Most People Keep All of their Property After a Chapter 7 Bankruptcy A person who files bankruptcy, known as a debtor, is allowed to keep a certain amount of property in order to get a fresh start after bankruptcy. The property a debtor is allowed to keep is called...
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Chapter 7 Bankruptcy
Bankruptcy Code Exemption Amounts Increased April 1, 2022
Most people who file a NJ Chapter 7 Bankruptcy get to keep all or almost all of their assets. What property can be kept is determined by bankruptcy exemptions. Bankruptcy exemptions determine what property you can keep. The Bankruptcy Code Section 104(b) provides that...
Debt Consolidation vs. Bankruptcy: Which is Your Best Option?
Are you in debt and unable to pay your bills? If so, it’s probably time to learn about what options are available for you to get rid of your debt. Bankruptcy and Debt Consolidation are two of the most common ways people get rid of their debt. We are often asked,...
What Can I Spend Money on When Planning on Filing Bankruptcy in NJ?
If you are thinking of possibly filing bankruptcy in the near future, you might be wondering whether there are limits on how you can spend your money and on what you can spend it. The general answer is that you should be careful as to how you spend your money before...
Understanding the Different Types of Bankruptcies
Filing for bankruptcy means you are unable to pay your existing debts. If you successfully file for bankruptcy, your existing debts are cancelled, which allows you to rebuild your finances and move forward. However, unless you have filed for bankruptcy previously or...
Chapter 7 vs Chapter 13 Bankruptcy: Which One is Best for You?
If you’re drowning in debt, filing for bankruptcy may be the best solution for getting your finances back on track. You may wonder, however, what type of bankruptcy is right for you. While there are other kinds of bankruptcy, most individuals file under either Chapter...
What Are the Pros and Cons of Chapter 7 Bankruptcy?
For many people, the word “bankruptcy” has a negative connotation. However, bankruptcy can be extremely beneficial, as it can provide the relief you need to regain control of your financial situation. Bankruptcy is a complicated legal process, and there are some...
Can Rental Debt Be Discharged Through Bankruptcy?
In today’s economy, renting an apartment or home is quite common. Nearly 40% of people in the United States are renters, and many of them are facing financial hardship. If you have lost your job or are experiencing other financial difficulties you may find yourself...
What Happens When You Declare Bankruptcy?
Given the current economic climate, many Americans are forced to consider what happens when you declare bankruptcy. Whether a job loss, illness, divorce, or another unexpected turn of events has you looking at bankruptcy, here's your guide to understanding the...
3 Things You Must Know If You Are Married but Want to File Chapter 7 Bankruptcy Without Your Spouse
You Can File Bankruptcy Individually Even if Married It is a common misconception that both spouses must file bankruptcy together. Married couples can choose whether to file for bankruptcy together or individually. If, however, both spouses want to file for...