It is a phone call that has struck fear into the hearts of unsuspecting people in New Jersey and across the country. The person on the other end of the line informs you that a warrant for your arrest will be issued if you do not immediately make a payment on an outstanding debt. However, you may have doubts about such a statement. Is the debt collector telling the truth?
Like most adults in New Jersey, you've likely encountered and overcome numerous financial challenges. Some situations are definitely more serious than others. In fact, if a financial problem gets out of control, you may not have the means for getting things back on track without tapping into additional resources, such as bankruptcy. If you're the type of person who cringes at the mention of that word, you are definitely not the only one. In the past, there were social stigmas attached to bankruptcy that made it undesirable.
Maintaining your finances is something that may look different to you than it does to your neighbors or family members in New Jersey. Regardless of how you do it, staying out of excessive debt and minimizing unnecessary spending are important ways to create a strong financial foundation. With the right tools and strategies, you can fortify your future beginning with healthy money habits.
Property exemptions differ depending on whether you file for Chapter 13 or Chapter 7 bankruptcy in New Jersey. Chapter 13 exemptions are not as strict, are higher and more flexible than if you were to file for Chapter 7. However, some homeowners cannot resist filing for Chapter 7, which places their property at greater risk of being sold off. However, equity can still help save a Chapter 7 filer’s home.