What You Can Keep After Filing Bankruptcy
A Chapter 7 bankruptcy is also called a liquidation bankruptcy because some of your assets must be liquidated or sold to pay your creditors. However, both the state of New Jersey and the federal government allow you to keep certain amounts of property and assets.
At the Law Office of David A. Semanchik, we can help you choose between state or federal exemptions when you file. We can also negotiate with your bankruptcy trustee, if necessary. In every case, our law firm is committed to taking the time to understand your financial concerns and goals, giving you an honest assessment of your case and putting in the hard work it takes to help you gain a fresh start.
New Jersey Bankruptcy Exemptions
The New Jersey exemptions include:
- Personal property and stock shares ($1,000 worth)
- Disability benefits, workers’ compensation benefits, retirement benefits and sickness insurance policies
- Household furniture and goods worth ($1,000 worth)
Federal Bankruptcy Exemptions
The federal exemptions include:
- A home or personal property used as a residence, $21,625 per debtor
- A motor vehicle, $3,450 per debtor
- Household furnishings, $11,525 per debtor
- Jewelry, $1,450 per debtor
- Tools of your trade, $2,175 per debtor
- Personal injury settlements and awards, $21,625 per debtor
- Life insurance loan value, $11,525
- Disability benefits, unemployment benefits, Social Security benefits, pensions, IRAs, unlimited exemptions per debtor
- Wildcard exemptions apply to any property, in some cases up to $11,975
Because the exemption amounts change each year, it is important to talk with an experienced New Jersey bankruptcy lawyer who can help you discover how the laws and exemptions apply to your individual situation.
Contact a Lakewood Bankruptcy Exemptions Attorney
To learn more about how to avoid repossession or protect your assets, schedule a no-fee strategy session with a Toms River bankruptcy asset protection attorney. Call the Law Office of David A. Semanchik toll free at 888-691-1099, or contact our office online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.