New Jersey Federal Bankruptcy Exemptions

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 absolutely no assets. The majority of New Jersey Chapter consumer cases use the federal exemptions scheme provided by the United States Bankruptcy Code. New Jersey law provides for exemptions also 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. If the net value of your property is less than the amount of your permitted exemptions, your property will not be affected and all of your creditors will be wiped out. Many people are surprised to find out that they can keep all of their property and still wipe out or discharge all of their debt.

A listing of the Federal Exemptions used in the State of New Jersey is as follows:

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
Pensions
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

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Apsan Law Offices, LLC. practices in the areas of Immigration, Corporate Immigration, Family Immigration, Naturalization, bankruptcy, chapter 7 bankruptcy, chapter 13 bankruptcy, uncontested divorces, property settlement agreements and accidents throughout New York and New Jersey in communities including Essex County, Union County, Passaic County, Hudson County, Morris County, Bergen County and Somerset County, as well as the cities of Union, Linden, Rahway, Irvington, Hillside, Bloomfield, Harrison, Orange, East Orange, West Orange, Camden, Clifton, Edison, Jersey City, Passaic, Trenton, Union City, Newark, Ironbound, Kearny, South River, Jersey City, Paterson, Passaic, Elizabeth, Edison, Woodbridge, Toms River, Hamilton, Trenton, Camden, Clifton, Passaic, Garfield, Wallington, Cherry Hill, East Orange, Union City, Bayonne, Irvington, Old Bridge, Lakewood, Long Branch, North Bergen, Vineland, Wayne, Parsippany, Troy Hills, New Brunswick, Plainfield, Bloomfield, Perth, Amboy, East Brunswick, North Brunswick, West New York, West Orange Hackensack, Atlantic City, Mount Laurel, Montclair, Hoboken, and Belleville. We also serve individuals and businesses located in New York's Queens, Bronx, Manhattan, Brooklyn, Staten Island, Westchester, Rockland, Nassau and Suffolk Counties on Long Island including the towns of Hempstead, North Hempstead, Oyster Bay, Huntington, Islip, Babylon, Smithtown, Brookhaven, Riverhead and the North Fork and South Fork (Hamptons) of Long Island. We assist people and businesses to file for relief under the Bankruptcy Code. We are a debt relief agency.



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