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Mr Zimmerman was helpful and kind and prompt . He always answers his phone and that is refreshing . I will be using him for my bankruptcy in the future. He is one of the good ones . He is an outstanding attorney who truley care . He made ev...
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Mr. Zimmermann is a fantastic bankruptcy attorney who handled my case with care, efficiency and urgency. We were able to beat a judgement against me in the nick of time, and I truly feel a sense of relief due to the services of Mr. Zimmerma...
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This Lawyer will go above and beyond for you. As well as show tremendous empathy for those who are vulnerable and scared. His compassion to help civilian's shows through his actions and with his word. When he says he is going to call he cal...
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I’ve worked with Mr.Zimmerman on two different legal issues. In both instances he was fantastic! He is extremely knowledgeable and compassionate and able to breakdown a course of action into language anyone can understand. I would highly re...
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I highly recommend Mr. Zimmermann as an attorny. I recently purchased an investment property and boy was he helpful. He was easily available, very clear in explaining various concepts, laws and regulations, and provided very helpful tips o...
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- posted: Apr. 03, 2025
Bankruptcy is a process that is conducted through federal courts around the country. Though people throughout the United States follow the same procedures to establish protection through Chapter 7, 13 or another provision of a Bankruptcy Code, the real-life consequences can be vastly different depending on where you live. This is because states have their own laws regarding exemptions that allow bankruptcy filers to keep certain assets.
While some states offer fairly generous exemptions, New Jersey has the reputation of a state that offers very little grace to debtors. Now, a legislative effort is underway aimed at giving Garden State bankruptcy filers the ability to protect a greater share of what they own. Specific proposals within the bill include the following:
Homestead exemption — For many people, the most valuable asset they own is the equity in their home. In recognition of this, federal bankruptcy law allows debtors to keep a portion of any equity they have accumulated. This amount is currently $27,900 and is scheduled to be adjusted on April 1. However, some states go much further to assist homeowners. There are even states that allow an unlimited homestead exemption. New Jersey is just one of two states that currently does not have a specific homestead exemption, but the bill seeks to give state residents additional protection over the federal amount. While the current language calls for a $300,000 homestead exemption, bill sponsor Assemblyman Dan Hutchison indicated that $75,000 might be a more realistic figure.
Bank account funds — Right now, all but $1,000 in a filer’s bank account is divided among creditors in a Chapter 7 bankruptcy. After initially proposing a hike in this exemption to $10,000 for an individual, Hutchison believes the revised bill will change the level to $3,000.
Household goods — New Jersey’s exemption for personal items is also $1,000. Under the bill, this figure might be hiked substantially, but discussion remains about what specific assets should qualify for this type of exemption.
Overall, the goal of the legislation is to reflect current economic conditions and give bankruptcy filers the ability to meet their basic needs, such as shelter, food and utilities. However, before the bill is passed, lawmakers likely will want assurances that creditors’ rights will be protected as well. Should you be considering bankruptcy, it is critical to work with an attorney who understands current federal and state exemptions, and can help you maximize the benefit you receive from them.
The Law Offices of James C. Zimmermann handles bankruptcy matters for New Jersey clients. For a consultation about your specific needs, please call [ln::phone] or contact us online. We have locations in Vernon, Wayne, Pompton Lakes, Hackensack and Nutley.
