A Chapter 7 bankruptcy is also called 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 allows 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)