Most people who file a NJ Chapter 7 Bankruptcy get to keep all or almost all of their assets. What property can be kept is determined by bankruptcy exemptions.
Bankruptcy exemptions determine what property you can keep.
The Bankruptcy Code Section 104(b) provides that every 3 years, exemption amounts and other dollar amounts are adjusted for inflation.
New Bankruptcy Exemption Amounts Protect More Consumer Property
New increased exemption amounts take effect on April 1, 2022 and apply to all Bankruptcy cases filed after that date.
The new higher bankruptcy exemption amounts mean that even more people can protect their assets when they file a NJ Chapter 7 Bankruptcy.
It is also important to note that exemption amounts are doubled when a married couple files a joint bankruptcy.
These are some of the exemption amounts that increased as of April 1, 2022.
| Category | New exemption amount |
| Homestead | $27,900 |
| Motor Vehicle | $4,450 |
| Household Goods (per item limit) | $700 |
| Household Goods (collective limit) | $14,875 |
| Jewelry | $1,875 |
| Wild Card (any property) | $1,475 |
| Unused homestead | $13,950 |
| Personal Injury Claims | $27,900 |
Contact the experienced NJ Bankruptcy attorneys at Levitt & Slafkes to learn how you can eliminate your debt by filing Bankruptcy. You can reach us by calling 973-323-2953 or by filling out our online form. We represent debtors in Chapter 7, Chapter 13 and Chapter 11 filings. Let us help you get the fresh financial start you need today. Our offices are conveniently located in Maplewood, NJ.
We are proudly designated as a debt relief agency by an Act of Congress. We have proudly assisted consumers in filing for Bankruptcy Relief for over 30 years. The information on this website and blogs is for general information purposes only. Nothing should be taken as legal advice for any individual case or situation.