New Jersey Bankruptcy Frequently Asked Questions
Can I keep my Home after filing for Bankruptcy in New Jersey ?
In most cases the answer is YES. However if you have too much equity in your home you may not be eligible for a Chapter 7 Bankruptcy. If you are delinquent in your mortgage payments a Chapter 13 may be necessary.
Can I keep any of my other property in a New Jersey Bankruptcy ?
You will also be able to keep other classes of property if the value does not exceed an allowed amount. The property that is exempt is listed below.
Exempt Bankruptcy property: Items that a debtor may usually keep in a Bankruptcy can include:
- Motor vehicles, up to a certain value.
- Reasonably necessary clothing.
- Reasonably necessary household goods and furnishings.
- Household appliances.
- Jewelry, up to a certain value.
- A portion of equity in the debtor's home.
- Tools of the debtor's trade or profession, up to a certain value.
- A portion of unpaid but earned wages.
- Public benefits, including public assistance (welfare), social security, and unemployment compensation, accumulated in a bank account.
- Damages awarded for personal injury.
Call today to discuss your case with a New Jersey Bankruptcy Lawyer