Go To Credit Help Services Home Page
|
New Jersey State Bankruptcy Exemptions |
|
|
New Jersey State Bankruptcy Exemptions |
|
Federal
Bankruptcy Exemptions are available. All law references are to New Jersey Statutes Annotated. |
||
| ASSET | EXEMPTION | LAW PROVISION |
| Homestead | None | |
| Insurance |
Annuity
contract proceeds to $500 per month Disability or death benefits for military member Disability, death, medical or hospital benefits for civil defense workers Fraternal benefit society benefits Group life or health policy or proceeds Health or disability benefits Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors Life insurance proceeds or avails if you’re not the insured |
17B:24-7 38A:4-8 App. A:9-57.6 17:44A-19 17B:24-9 17:18-12, 17B:24-8 17B:24-10 17B:24-6b |
| Miscellaneous | Property of business partnership | 42:1-25 |
| Pensions |
Alcohol
beverage control officers City boards of health employees Civil Defense workers County employees ERISA-qualified benefits Firefighters, police officers, traffic officers Judges Municipal employees Prison employees Public employees School district employees State police Street & water department employees Teachers Trust containing personal property created pursuant to federal law unless conveyance into trust done fraudulently or debt is for child support or alimony |
43:8A-20 43:18-12 App. A:9-57.6 43:10-57, 43:10-105 43:13-9 43:16-7, 43:16A-17 43:6A-41 43"13-44 43:7-13 43:15A-53 18A:66-116 53:5A-45 43:19-17 18A:66-51
25:2-1 |
| Personal Property |
Goods &
chattels, personal property & stock or interest in
corporations to $1000 total Burial plots Clothing Furniture & household goods to $1000 |
2A:17-19 8A:5-10 2A:17-19 2A:26-4 |
| Public Benefits |
Crime
victims’ compensation Old -age, permanent disability assistance Unemployment compensation Worker’s compensation |
52:4B-30 44:7-35 43:21-53 34:15-29 |
| Tools of Trade | None | |
| Wages |
90% of
earned but unpaid wages if income under $7500; if income
over $7500; judge decides amount that is exempt Wages or allowances received by military personnel |
2A:17-56 38A:4-8 |
| Wild Card | None | |
Thursday January 12, 2006