New Jersey Bankruptcy Laws
New Jersey is one of the few states with no homestead exemption under state law. Most NJ bankruptcy attorneys recommend choosing federal exemptions (11 U.S.C. § 522(d)), which include a homestead exemption of $31,575 (single) or $63,150 (married). The state wildcard is only $1,000. NJ has some of the highest median incomes in the nation, affecting Chapter 7 eligibility.
Last verified: 2026-02-25
Filing Requirements
Annual median: 1 person $84,938; 2 persons $104,136; 3 persons $133,620; 4 persons $163,817. Among the highest in the nation.
Key New Jersey Statutes
New Jersey has no homestead exemption under state law — one of the few states without one. Most filers choose federal exemptions instead, which provide a homestead exemption of $31,575 (single) or $63,150 (married joint).
The state wildcard exemption is only $1,000 total for personal property including household goods and furniture. No separate vehicle exemption under state law.
Households under 250% of poverty: 90% of earned but unpaid wages are exempt. Over 250%: 75% of wages are exempt.
Pensions and retirement accounts (401k, IRA, Roth IRA) are fully exempt. Life insurance proceeds are also exempt.
Official Sources
Not Legal Advice
This page summarizes publicly available statutes and rules for informational purposes only. It does not constitute legal advice, and no attorney-client relationship is created by viewing this content. Laws change — always verify with the primary source or consult a licensed attorney in New Jersey.
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