The State of New Jersey allows its residents to claim property to be exempt on either the Federal Exemptions or the New Jersey State Exemptions. Residents of New Jersey may select the Federal Exemptions which are more generous instead of the state’s exemptions. See table below of New Jersey Bankruptcy Exemptions which are quite limited.


Personal Property (cash, goods and chattels, exclusive of wearing apparel) $1,0000
Wearing Apparel (Clothing) No Limit
Homestead None
Tools of Trade None
Household Goods & Furniture $1,000
Health & Disability Insurance Benefits (includes retirement benefits; public employees’ pension are exempt) No Limit
Wild Card None
Cemeteries and Burial Funds (lands held for burial purposes by a cemetery company or charitable religious organization) No Limit
Crime Victims’ Compensation (recipient must not be convicted of committing crime) No Limit
Partnership Property No Limit
Fraternal Benefit Society Benefits No Limit
Public Assistance No Limit
Unemployment Compensation No Limit
Miscellaneous Benefits ( disability, death, medical and hospital benefits No Limit

** The above list just some of these changes. For a full list and how best to apply these exemptions or the Federal ones, please consult with a bankruptcy lawyer.