New Jersey is a dual-choice state, so debtors filing bankruptcy here can choose either **New Jersey**-specific exemptions or the **federal** set. Below is a summary of **common** NJ exemptions. Always consult a licensed New Jersey bankruptcy attorney or the official statutes for exact, up-to-date amounts and interpretations.
Note: There is no specific homestead exemptionin New Jersey’s statutes; many residents use the federal homestead exemption instead if it’s more beneficial.
| Asset / Type of Property | Exemption Description | Statute / Code | Notes |
|---|---|---|---|
| Homestead | No specific homestead exemption under NJ law. Many filers instead use the **federal** homestead if choosing federal exemptions. | -- | |
| Annuity Contract Proceeds | Up to \$500/month (some references). | N.J. Stat. § 17B:24-7 | |
| Disability or Death Benefits for Military Member | Fully exempt. | N.J. Stat. § 38A:4-8 | |
| Disability, Death, Medical, or Hospital Benefits for Civil Defense Workers | Fully exempt. | N.J. Stat. App. A:9-57.6 | |
| Fraternal Benefit Society Benefits | Fully exempt (some references up to certain amounts). | N.J. Stat. § 17:44A-19 | |
| Group Life or Health Policy / Proceeds | Fully exempt. | N.J. Stat. § 17B:24-9 | |
| Health or Disability Benefits | Generally exempt from creditors. | N.J. Stat. §§ 17:18-12, 17B:24-8 | |
| Life Insurance Proceeds if Clause Prohibits Paying Beneficiary’s Creditors | Fully exempt. | N.J. Stat. § 17B:24-10 | |
| Life Insurance Proceeds / Avails if You’re Not the Insured | Fully exempt. | N.J. Stat. § 17B:24-6b | |
| Property of Business Partnership | Exempt from an individual partner’s creditors. | N.J. Stat. § 42:1-25 | |
| Various Public Employees (Alcohol beverage control officers, city board employees, civil defense, county employees, firefighters, police, traffic officers, judges, municipal employees, prison employees, general public employees, school district employees, state police, street/water dept. employees, teachers) | Pension/retirement benefits generally exempt. | N.J. Stat. §§ 43:8A-20, 43:18-12, App. A:9-57.6, 43:10-57, 43:10-105, 43:13-9, 43:16-7, 43:16A-17, 43:6A-41, 43:13-44, 43:7-13, 43:15A-53, 18A:66-116, 53:5A-45, 43:19-17, 18A:66-51 | NJ has multiple local retirement systems; these generally have exemption provisions. |
| ERISA-Qualified Benefits | Exempt if needed for support (some references). | -- (Referenced as “513.430(10)(e)” in original?) | Check federal law plus any NJ statute references. |
| Trust Containing Personal Property Created Under Federal Law | Exempt unless fraudulent conveyance or debt is for child support/alimony. | N.J. Stat. § 25:2-1 | |
| Goods, Chattels, Personal Property, Stock or Interest in Corporations | Up to \$1,000 total. | N.J. Stat. §§ 2A:17-19, 2A:26-4 | Some references mention “any personal property” up to \$1,000. |
| Burial Plots | Exempt for family use. | N.J. Stat. § 8A:5-10 | |
| Clothing | Fully exempt if needed. | N.J. Stat. § 2A:17-19 | |
| Furniture & Household Goods to \$1,000 | Limit on total essential household property. | N.J. Stat. § 2A:26-4 | |
| Crime Victims’ Compensation | Fully exempt from creditors. | N.J. Stat. § 52:4B-30 | |
| Old-Age, Permanent Disability Assistance | Fully exempt. | N.J. Stat. § 44:7-35 | |
| Unemployment Compensation | Fully exempt. | N.J. Stat. § 43:21-53 | |
| Workers’ Compensation | Fully exempt. | N.J. Stat. § 34:15-29 | |
| Tools of Trade | None specified beyond the \$1,000 personal property limit, though some might interpret partial coverage within that limit. | -- | |
| Wages | Up to **90%** if income < \$7,500/year; if income > \$7,500, a judge decides the exempt portion. Wages or allowances of military personnel also exempt. | N.J. Stat. §§ 2A:17-56, 38A:4-8 | |
| Wildcard | None (no separate wildcard in NJ statutes). | -- |
This summary is for general information only and does not constitute legal advice. Exemption laws and amounts may change or be interpreted differently by courts. Always consult a licensed New Jersey bankruptcy attorney or refer to the official statutes for the most accurate, up-to-date amounts and eligibility.