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|
|Tools of Trade||None|
|Household Goods & Furniture||$1,000|
|Health & Disability Insurance Benefits (includes retirement benefits; public employees’ pension are exempt)||No Limit|
|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.