A method for reclaiming fiberglass and a resinous residue from resinous fiberglass product. The method comprises first introducing the resinous fiberglass product to a single chamber or multi-chamber washer/extractor machine. An aqueous acid solution is then used to remove the resinous residue from the resinous fiberglass product. The fiberglass portion is then rinsed, dewatered, and stored for later use. At the same time, the resinous residue is recovered by precipitating the resinous residue out of the acid solution bath and separating it using a clarifier. The fiberglass portion is then available for reuse in the glass industry and other end use applications and the resinous residue may then be available for use in many other industries, including the fertilizer industry. In an alternative embodiment, a sizing composition may also be applied to the fiberglass portion prior to the dewatering step to form a sized fiberglass material.