Should you filed for bankruptcy in New Jersy if you are not working and have no assets?

Decisions, Decisions.  One of the questions I get a lot is whether someone should file bankruptcy if they have little to no income and no assets.  The easy legal answer is usually no because they are effectively judgment prove.  That is the creditors can sue them but will likely not recover unless the debtor’s financial circumstances change for the better.

However, there is a practical perspective that I always provide someone so that they know all of their options.  With the option discussed above the problem is that the creditors will continue to sue and call the debtor constantly.  However, practically speaking, sometimes mentally and physically it makes since to file bankruptcy so that the debtor can relax and get relief from the constant ringing of the telephone, etc.

I have filed several bankruptcy cases for clients because mentally and physically the results of not filing bankruptcy could have been devastating.  Filing bankruptcy is a very personal decision and each person has to decide whether the benefits of filing bankruptcy outweigh all reasons not to file a bankruptcy.   Speaking to an attorney will help you in making the right decision for you.






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