Bankruptcy in New Jersey

New Jersey has a single federal bankruptcy district with courthouses in Newark, Trenton, and Camden. Chapter 7 fees range from $1,500-$3,000, while Chapter 13 fees run $3,500-$8,000. New Jersey allows debtors to choose between state and federal exemptions. State exemptions are limited with no homestead exemption, making the federal exemption set often more favorable. Personal property exemptions include $1,000 general and a wildcard exemption when choosing federal exemptions. New Jersey has relatively high bankruptcy filing rates driven by the state's high cost of living, property taxes (the highest in the nation averaging 2.47%), and student loan debt levels. The District of New Jersey has specific local rules governing attorney fee applications in Chapter 13 cases. Mortgage modification mediation programs are available within the bankruptcy context.