One thing many Hoboken bankruptcy clients have been surprised to find out is that their exemptions increased. On April 1, 2013, the Federal Bankruptcy asset exemptions were increased by Congress. The exemptions increase every three years and just recently adjusted upwards. Some of the most commonly used exemptions under the Bankruptcy Code are now:
Increased Bankruptcy Exemptions
- $22,975 for the homestead exemption;
- $3,675 for the motor vehicle exemption;
- $11,500 for the wild card exemption (the full amount of the wild card exemption can be used toward any assets if you have not used it under the homestead exemption);
- $12,250 Tool of Trade exemption; and
- $1,245,475 IRA exemption limit.
To discuss your Hoboken bankruptcy, please feel free to call one of our firm's bankruptcy lawyers to find out what assets of yours are now exempt.