State of New Jersey Economy:
Industries driving the New Jersey economy include: pharmaceuticals and life sciences, financial services, advanced manufacturing, information technology and transportation and logistics.
New Jersey Bankruptcy Court Locations:
Martin Luther King, Jr. Federal Building
50 Walnut Street
Newark, NJ 07102
Clarkson S. Fisher US Courthouse
402 East State Street
Trenton, NJ 08608
U.S. Post Office and Courthouse
401 Market Street
Camden, NJ 08101
New Jersey Bankruptcy Exemptions:
⦁ Cemeteries and burial funds. Cemetery property, lands held for burial purposes by a cemetery company, charitable, religious, or fraternal organization and the trust funds and securities and income of any cemetery property. (N.J. Stat. Ann. §§ 8A:5-9, 8A:5-10, 8A:5-11.)
⦁ Crime victims’ compensation. Crime victims’ compensation for expenses resulting from an injury claim. (N.J. Stat. Ann. § 52:4B-18.)
⦁ Homestead or residential property. There is no homestead exemption in New Jersey. However, under bankruptcy law, the survivorship interest of a spouse in property held as tenancy by the entirety is exempt from creditors of the other spouse (11 U.S.C. § 522(b)(3)(8)).
⦁ Insurance benefits. Life insurance proceeds if policy prohibits proceeds from being used to pay creditors; life insurance proceeds in favor of a person other than the insured; up to $500 a month in annuity benefits, unless fraudulently obtained; proceeds of health insurance, disability provisions in life insurance contracts, and other disability benefits but not claims for necessities contracted for during the period of disability; proceeds of group life and group health insurance, but not claims for necessities contracted for during disability period. (N.J. Stat. Ann. § § 17:18-12, 17B:24-6, 17B:24-7, 17B:24-8, 17B:24-9.)
⦁ Motor vehicles. New Jersey doesn’t have a motor vehicle exemption, but you can exempt up to $1,000 in equity in your car or another vehicle by using the general personal property exemption.
⦁ Pension and retirement benefits. Public employees’ pensions (N.J. Stat. Ann. § 43:15A-53); pensions for teachers, judiciary members, prison employees, alcohol control officers, city employees, county workers, probation officers, court interpreters, police officers, and firefighters (N.J. Stat. Ann. §§ 18A:66-51, 18:13-112.53, 18A:66-116, 18:5-80, 43:6A-41, 43:7-13, 43:8A-20, 43:10-14, 43:13-9, 43:13-22.60, 43:10-18.22, 43:10-18.71, 43:10-57, 43:10-105, 43:13-37.5, 43:13-44, 43:15A-53, 43:18-12, 43:19-17, 43:16-7, 43:16A-17, 53:5A-45.) Even if you choose New Jersey exemptions, you can claim certain non bankruptcy federal exemptions for retirement funds.
⦁ Personal property. Clothing; up to $1,000 in household goods and furnishings, pay and benefits owed to a debtor for participating in the state militia. (N.J. Stat. Ann. § § 2A:17-19, 2A:26-4, 38A:4-8).
⦁ Public assistance. Aged assistance. (N.J. Stat. Ann. § 44:7-35.)
⦁ Tenancy by the entirety. Tenancy by the entirety is not exempt, but is subject to rights of the non-debtor spouse.
⦁ Unemployment compensation. (N.J. Stat. Ann. § § 43:21-15, 43:21-53.)
⦁ Wildcard exemption. Up to $1,000 of any personal property, stocks, or corporate interests. (N.J. Stat. Ann. § § 2A:17-19.)
⦁ Workers’ compensation. (N.J. Stat. Ann. § 34:15-29.)