No one will ever know you have filed bankruptcy. What you have heard about bankruptcy is probably wrong. You will be able to get credit again and your credit won't be damaged forever. You can still file for chapter 7 bankruptcy despite what you may have heard.

Bankruptcy is designed to be a new start for you in your financial life!

Bankruptcy Laws New Jersey

There has been a lot of misinformation about the new bankruptcy laws. You can still file chapter 7 bankruptcy! You will have to pass extra loopholes to qualify and extra forms and paperwork to fill out, and you may be forced to file chapter 13 instead of chapter 7. However, chapter 7 is still available to the vast majority of debtors will a little extra effort! (more)

Chapter 7 Bankruptcy

A Chapter 7 bankruptcy - also know as a straight bankruptcy - is a bankruptcy in which the debtor turns over all non-exempt assets to the bankruptcy lawyer who will then get as money cash for it as possible for distribution to the creditors. The debtor receives a discharge of all dischargeable debts - usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start".
Federal laws provide a means test to determine if you are eligible to file for Chapter 7 Bankruptcy in New Jersey. If your income is below the median family income in New Jersey you will be eligble. If your income is higher than the average then income in the past 6 months is considered. Mortgage and other payments, taxes and child support are taken into consideration. If, after these expenses, and living expenses as laid out by the IRS national collection standards, are accounted and you can still pay a minimum $100 a month for 5 years (total of $6,000) to unsecured creditors (assets not exempt are "unsecured") you will not qualify for a Chapter 7 bankruptcy in New Jersey and your only option will be Chapter 13.

One of the main purposes of Bankruptcy Law is to give a person, who is hopelessly burdened with debt, a fresh start by wiping out his or her debts.

Chapter 13 Bankruptcy

The main advantage of Chapter 13 bankruptcy in New Jersey is you can save your home from foreclosure. You must still pay your mortgage payments as laid out by the chapter 13 plan.

With a chapter 13 bankruptcy you may also extend and change payments of secured debts (this does not refer to your main residence mortgage) which can possibly lower payments.

The last advantage of a chapter 13 is you get to avoid dealing with creditors! You will pay your bankruptcy lawyer who will in turn pay your creditors.

You are eligble to file for chapter 13 bankruptcy in New Jersey if your unsecured debts are less than $307,675 and secured debts are less than $922,975.

New Jersey Bankruptcy Exemptions

New Jersey only offers state or federal exemptions. The exemptions can be found here

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