Bankruptcy Exemptions in Burlington County
Understanding a Tricky Topic
When considering declaring bankruptcy, you will likely be most concerned with losing all your possessions, including your home and car. You will want to know what assets are in danger and which you will be able to keep. This is when exemption regulations come into play; exemptions are the assets you are able to keep through the bankruptcy process.
Bankruptcy exemptions are commonly regarded as one of the most difficult topics for clients to understand. Your experienced NJ bankruptcy attorney at McDowell Posternock Apell & Detrick, PC will explain exemptions in a way that will best allow you to understand the extent of your options.
New Jersey Exemptions vs. Federal Exemptions
Every state has its own set of exemption regulations, and you can opt to follow the state’s exemption guidelines or federal exemption guidelines. It is likely in your best interest to opt for federal exemptions because NJ state exemptions are more limited and allow you to keep less property and assets.
NJ exemption regulations allow you to maintain the following assets:
- Personal property, stocks, and business interests up to $1,000
- Household products and furniture up to $1,000
- Clothing is generally exempt, but you may be subject to certain limitations.
- Benefits including disability, workers’ compensation, medical insurance, and retirement plans are typically exempt.
By comparison, federal exemptions are certainly more lenient, allowing you to maintain:
- Equity in your personal residence up to $21,625
- Household items up to $11,525; each item cannot exceed $550
- Work-related books and equipment up to $2,175
- Motor vehicle up to a value of $3,450
- Jewelry up to $1,450
- Personal injury payment up to $21,625
- Life insurance contract, policies, and payments except to the extent there is cash value
- Child and spousal support
- Retirement, Social Security, Veterans’, and Unemployment benefits
- Wildcard exemption- $1,150 for any assets and up to $10,825 of unused property exemption
Your experienced McDowell Posternock Apell & Detrick, PC bankruptcy lawyer will be sure to explain the intricacies involved with exemptions in the simplest way possible. It may seem overwhelming to place a value to all of your personal belongings, but your attorney will be there to assist you through this entire process and ensure you keep the most assets possible.
Why should I seek a lawyer to handle my bankruptcy?
- Get a professional opinion from an expert about the best way to handle your debts.
- Have NJ and federal exemptions explained in the easiest way possible.
- Receive guidance through the entire bankruptcy process – including itemizing all your assets – and professional representation in court.
- Take advantage of everything bankruptcy has to offer, keeping as many assets as possible.
- Be provided with assistance rebuilding your credit.
Seek bankruptcy advice with a free phone consultation
Exemptions are a tricky area of bankruptcy law to understand. With one of the South Jersey bankruptcy attorneys at McDowell Posternock Apell & Detrick, PC at your side, exemptions will be handled expertly, and you will receive all the benefits bankruptcy has to offer your financial future. Call us today or fill out our contact form to schedule a free phone consultation and learn more about how declaring bankruptcy can ease all your financial worries.