How Can Chapter 7 Bankruptcy Help Me?
For the majority of people facing difficult debt situations, Chapter 7 bankruptcy offers a real solution that can put your debts behind you and allow you to get a fresh start.
Difficult debt situations can happen to anyone. The vast majority of us live paycheck to paycheck. One minor emergency might be all it would take to send us over the edge where we would be unable to catch up on our bills.
Some of the most common events that push people over the edge include:
- The loss of a job
- A medical emergency
- Divorce
What Can Chapter 7 Do For Me?
Chapter 7 provides a means to discharge your unsecured debts within a relatively short period of time while allowing you, in most instances, to keep assets such as your car and home. Types of debt that are readily handled by the Chapter 7 process include:
- Credit card debt
- Medical debt
- Personal loans
Stop Debt Collectors
Chapter 7 bankruptcy, like all forms of bankruptcy, can put an immediate halt to all collection activities. From repossessions to wage garnishments and harassing phone calls and mail, debt collectors and creditors must stop all attempts to collect a debt once you have filed for Chapter 7.
We can help you understand the process and what you have to gain by filing for protection under Chapter 7.
We Have Provided Debt Relief For More Than 10,000 Clients
At Goldman & Beslow, LLC Attorneys At Law, we have been helping people make the most of the protections available under the Bankruptcy Code for more than 44 years. During that time we have helped more than 10,000 people just like you get the fresh start they deserve. We know how difficult it is to live with unmanageable debt, and we work hard to make the process quick and easy for people so that they can get back on their feet as soon as possible.
Frequently Asked Questions About Chapter 7 Bankruptcy, New Jersey.
Understanding the nuances of Chapter 7 bankruptcy can help you make informed decisions. Here are answers to some common questions:
Is there an income limit for filing Chapter 7 bankruptcy in New Jersey?
Yes, there is an income limit for filing Chapter 7 bankruptcy. The limit is based on the median income for your household size in New Jersey. For instance, as of the most recent updates, if you are a single earner, the median income limit is above $65,000. If your income exceeds this limit, you may still qualify by passing the means test. The means test considers your income, expenses and family size to determine if you have enough disposable income to repay your debts. If you pass this test, you can file for Chapter 7 even if your income is above the median.
What debts are not discharged when filing Chapter 7 bankruptcy in New Jersey?
Certain debts cannot be discharged in Chapter 7 bankruptcy. These non-dischargeable debts include child support and alimony, which are obligations that must be met to secure the well-being of dependents. Many student loans are also non-dischargeable, except in cases of extreme hardship. Additionally, specific tax debts, particularly those less than three years old, cannot be discharged. Debts incurred through fraudulent activities, embezzlement or criminal acts, as well as certain fines and penalties owed to government agencies, remain your responsibility after the bankruptcy process.
What property can I keep if I file Chapter 7 bankruptcy in New Jersey?
In Chapter 7 bankruptcy, you can typically keep the essential property, known as exempt property. New Jersey allows you to choose between state exemptions and federal bankruptcy exemptions. Under New Jersey’s state exemptions, you may protect equity in your home up to a certain amount, usually around $25,150. Your vehicle is also protected up to a specific equity limit, typically $4,000 under federal exemptions. Personal property such as clothing, household goods and retirement accounts can be exempted. Federal exemptions might offer more favorable terms depending on your situation, allowing you to retain more personal property.
Chapter 7 Bankruptcy Attorneys Serving Northern And Central New Jersey
Chapter 7 bankruptcy can be the most direct path to debt relief for most people. We offer a free one-half-hour consultation to help get you started. To schedule a consultation, call 973-414-8069 or contact us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.