How to file bankruptcy in New Jersey

Bankruptcy is a common way of dealing with debt. Declaring bankruptcy allows people to escape their creditors and still have money to live on. New Jersey has certain specific laws that pertain to bankruptcy that you must know about before declaring and filing bankruptcy here.

Instructions

1




Decide if you want to declare chapter 7 bankpruptcy. There are two forms of bankruptcy. Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 bankruptcy is essential a forced liquidation of all your assets. You will sell off everything you own in order to pay your creditors. Once you have paid off your creditors you will no longer own any money.

2

Decide if you want to declare chapter 13 bankruptcy. Chapter 13 bankruptcy is a system where you declare bankruptcy and are given a period of time such as three to five years to pay off your creditors. During this time you will have to report to a trustee. The guidelines for declaring bankruptcy vary from state to state and vary from filing to filing. New Jersey has certain specific rules for declaring bankruptcy.

3




Decide which kinds of exemptions you wish to take. New Jersey law allows people declaring bankruptcy to keep certain specific assets. For example someone declaring bankrutpcy in New Jersey may keep a home that has roughly twenty thousand in value in it. They can also keep items such as life insurance policies, alimony, pension benefits, a motor vehicle with roughly three thousand dollars in value, tools that are necessary for work and benefits such as a settlement relating to an injury.

4

Decide if you would like to use the second form of exemptions available to New Jersey residents declaring bankruptcy. You may keep certain items such as burial plot, retiree benefits that you have received from local and state governments, annuity contracts, disability earnings and life insurance proceeds.

5

Hire a lawyer. Make sure that you hire a lawyer who understands the ins and out of New Jersey bankruptcy law. The lawyer should be familiar with local courthouses in each county. A lawyer should hold New Jersey state bar certification. Make sure the lawyer has all the documents you need to file for bankruptcy before submitting any paperwork.

6

File for bankruptcy in court. You must file in local courts to declare bankruptcy. New Jersey has specific courts that deal with bankruptcy. Make sure that you have the right court. Call in advance to find out hours. You will have to pay a filing fee in addition to working with your lawyer. Filing fees vary from county to county in New Jersey so check carefully. Expect to pay roughly a thousand dollars in funds to make the bankruptcy declaration official.

---

• 
  

  Legal - How To Information eHow

  www.ehow.com/legal

  Have legal questions? Use our expert advice to get information on federal and state law; family, tax, criminal and employment law; and more.

• 
  

  The Star-Ledger New Jersey Newspaper - NJ.com

  www.nj.com/starledgerObituaries Essex Sports News High School Sports

  Get the latest New Jersey news from Newark-based Star-Ledger, NJ's largest online newspaper. Get business, sports, entertainment news, view videos, photos and more

• 
  

  New Jersey 101.5 Radio - Proud to be New Jersey - New Jersey

  nj1015.comListen Live Weather Traffic NJ News Posts

  New Jersey 101.5 radio brings you the latest news and best talk in New Jersey.

• 
  

  The Official Web Site for The State of New Jersey

  nj.govDepartments/Agencies Employment Services A to Z Business

  Official web site for state of NJ ... Make a reservation at one of the NJ State Parks No matter what type of camping adventure you are looking for we have it available.

• 
  

  Judge orders Detroit to withdraw bankruptcy filing - Jul. 19, 2013

  money.cnn.com/2013/07/19/news/economy/detroit-bankruptcy-order

  Jul 19, 2013 Detroit might have to drop its bankruptcy case if a state court judge's order Friday afternoon is upheld on appeal. NEW YORK (CNNMoney) A Michigan

• 
  

  FAQ for Filing Bankruptcy in Florida - Bankruptcy Law Firm of ...

  www.jacksonvillebankruptcy.com/faqs

  Get answers ro frequently asked questions to Chapter 7, 11 & 13 bankruptcy Florida from the attorneys at the Bankruptcy Law Firm of Lansing J. Roy, P.A. in ...

• 
  

  Bankruptcy - Wikipedia, the free encyclopedia

  en.wikipedia.org/wiki/Bankruptcy

  Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court ...

• 
  

  Southern District of New York United States Bankruptcy Court

  www.nysb.uscourts.gov

  The purpose of the United States Bankruptcy Court for the Southern District of New York is to provide, economically, a fair, consistent, and effective forum for the ...

• 
  

  How Conservative Media Lost to the MSM and Failed the Rank and ...

  www.theatlantic.com/politics/archive/2012/11/how-conservative...

  Nate Silver was right. His ideological antagonists were wrong. And that's just the beginning of the right's self-created information disadvantage.

Related Posts

You're reading an article about How to file bankruptcy in New Jersey and you can find articles How to file bankruptcy in New Jersey this is url https://mesotheliomalawy.blogspot.com/2013/09/how-to-file-bankruptcy-in-new-jersey.html,you may spread or copy and paste it if the article How to file bankruptcy in New Jersey This is very beneficial to your friends, but do not forget to put the link How to file bankruptcy in New Jersey as the source.