In my last blog post I talked about homestead bankruptcy exemptions in New Jersey. Today I am going to discuss motor vehicle exemptions in New Jersey.
New Jersey state law provides a $1,000 exemption per vehicle. Federal exemptions are almost always more favorable. Under federal bankruptcy law, an individual may exempt $3,675 in one motor vehicle. In addition, if the real estate exemption is not needed, bankruptcy law allows for a “wildcard” exemption of $12,725 which may be spread out among any property, including one or more vehicles.
Through a proper use of bankruptcy exemptions, you can keep all of your assets, erase debt, and obtain a fresh start. Hopefully the above has given you a better understanding of motor vehicle exemptions in New Jersey. Remember, there is life after bankruptcy. Please contact me for your free initial consultation.