Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
You may want to consider filing a bankruptcy.
I will explain.
As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.
A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.
A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.
Here are the exemptions for New Jersey:http://www.bankruptcyinformation.com/NJ_exemp.htm
I hope that the information which I provided was helpful to you.