Our bankruptcy laws were enacted to give people a fresh financial start, not to punish them with the loss of their property. To accomplishment this goal, both federal and New Jersey bankruptcy laws put certain types of property beyond the reach of creditors. In fact, many if not most people filing bankruptcy are able to keep their property, including their vehicles, retirement accounts and other personal property.
To take full advantage of the property exemption provisions, you need the advice of a knowledgeable lawyer.
New Jersey Bankruptcy Lawyer Serving Toms River and Neptune
William H. Oliver, Jr. & Associates is an experienced legal team representing people and businesses in central New Jersey. We work diligently to help our clients obtain maximum debt relief while enabling them to keep as much property as possible. When we represent you, we will develop a personalized debt relief plan and seek the best possible result for you.
Should You Use The Federal Or New Jersey Property Exemptions?
The federal property exemptions are usually the preferred choice in either a Chapter 7 or Chapter 13 bankruptcy. The federal exemptions can put these assets and income streams beyond the reach of creditors:
- $3,675 for motor vehicles
- $22,975 for home equity
- $12,250 for personal property, including household goods, clothing, books, or other possessions
- $1,550 for jewelry
- $2,300 for tools of your trade
- 401(k), IRA, and defined pension benefits ($1,245,475 cap for IRA accounts)
- Life insurance policies that have not matured
- Income from Social Security benefits, unemployment benefits, disability benefits and certain other federal transfer payments
- Wild card exemption — $1,225 plus $11,500 of any unused portion of your homestead exemption
- Other exemptions
In some cases, using the New Jersey property exemptions is advisable. Attorney William H. Oliver can review your case and recommend your best course of action.
Contact An Attorney
For a free consultation about getting debt relief, contact William H. Oliver, Jr. & Associates. We serve clients in Monmouth County, Ocean County and other localities in central New Jersey.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.