Most people who file a NJ Chapter 7 Bankruptcy get to keep all or almost all of what they own. Bankruptcy exemptions determine what property you can keep. The Bankruptcy Code Section 104(b) provides that exemption amounts and other dollar amounts are adjusted for inflation every 3 years.
New Bankruptcy Exemption Amounts Allow You to Keep Even More Property
The bankruptcy exemption amounts increased on April 1, 2025 and apply to all bankruptcy cases filed after that date. The new higher bankruptcy exemption amounts mean that even you can protect more of your assets when you file a Chapter 7 Bankruptcy.
Exemption amounts do not refer to the value of your property, but to your equity interest in the property, which is the amount left after deducting outstanding debt secured by that property. These exemption amounts are doubled when a married couple files a joint bankruptcy.
These are some of the exemption amounts that increased as of April 1, 2025.

Category
New exemption amount

Homestead (equity in home)
$31,575

Motor Vehicle
$5,025

Household Goods (per item limit)
$800

Household Goods (collective limit)
$16,850

Jewelry
$2,125

Wild Card (any property)
$1,675

Unused homestead
$15,800

Personal Injury Claims
$31,575

 
Contact the experienced NJ Bankruptcy attorneys at Levitt & Slafkes to learn how you can eliminate your debt by filing bankruptcy. You can reach us by calling 973-323-2953 or by filling out our online form.
We represent debtors in Chapter 7, Chapter 13 and Chapter 11 filings. Let us help you get the fresh financial start you need today. Our offices are conveniently located in Maplewood, NJ.
We are proudly designated as a debt relief agency by an Act of Congress. We have proudly assisted consumers in filing for Bankruptcy Relief for over 30 years. The information on this website and blogs is for general information purposes only. Nothing should be taken as legal advice for any individual case or situation.The post Bankruptcy Code Exemption Amounts Increased April 1, 2025 first appeared on Levitt & Slafkes, P.C..