What Assets Are Exempt From Bankruptcy Liquidation?
Most individuals filing for bankruptcy are able to keep everything they own. By using what are called “exemptions,” the lawyers at Levitt & Slafkes, P.C., can help you keep everything that you are entitled to keep.
Federal Property Exemptions in Bankruptcy
The New Jersey exemptions are very limited, so we most often use the federal exemptions to help our clients. Here is a list of some of the exempt property that federal law allows each debtor to keep after bankruptcy:
- Up to $25,150 of equity in your principal place of residence
- Motor vehicle up to $4,000
- Personal property such as household goods, clothing and musical instruments, up to $600 per item and $13,400 in total
- Jewelry up to $1,700
- Health aids
- Wrongful death benefits for a lost loved one you depended on
- Personal injury recovery up to $25,150 not including pain and suffering
- Lost earnings payments
- Public benefits such as unemployment compensation, Social Security, public assistance and veteran’s benefits
- Up to $2,525 of tools, books and implements you need to work
- Alimony and child support
- Some or all of your insurance benefits
- $1325 of any property and up to $12,575 of an unused portion of the homestead exemption
We Offer Debt Relief Solutions for Those Struggling Across The State
Levitt & Slafkes, P.C., was formed to help New Jersey residents who are mired in debt get out from under this burden and get a fresh start in their financial lives.
Attorneys Bruce Levitt and Shelley Slafkes each have more than 30 years of experience in bankruptcy and other forms of debt relief, as well as foreclosure defense. We know how hard this is for you, and we want to help.
Get Prompt and Straightforward Advice. Talk to Us Today.
Contact our office to schedule a free initial consultation with one of our Essex County bankruptcy exemption lawyers. You can reach us by filling out our online form or by calling 973-323-2953.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.