You might be considering bankruptcy if you are experiencing a severe financial setback. This might include expenses related to an extremely costly illness. Your financial setback may also be due to losing a major client or even losing your job. You might also be considering bankruptcy if you are receiving foreclosure notices on your mortgage or your loans, paying only the minimum monthly payment on your bills, or even if you are unable to get out of debt after five years of struggle. Bankruptcy is a way to solve most of your money problems through a compromise. Although many people believe that bankruptcy will cause more problems, certain things have been changed in order to help others.
Even if you file for bankruptcy in New Jersey, you will still be responsible for paying for cash advances, government fines, government penalties, many student loans, alimony, and child support. You will also need to pay for your taxes and any large purchases that have been made within ninety days of filing for bankruptcy. Large purchases are identified as anything that costs more than five hundred dollars.
As a consumer resident of New Jersey, you can file for bankruptcy in two categories. You can file for a Chapter 7 bankruptcy, which is designed to get rid of all of your debts. You can also file for a Chapter 13 bankruptcy, which is designed to help you create a payment plan that will allow you to pay back your debts over the next few years.
After filing for a Chapter 7 Bankruptcy in New Jersey, you have two different exemption schemes available two you. You have the power to choose an exemption scheme that fits your financial situation the best. Although you cannot keep everything that you own, there is no doubt that these exemption schemes are designed to make sure that you do not lose everything that you have in your name. Filing for bankruptcy is designed to help you. The first scheme allows you to keep certain things that include your home, any pensions and retirement benefits, health aids, jewelry that amount up to one thousand dollars, and your car that amounts up to three thousand dollars. Your second exemption scheme in New Jersey will allow you to keep items that include any stocks that you own that amount up to one thousand dollars, any burial plots that you own, clothing, disability or death benefits from military personnel, disability, death, medical, and hospital benefits from civil defense workers, and ERISA qualified pension benefits.
The Bankruptcy Abuse Prevention and Consumer Protection Act that was passed in 2005 by the President of the United States was created to limit a person’s access to the US bankruptcy courts. This act includes a few bans on Chapter 7 bankruptcy, an increased Chapter 13 payment plan, presumptions against debtors that have increased penalties and a reduction of judicial discretion in order to balance all interests.
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By an Act of Congress and the President of the United States, we are a federal Debt Relief Agency. Attorneys and/or law firms promoted through this Web site are also federally designated Debt Relief Agencies. They help people file for relief under the U.S. Bankruptcy Code. Disclosures Required Under the U.S. Bankruptcy Code.
If you live in Alabama, Florida, Missouri, New York or Wyoming, please click here for additional information.
By an Act of Congress and the President of the United States, we are a federal Debt Relief Agency. Attorneys and/or law firms promoted through this Web site are also federally designated Debt Relief Agencies. They help people file for relief under the U.S. Bankruptcy Code. Disclosures Required Under the U.S. Bankruptcy Code.