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Tips to consider when filing for bankruptcy in New Jersey

For individuals struggling with insurmountable debt, they may be considering their options for finding relief. Whether filing for Chapter 7 or Chapter 13, personal bankruptcy is a decision that few residents of New Jersey take lightly. Bankruptcy provides protection for individuals who are so overwhelmed by debt that it has become unmanageable and impossible to repay. When this is the case, there are a few tips that may make the entire process more manageable.

One bright aspect is that individuals who have lost property such as a car, electronics or jewelry to repossession may be able to regain these items by filing for bankruptcy if fewer than 90 days have passed between the date of filing and the date of repossession. An important fact to remember, though, is that filing for bankruptcy does not ensure an individual will be able to keep his or her home. While a lawyer can offer advice on different methods to help keep the property, it may be dependent upon factors like having a second mortgage or a decrease in the house's value.

Additionally, individuals may find that after filing for bankruptcy, getting unsecured credit immediately may be difficult. However, one approach to consider is applying for secured credit cards, as doing so is a way to demonstrate to creditors that an individual is making an effort to repair his or her credit. In time, this often leads to offers of unsecured credit again, once the person's credit rating has improved.

Bankruptcy law has undergone substantial changes recently, and the laws continue to change all the time. Although often difficult for the average person to keep track of, these legal changes can have significant bearing upon any individual's financial situation. A New Jersey bankruptcy attorney will be well-versed in all such legalities and will be able to offer invaluable advice.

Source: quickcreditadvice.com, "Tips For Chapter 13 And Chapter 7 Bankruptcy And Property", Feb. 23, 2017

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Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

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