Experienced New Jersey Bankruptcy Exemptions Lawyer Protects Your Assets When You File for Personal Bankruptcy


One of the greatest myths about filing for bankruptcy is that you will lose everything you own in the process. The Bankruptcy Code was not written so that you would be left out on the street with nothing. It was written to give you the opportunity for a fresh start without the burden of unmanageable debt holding you back.

Creditors have done an excellent job of convincing debtors that their best and only option is to pay the debt, no matter what it takes. It is important to remember, however, that creditors have their own interests in mind and no one else’s. It is in your best interests to seek the advice of a New Jersey lawyer who is on your side and who will give you accurate information about the impact of seeking debt relief through bankruptcy.

I am New Jersey bankruptcy exemptions attorney Joel R. Spivack. I provide comprehensive consumer bankruptcy services to clients across South Jersey and the Philadelphia area. I pride myself on my reputation as a client-focused advocate. You can rely on me to give you honest answers and to remain focused on your best interests at all times.

What Property Do I Get to Keep in Bankruptcy?

The best answer to that question depends on which chapter you decide to file under. If you file under Chapter 13, the answer is that you get to keep everything. None of your property is at risk because you are repaying your debt over time.

If you are filing under Chapter 7, the answer requires a little more explanation. Federal law guarantees your ability to keep certain assets that are deemed essential for a person to live a normal life. This is referred to as exempt property. Non-exempt property can be sold by your trustee in order to raise funds to repay your creditors.

Among the key exemptions for bankruptcy are the following:

  • Up to $21,625 worth of equity in your home
  • Household furnishings worth up to $11,525 and not exceeding $550 for any single item
  • Up to $3,450 of value in a single vehicle
  • Up to $1,450 worth of jewelry
  • Up to $2,175 worth of tools and equipment you need to do your job
  • $1,150 worth of other property plus assets equivalent to any unused portion of the allowable equity in your home up to $10,825
  • Approved retirement accounts
  • Unlimited amounts of government provided benefit payments

Many of these exemptions can double if you file jointly with your spouse. Further explanation about how these exemptions can protect your assets will be provided at your initial consultation.

Discuss Your Case with a Cherry Hill, NJ Asset Protection Attorney

Don’t let misinformation keep you from seeking the debt relief you are entitled to by law. Contact me today to schedule a free, face-to-face consultation at my Cherry Hill office, where you can learn more about your rights under the Bankruptcy Code. My regular business hours are 8 a.m. to 5 p.m., Monday through Friday. Free parking is available. You can reach me by phone at 856-488-1200 . You can also contact me via e-mail.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

We are here to help you.

Is this a New Jersey matter or Philadelphia Region matter?
We are licensed to practice in New Jersey and Pennsylvania.

Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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