Chapter 7

NJ Bankruptcy – Chapter 7

There are different types of bankruptcies. Consumers usually file either a Chapter 7 Banklruptcy or Chapter 13.

A Chapter 7 Bankruptcy is what I like to refer to as a quick in-and-out.  It is usually 4-6 months from the time your hire me until the time you receive your discharge.�� A discharge is what you receive once you have completed your bankruptcy case.  A Chapter 7 wipes out your debt and gives you a fresh start.  You are permitted to keep all exempt assets.  In the majority of cases this means you can keep everything you own.  In order to file a Chapter 7 you must be below the median income, meaning your income must be below a certain amount of money in order to be eligible to file.  This varies from state to state and is not the sole factor in whether you will be successful in your Chapter 7.  I can discuss with you whether deducting certain expenses will help you get below the median income in New Jersey.

Yes, it is possible to keep your home and your car (depending on how much equity you have in them).  If your home has no mortgage then a Chapter 7 may not be for you.  If you fell behind on mortgage payments and can catch up in a reasonable period of time you may need to consider filing a Chapter 13 Bankruptcy.

Call 911 for your NJ bankruptcy emergency

NJ Bankruptcy Lawyer, Virginia E. Fortunato
One Kinderkamack Road

Hackensack, NJ 07601

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