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Thread: Are inherited assets "judgement proof" in NJ? New Jersey

  1. #1

    Default Are inherited assets "judgement proof" in NJ? New Jersey

    Are inherited assets "judgement proof" in NJ?

    And here let us assume that there is no co-mingling of funds?

    And let's further say that the judgement is NOT in regard to child support or state or federal taxes.

  2. #2
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    Just to have complete information, are you asking about a Chapter 7 or Chapter 13 bankruptcy?

    Thanks.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

  3. #3

    Default No bankrupcy or any kind

    A judgement. In this case left over from a divorce, but I suppose the source is an academic point.

    What I'm curious about is: Can the judgement holder either lien or attach inherited funds? Inherited funds which have never been co-mingled.

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    Ok. You had posted your question in the bankruptcy forum so I thought you were talking about a bankruptcy. (bk exemptions)

    New Jersey Post-Judgment Asset Exemptions (assets that are exempt from seizure from the debtor)

    Homestead: None.

    Pensions and Retirement Benefits: ERISA-qualified plans. Funds exempt for public employees. IRA exemptions for conventional, Roth, education, SEP and SIMPLE plans. Roth IRAs and regular IRAs up to $1,095,000 per person.

    Insurance: Annuity contract proceeds to $500 per month. Fraternal society benefits. Military disability or death benefits. Disability, death, medical or hospital benefits for civil defense workers. Life insurance proceeds if proceeds cannot be used to pay beneficiary's creditors. Health or disability benefits. Life insurance proceeds if another insured. Group life or health policy proceeds.

    Personal Property: Personal property and corporation shares up to $1,000. Clothing. Burial place. Furniture and household goods up to $1,000.

    Tools of Trade: None.

    Miscellaneous: Business partnership property.

    Wages: 90% of earned but unpaid wages if income under $7,500. If income over $7,500, judge decides amount. Wages or allowances of military personnel.

    Public Benefits: Workers' compensation. Unemployment compensation. Old-age and permanent disability assistance. Crime victim's compensation.

    Wild Card: None.

    That's all I can tell/give you. If you have a question about a "specific" asset, you might run it by an attorney in your area.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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