New Jersey bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. What is more, you also have the option to substitute the state specific exemptions completely with the federal exemptions set. New Jersey bankruptcy district courts are located in three places – Camden, Newark, and Trenton.
Properties Exemptions Under The New Jersey Bankruptcy Laws
As per the New Jersey bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt by any of the New Jersey bankruptcy district courts.
•Homestead Exemptions are not allowed at all as per the New Jersey bankruptcy laws.
•Under the Insurance Exemptions, you are allowed to exempt Annuity contract proceeds up to five hundred dollars on a per month basis.
•Other insurance exemptions include Health or disability benefits, specific Life insurance proceeds, Group life or health policy or proceeds, Fraternal benefit society benefits, etc.
•The Disability or death benefits for military member has also been specially added as an exemptible insurance property as per the New Jersey bankruptcy laws.
•Personal properties like furniture and household goods are allowed to be exempted up to one thousand dollars in value.
•Pension funds are also allowed to be exempted under the New Jersey bankruptcy laws, but only following individuals are eligible for such exemptions. The New Jersey bankruptcy laws have a long list in this regard.
◦Teachers
◦Street and water department employees
◦State police
◦School district employees
◦Public employees
◦Prison employees
◦Municipal employees
◦Judges
◦Firefighters
◦Police officers
◦Traffic officers
◦County employees
◦Civil Defense workers
◦City boards of health employees
◦Alcohol beverage control officers
•Exemptible public benefits include Unemployment compensation, Old -age, permanent disability assistance, Crime victims’ compensation and Worker’s compensation
•No tools of trade or wild card exemptions are allowed under the New Jersey bankruptcy laws.