NJ Exemptions and Wild Card

[njtrucker]

I have a question that maybe some one can help me with. I have my first lawyer meeting on Wednesday, but i am trying to go into it with as much knowledge as possible.

I was reading different web sites and postings about New Jereys exemptions. It appears that NJ has very little, but you can use the Federal standards, if this is the case and i want to make sure that i am reading it correctly.

It would allow the following:

Homestead unused portion of $8725 towards wild card
Personal Property of $9300
Car of $2775
Jewerly of $1150

Total of these: $21,950

If i file with my wife we double this to $43,900.

I just want to make sure i understand the numbers. If this is hte case, I should be able to file a no asset Ch 7. I am hoping to file this way and not lose any of our assets.

Thank you

[JoeBankrupt33]

If you can exempt everything with this, then you'll be fine.

It looks like the numbers you have are pretty old. The Federal bankruptcy exemptions are adjusted every 3 years by the consumer price index. They were last increased in April, 2007.

Here's what I have:

Homestead unused portion of $10,125 towards wild card
Personal Property of $10,775
Car of $3225
Jewerly of $1350

And, you are right, they can be doubled for you and your spouse.

[njtrucker]

Thank you. I feel better now that I will not have to give up any assets.