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Bankruptcy in New Jersey: Exemptions and Filing Guide

State-specific bankruptcy exemptions and filing information for New Jersey. These exemptions determine what property you can keep when filing Chapter 7 bankruptcy.

Data last updated: Jan 15, 2025

Key Takeaways

  • Homestead exemption: None (New Jersey has no homestead exemption).
  • Vehicle exemption: No specific vehicle exemption.
  • Federal exemptions available — you can choose state or federal.
  • Attorney fees: $1,500–$2,500 (Ch. 7) / $3,500–$5,000 (Ch. 13) typical.
None (New Jersey has no homestead exemption) Homestead exemption
No specific vehicle exemption Vehicle exemption
Yes Federal option
$338 (Chapter 7) / $313 (Chapter 13) Filing fee

New Jersey Bankruptcy Exemptions

  • HomesteadNone (New Jersey has no homestead exemption)
  • VehicleNo specific vehicle exemption
  • Personal property$1,000 household goods and furniture
  • Wildcard$1,000 in personal property or cash
  • Federal exemptionsAvailable (can choose)

Means Test: New Jersey Median Income

To qualify for Chapter 7 in New Jersey, your income must be below the state median or you must pass the means test showing no disposable income for creditors.

  • 1 person$73,200
  • 2 people$92,800
  • 3 people$106,400
  • 4 people$124,200

Filing Costs

  • Court filing fee$338 (Chapter 7) / $313 (Chapter 13)
  • Typical attorney fee$1,500–$2,500 (Ch. 7) / $3,500–$5,000 (Ch. 13)
  • Court districtsDistrict of New Jersey

New Jersey bankruptcy court

Related Resources

Frequently Asked Questions

  • Does New Jersey have a homestead exemption?

    No. New Jersey does not have a state homestead exemption. However, debtors can elect the federal exemptions which include a homestead exemption of approximately $27,900.

  • Can I choose federal exemptions in New Jersey?

    Yes. New Jersey allows debtors to choose between state and federal exemptions. Most filers choose federal exemptions because they are more protective.

  • What is the federal homestead exemption amount?

    The federal homestead exemption is approximately $27,900 (adjusted periodically for inflation), which applies if you choose the federal exemption system.

  • Why are attorney fees higher in New Jersey?

    The cost of living and legal market in New Jersey is higher than average. Chapter 7 fees typically range from $1,500 to $2,500.

Legal Disclaimer: FreeNetLaw provides general legal information, not legal advice. The information on this site is not a substitute for consultation with a licensed attorney. Laws vary by jurisdiction and change frequently. Always verify information with official sources and consult a qualified attorney for advice about your specific situation.

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