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Although  a person files for bankruptcy and is able to wipe out most of his debts, the Code does not intend to leave a consumer with absolutley no assets. The majority of New Jersey Chapter 7 consumer cases use the exemptions provided by the United States Bankruptcy Code. New Jersey law provides for exemptions, but state exemptions  in New Jersey are not quite as good as the Federal Exemptions.  Since each debtor has the choice of which exemption schedule to use, most choose the federal exemptions.  In New York the exemption scheduled has just been increased permitting debtors to keep even a greater amount of prepperty.

When a bankruptcy is filed, the bankruptcy laws intend that the bankrupt can start a new life after the bankruptcy, so the law creates Bankruptcy Exemptions. Exemptions are the lists of the type of property that creditors or the bankruptcy trustee cannot take away from the debtor.- no matter what the debtor can keep these properties.  The debtor in bankruptcy keeps the exempt property. What property is exempted is determined by state and federal statutes, and varies from state to state.


 The following are properties that are exempt (these you may keep even if you file bankruptcy)


Equity in real estate $21,625.00 $43,250.00
Wild Card (only applicable to the extent not used to exempt real estate equity) $10,825.00 $21,650.00
Wild Card (Aggregate Interest in Any Property) $1,150.00 $2,300.00
Motor Vehicle $3,450.00 $6,900.00
Household Goods and Furnishings $11,525.00 $23,050.00
Jewelry $1,450.00 $2,900.00
Tools of Trade-Books and Equipment $2,175.00 $4,350.00
Life Insurance Policy With Loan Value $11,525.00 $23,050.00
Personal Injury Compensation Payments $21,625.00 $43,250.00

These exemptions are accurate as of the April 1, 2010. In addition there are unlimited exemptions available for the following items:

Life Insurance Policy - Unmatured
Health Aides
Government Benefits: Social Security, Unemployment, Public Assistance
Veterens Benefits
Disability, Illness or Unemployment Benefits
Alimony and Child Support
Crime Victims Compensation
Wrongful Death Payments
Life Insurance Payments Needed for Support
Lost Earnings Compensation Payments
Certain Retirement Accounts Defined by the Internal Revenue Code


New York Bankrutpcy Exemptions effective 1/2111






·         Homestead: Nassau, Suffolk, Kings,
         Queens, Bronx, Richmond, Rockland, and
         Putnam counties.



·         Homestead: Dutchess, Albany, Columbia,
         Orange, Saratoga and Ulster counties


·         Homestead: all other NY counties.)      


·         Motor Vehicle:


·         Motor Vehicle: if equipped for use by
         disabled person (new)



·         Cash:


·         Tools of trade:


·         Aggregate personal property


·         Wildcard (personal property, bank account
         or cash):   



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Moses Apsan and his staff, based in New York City and Newark, NJ provide exceptional legal services throughout the world, in all aspects of immigration to the United States, including non-immigrant (temporary visas), immigrant visa (Green Card) and deportation defense. In addition Mr. Apsan, has been practicing Bankruptcy law and Divorce laws for over 35 years, He was the President of the Federal Bar Association, New Jersey Chapter (1997-2002). He speaks Portuguese and Spanish..

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