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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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i am just making my bills i have thought about bankruptcy to

Resolved Question:

i am just making my bills i have thought about bankruptcy to get ahead and a fresh start. i live in nj. is this wise
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.

Hello,

 

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.

Ellen and other Bankruptcy Law Specialists are ready to help you