One of the biggest issues people have with bankruptcy is the realization that creditors may obtain access to their assets or income streams. Though there is some truth to this, there are also protections in place to prevent creditors from simply seizing whatever property they choose. These protections exist in the federal and New Jersey property exemptions.
Basically, these exemptions are in place so that you can keep essential assets and belongings like your home, car, household goods, social security income, retirement accounts, and even jewelry when going through a Chapter 7 or Chapter 13 bankruptcy.
You are then entitled protection from creditors up to that dollar amount. Contrariwise, creditors are then only authorized under the law to reach dollar values that extend beyond the exemptions.
A few of the exemptions include motor vehicles, home equity, personal property and household goods, clothing, books, or other possessions, jewelry, tools of your trade, retirement accounts and certain pension benefits, life insurance policies that have not matured, income from Social Security benefits, unemployment benefits, disability benefits and certain other federal transfer payments.
There are many intricacies to these exemptions and how they apply. To fully understand how these exemptions would work specifically in your bankruptcy situation, it would be wise to contact an experienced New Jersey bankruptcy attorney.
At William H. Oliver Jr. & Associates, our attorneys have years of experience helping clients to preserve the maximum amount possible of their financial and property assets allowable under the bankruptcy laws. Call us or contact us through our personal bankruptcy website to arrange for a free initial consultation.