state longer than 180 days for a while, or
- if your state allows the Federal exemptions as a choice.
Does New Jersey allow debtor the option of using the Federal Bankruptcy exemptions instead of state law exemptions?
Yes. Federal exemptions are available.
You may also be interested in:
Most states allow an exemption for "tools of trade or profession"... this can include tools, books, even vehicles. Sometimes can be an alternative to the motor vehicle exemption.
Almost every state has an exemption for "any property" which is sometimes called the "wildcard" or "grubsteak" exemption. Generally this exemption is useful because it can be combined with other exemptions to fully protect equity that might otherwise go unprotected.
The Federal Government adjusts Federal exemption amounts every three years. Does New Jersey adjust exemption amounts?