One thing that is a concern for anyone filing bankruptcy is whether a trustee will take away and sell their possessions. This is because, if you are filing a chapter 7 bankruptcy, the trustee assigned to your case will be looking at your assets with an eye towards selling them in an effort to pay creditors.
A sale of assets rarely happens in New Jersey, though, because the law provides for you to retain assets up to a certain value.
What Are the Exemptions?
This is done through "exemptions," which are provisions within the Bankruptcy Code (which are used in New Jersey bankruptcies) that protect those assets up to a certain value. Each debtor in a bankruptcy can use the full exemptions, which effectively doubles the maximum amounts for married couples applying exemptions to jointly owned property.
There are exemptions for many different assets, including:
- Your Home
- Your Car
- Your Household Goods and Furnishings
- Your Clothing
- Furs and Jewelry
- "Wildcard" Exemption That Can Be Applied to Anything
If you live in South Jersey and are considering filing bankruptcy, please feel free to call me at 856-432-4113 or contact me through this site for a free consultation in my Woodbury office to discuss your case.
If you are looking for more information about bankruptcy, then download my free book,Top Questions People Ask About Filing Bankruptcy in New Jersey.