When is a Chapter 7 the right choice for me?
Chapter 7 Bankruptcy filings, known as straight bankruptcy, may be the right option if you meet the income requirements. This action basically wipes the slate clean, discharging most debts.
In exchange for this fresh start, you give up ownership of all property that is not exempt under New Jersey law. This property is then sold to satisfy your creditors based on priority.
If you have a home or car that you want to retain but you are behind on payments, then this may not be the best solution for you since mortgage lenders or the holder of a car loan can take possession of your property in order to collect amounts due and owing.
Here is a list of New Jersey’s Bankruptcy Exemptions.
1228 Berlin Road
Voorhees, NJ 08043
Phone: (609) 400-1302
Fax: (856) 997-1031
Hours: Monday – Friday: 8AM to 6PM
(After hour and weekend calls accepted)