Personal Property Exemptions During Wage Garnishment

is my property exempt during wash garnishmentWhen you’ve incurred unpayable debts, creditors may be awarded a judgment against you in court. A creditors judgment may include wage garnishment, which means money will be taken out of your paycheck and sent to the creditor before you ever receive it. Sometimes, a creditor’s judgment may include taking your existing property and assets. It is crucial for debtors to understand what types of property are exempt from such judgements.

What Types of Property are Exempt in Winslow, NJ?

When a creditor receives a judgment against you, that doesn’t give them the right to take all of your money and property. Individuals still need to survive even when they are loaded with debt. Some types of personal property can be exempted from a creditor’s judgment against you including wages which are necessary to survive and property you need to live. The types of property you may be able to include in your exemption includes:

  • Money held in bank accounts, savings or loans accounts up to $1,100
  • Money held in an IRA or retirement account
  • One motor vehicle up to $5,000
  • Tools of trade, books or implements up to $3,000
  • Household goods, appliances and other personal property up to $8,000

What Types of Property Can’t be Protected in Haddon Township, NJ?

Houses or land that you own will not be considered “personal property” for the purposes of exemption. Similarly, things you buy or sell as part of your business but are not used to ear your living will not be included in your personal property. Everything else including cash, accounts, phones, computers, beds, trucks, cars, campers, mobile homes, capers, furniture, refrigerators, washers and other items can be considered personal property.

How Does NJ Exemption Work?

Laws limit the maximum amount of value you can protect. If the total value of the property and wages you want to protect fall below the legal threshold, then you’ll be able to exempt them. If the total value exceeds legal limits, then you will only be able to protect a portion of your items. Personal property exemptions do not automatically occur. It is the debtor’s responsibility to file an exemption form with the court. An exemption form can be obtained after the creditor receives a judgment against you. As soon as a collection request is issued, you need to visit the Clerk’s office to obtain and fill out the exemption form.

Contact a Cherry Hill Bankruptcy Attorney for a Consultation About Wage Garnishment in New Jersey Today

If you are struggling with debt, you may need a fresh start financially. An experienced bankruptcy and debt relief attorney can help you explore your options and determine the best course of action for you, your family, and/or your business. The experienced NJ bankruptcy lawyers at The Law Office of Joel R. Spivack understand the nuances of New Jersey and federal bankruptcy laws, so we can help you protect your interests. Call us anytime at 856-488-1200 or fill out the online contact form to schedule a confidential consultation. We have an office conveniently located at 1415 Marlton Pike East, Suite 302 Cherry Hill, NJ 08034.

The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.

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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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