WAGE GARNISHMENT EXEMPTION: Garnishment may not exceed 10% of gross salary. Monies may not be withheld if disposable weekly earnings are less than $154.50 per week or $309.00.00 every 2 weeks
MAXIMUM INTEREST RATE: Legal: 6% Judgment: None specified
STATUTE OF LIMITATIONS ON ENFORCEMENT:
Open Account (credit card): 6 years
Written Contract: 6 years
Domestic Judgment: 20 years
Foreign Judgment: 20 years
BAD CHECK LAW DAMAGES: None specified
BANKRUPTCY PROPERTY EXEMPTIONS (New Jersey Statutes Annotated)
The State of New Jersey has exempted the property and income below from seizure by the bankruptcy court to pay creditors:
Real Property: None
Personal Property: Furniture and household goods up to $1,000 [2A:26-4]; clothing, unlimited amount [2A:17-19]; burial plots, unlimited amount [8A:5-10]; any personal property or stock in corporation up to $1,000 total [2A:17-19]
Insurance / Annuities: Annuity contract proceeds to $500 per month [17B:24-7]; group life or health policy or proceeds, unlimited amount [17B:24-9]; disability, death, medical or hospital benefits for civil defense workers, unlimited amount [A:9-57.6]; health or disability benefits, unlimited amount [17:18-12 and 17B:24-8]; life insurance proceeds if proceeds cannot be used to pay beneficiary's creditors, unlimited amount [17B:24-10]; life insurance proceeds if debtor is not the insured [17B:24-6(b)]; military disability or death benefits, unlimited amount [38A:4-8]
Pensions / Retirement Plans: Retirement benefits, unlimited amount [43:13-9]; teachers, unlimited amount [18A:66-51]; alcohol beverage control officers, unlimited amount [43:8A-20]; county employees, unlimited amount [43:10-57 and 43:10-105]; firefighters and police officers, unlimited amount [43:16-7]; city board of health employees, unlimited amount [43:18-12]; civil defense workers, unlimited amount [A:9-57.6]; judges, unlimited amount [43:6A-41]; municipal employees, unlimited amount [43:13-44]; prison employees, unlimited amount [43:7-13]; public employees, unlimited amount [43:15A-53]; school district employees, unlimited amount [18A:66-116]; state police, unlimited amount [53:5A-45]; street and water department employees, unlimited amount [43:19-17]; traffic officers, unlimited amount [43:16A-17]
Public Benefits / Entitlements: Workers compensation, unlimited amt [34:15-29]; unemployment compensation, unlimited amt [43:21-53]; crime victims compensation, unlimited amt [43:21-53]; aid to aged and permanent disability benefits [44:7-35]
Wages: Ninety percent of earned but unpaid wages if income under $7,500, otherwise court decides amount [2A:17-56]
Miscellaneous: Business partnership property, unlimited amount [42:1-25]
