What are the exemption limits for other things I own like my home or car?
Every state varies in their exemption limits even though bankruptcy is a federal court matter. New Jersey has generous exemptions for homes, cars, jewelry and homegoods. We don’t list the purchased value, but the “yard sale” value on things like homegoods and jewely and hobby equipment. But we do have to look at book values for vehicles and have our clients obtain a CMA or current market analysis for their home. If the value is over the exemption limit, then it simply means the debtor may qualify for a Chapter 13 instead of a Chapter 7. Since this is so individualized, you should call us to discuss your situation can we can guide you as to what bankruptcy you would qualify for.
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