What Property Can I Get To Keep?
New Jersey residents may pick either the Federal or the New Jersey exemptions. Almost everyone picks the Federal exemptions, because the Federal exemptions are much more generous. The following are the New Jersey exemptions, followed by the Federal exemptions:
New Jersey Exemptions:
- Goods and chattels, shares of stock or interests in any corporation and personal property of every kind, not exceeding in value, exclusive of wearing apparel, $1,000.00, and
- All wearing apparel generally are reserved for a judgment debtor's family use before and after death, and are not subject to execution. (Sec. 2A:17-19.)
- Household goods and furniture not exceeding $1,000.00 in value of a person shall also be exempt from attachment, except for a debt incurred in the purchase thereof. (Sec. 2A:26-4.)
- Disability benefits, sickness insurance policies, workers' compensation benefits, and retirement benefits are generally exempt from execution. (Sec. 17:18-12, 34:15-29, 43:21-15(c), 43:13-9, 37.5.)
Federal Exemptions:
The following assets are exempt under Title 11 U.S.C. Section 522(d):
Note: Married couples double the amount of the following federal exemptions:
HOMES
(1) The debtor's aggregate interest, not to exceed $20,200 in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor.
CARS AND TRUCKS
(2) The debtor's interest, not to exceed $3,225 in value, in one motor vehicle.
HOUSEHOLD ITEMS, FURNITURE, APPLIANCES, CLOTHING, TOYS, BOOKS HOBBY EQUIPMENT AND OTHER PROPERTY
(3) The debtor's interest, not to exceed $525 in value in any particular item or $10,775 in aggregate value, in household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.
JEWELRY
(4) The debtor's aggregate interest, not to exceed $1,350 in value, in jewelry held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.
OTHER PROPERTY THE "WILD CARD" EXEMPTION
(5) The debtor's aggregate interest in any property, not to exceed in value $1,075 plus up to $10,125 of any unused amount of the exemption provided under paragraph (1) of this subsection.
TOOLS OF THE TRADE AND THE THINGS YOU USE TO EARN A LIVING
(6) The debtor's aggregate interest, not to exceed $2,025 in value, in any implements, professional books, or tools of the trade of the debtor or the trade of a dependent of the debtor.
LIFE INSURANCE
(7) Any unmatured life insurance contract owned by the debtor, other than a credit life insurance contract.
HOMES
(1) The debtor's aggregate interest, not to exceed $20,200 in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor.
CARS AND TRUCKS
(2) The debtor's interest, not to exceed $3,225 in value, in one motor vehicle.
HOUSEHOLD ITEMS, FURNITURE, APPLIANCES, CLOTHING, TOYS, BOOKS HOBBY EQUIPMENT AND OTHER PROPERTY
(3) The debtor's interest, not to exceed $525 in value in any particular item or $10,775 in aggregate value, in household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.
JEWELRY
(4) The debtor's aggregate interest, not to exceed $1,350 in value, in jewelry held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.
OTHER PROPERTY THE "WILD CARD" EXEMPTION
(5) The debtor's aggregate interest in any property, not to exceed in value $1,075 plus up to $10,125 of any unused amount of the exemption provided under paragraph (1) of this subsection.
TOOLS OF THE TRADE AND THE THINGS YOU USE TO EARN A LIVING
(6) The debtor's aggregate interest, not to exceed $2,025 in value, in any implements, professional books, or tools of the trade of the debtor or the trade of a dependent of the debtor.
LIFE INSURANCE
(7) Any unmatured life insurance contract owned by the debtor, other than a credit life insurance contract.
(8) The debtor's aggregate interest, not to exceed in value $10,775 less any amount of property of the estate transferred in the manner specified in section 542(d) of this title, in any accrued dividend or interest under, or loan value of, any unmatured life insurance contract owned by the debtor under which the insured is the debtor or an individual of whom the debtor is a dependent.
GLASSES, HEARING AIDS AND OTHER ITEMS NEEDED FOR HEALTHY LIVING
(9) Professionally prescribed health aids for the debtor or a dependent of the debtor.
PAYMENTS AND PENSION SAVINGS
(10) The debtor's right to receive
GLASSES, HEARING AIDS AND OTHER ITEMS NEEDED FOR HEALTHY LIVING
(9) Professionally prescribed health aids for the debtor or a dependent of the debtor.
PAYMENTS AND PENSION SAVINGS
(10) The debtor's right to receive
(A) a social security benefit, unemployment compensation, or a local public assistance benefit;
(B) a veterans benefit;
(C) a disability, illness, or unemployment benefit;
(D) alimony, support, or separate maintenance, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;
(E) a payment under a stock bonus, pension, profit sharing, annuity, or similar plan or contract on account of illness, disability, death, age, or length of service, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor, unless
(B) a veterans benefit;
(C) a disability, illness, or unemployment benefit;
(D) alimony, support, or separate maintenance, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;
(E) a payment under a stock bonus, pension, profit sharing, annuity, or similar plan or contract on account of illness, disability, death, age, or length of service, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor, unless
(i) such plan or contract was established by or under the auspices of an insider that employed the debtor at the time the debtors rights under such plan or contract arose;
(ii) such payment is on account of age or length of service; and
(iii) such plan or contract does not qualify under section 401(a), 403(a), 403(b), or 408 of the Internal Revenue Code of 1986.
PAYMENTS FOR GETTING INJURED
(11) The debtor's right to receive, or property that is traceable to
(ii) such payment is on account of age or length of service; and
(iii) such plan or contract does not qualify under section 401(a), 403(a), 403(b), or 408 of the Internal Revenue Code of 1986.
PAYMENTS FOR GETTING INJURED
(11) The debtor's right to receive, or property that is traceable to
(A) an award under a crime victims reparation law;
(B) a payment on account of the wrongful death of an individual of whom the debtor was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;
(C) a payment under a life insurance contract that insured the life of an individual of whom the debtor was a dependent on the date of such individuals death, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;
PERSONAL INJURY SETTLEMENTS AND JURY AWARDS
(D) a payment, not to exceed $20,200, on account of personal bodily injury, not including pain and suffering or compensation for actual pecuniary loss, of the debtor or an individual of whom the debtor is a dependent; or
PAYMENTS FOR LOSS OF FUTURE EARNINGS
(E) a payment in compensation of loss of future earnings of the debtor or an individual of whom the debtor is or was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor.
(B) a payment on account of the wrongful death of an individual of whom the debtor was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;
(C) a payment under a life insurance contract that insured the life of an individual of whom the debtor was a dependent on the date of such individuals death, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;
PERSONAL INJURY SETTLEMENTS AND JURY AWARDS
(D) a payment, not to exceed $20,200, on account of personal bodily injury, not including pain and suffering or compensation for actual pecuniary loss, of the debtor or an individual of whom the debtor is a dependent; or
PAYMENTS FOR LOSS OF FUTURE EARNINGS
(E) a payment in compensation of loss of future earnings of the debtor or an individual of whom the debtor is or was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor.
RETIREMENT ACCOUNTS
(12) Retirement funds to the extent that those funds are in a fund or account that is exempt from taxation under section 401, 403, 408, 408A, 414, 457, or 501(a) of the Internal Revenue Code of 1986.
(12) Retirement funds to the extent that those funds are in a fund or account that is exempt from taxation under section 401, 403, 408, 408A, 414, 457, or 501(a) of the Internal Revenue Code of 1986.
