What Assets Can I Keep in a NJ Bankruptcy?
Most people who file bankruptcy can keep everything they own. By using what are called “exemptions,” the NJ Bankruptcy attorneys at Levitt & Slafkes, P.C., can help you keep all if not most of your assets.
Federal Bankruptcy Exemptions
Bankruptcy exemptions determine what assets you can keep
The New Jersey exemptions are very limited, so usually we use the Federal Bankruptcy exemptions to help our clients keep their assets.
Here is a list of some of the exempt property that federal law allows each debtor to keep after bankruptcy:
- Homestead exemption: up to $27,900 of equity in your residence
- Up to $4,450 of equity in one motor vehicle
- Personal property such as household goods, clothing and musical instruments, up to $700 per item and $14,875 in total
- Jewelry up to $1,875
- Health aids-no limit on value
- Wrongful death benefits for a lost loved one you depended on
- Personal injury recovery up to $27,900 not including pain and suffering
- Lost earnings payments
- Public benefits such as unemployment compensation, Social Security, public assistance and veteran’s benefits
- Pension rights and tax exempt retirement plans
- Up to $2,800 of tools, books and implements you need for work
- Alimony and child support-the amount reasonably necessary for your support
- Some, or all, of your insurance benefits
- Any Property – You can use $1,475 and up to $13,950 of any unused portion of the homestead exemption to exempt any property you choose.
The Federal bankruptcy exemptions adjust every three years. The amounts listed above became effective April 1, 2022.
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