NEW JERSEY BANKRUPTCY LAW
New Jersey Bankruptcy: Attorneys, Statistics, Exemptions and Courts.
New Jersey Bankruptcy Statistics: In 2009, in New Jersey, 36,233 bankruptcies were filed. Business bankruptcies accounted for a tiny 1,571 of the total filed, while personal bankruptcies accounted for 34,662 or 95.66%.
New Jersey State Bankruptcy Exemptions
There is no homestead exemption.
Burial plots; however, are entirely exempt.
The following items are exempt wholly or partially when filing bankruptcy in New Jersey:
The following categories of insurance benefits are exempt in New Jersey bankruptcy:
New Jersey recognizes all applicable federal pension exemptions.
The following individuals’ pensions are wholly exempt:
The following public benefits are exempt when filing bankruptcy in New Jersey:
Tools of trade: No
Unpaid wages are exempt at 90% of the income, when the income is less than 250% of the federal poverty level and 75% when the income is more than 250% of the poverty line.
Federal Bankruptcy Exemptions: Yes
New Jersey Bankruptcy Courts:
United States Bankruptcy Court in New Jersey has jurisdiction over the entire state.