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How Chapter 7 can work for some in New Jersey

Whether it's due to unpaid medical costs, compounding credit card bills or some other type of debt, many New Jersey residents may be feeling overwhelmed and hopeless. There are different types bankruptcy to address specific situations. Despite the fact that Chapter 7 is more commonly filed than any other type of bankruptcy, many people don't know enough about the process to decide whether it's the best option for them.

Chapter 7 bankruptcy involves the liquidation, or sale, of assets, with creditors being paid a portion of the proceeds. In return, certain debts are discharged by the court. There are certain exemptions that vary from state to state, and a bankruptcy lawyer can offer insight into these matters. The filer will need to organize financial information and complete a series of documents, as well as provide copies of tax returns.

Individuals hoping to file bankruptcy under Chapter 7 will also have to pass a "means test" that analyzes whether they have the financial means to pay down their debt. Otherwise, they might not be eligible for Chapter 7 bankruptcy and will have to discuss other options with their attorney (most notably a Chapter 13 debt reorganization). If the filer is eligible for Chapter 7 relief, the process can move forward quickly.

Unfortunately, bankruptcy does not eliminate alimony, child support or most student loan debt. Nevertheless, it can be the first step toward financial relief. It's a process that typically only takes a maximum of six months, and the filer can immediately begin rebuilding credit and start moving forward. Anyone in New Jersey who is feeling overwhelmed with financial concerns might benefit from consulting an experienced attorney to learn more about the process of filing for Chapter 7 personal bankruptcy and how it can be the first step toward a brighter financial future.

Source: newswire.net, "Five Things You Should Know Before Declaring Chapter 7 Bankruptcy", Dorothy Mitchell, Dec. 15, 2016

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