You need to understand New Jersey bankruptcy law and exemptions. As on overview we have listed some of the main exemptions, links to the federal courts serving New Jersey, and some filing statistics for New Jersey. New Jersey Exemptions. Homestead: None (But see Freda v. . On the New Jersey bankruptcy court website, you’ll find instructions for filing your paperwork and the local rules (under “Filing Without an Attorney”) and directions to the meeting of creditors (under “Court Info”).. New Jersey Bankruptcy Exemptions. When you file for bankruptcy, you won’t lose all that you own, but you might not be allowed to exempt (protect) everything. Apr 15, · New Jersey Bankruptcy Court Locations. Should you choose to file bankruptcy in New Jersey, you’ll need to know where the bankruptcy courts are. The U.S. Bankruptcy Court, District of New Jersey, has three locations: Newark: Martin Luther King, Jr. Federal Building, 50 Walnut St., Newark, NJ , ()
A chapter 13 bankruptcy allows you to make up their overdue payments over time and to reinstate the original mortgage agreement. In general, if you have valuable property not covered by your New Jersey bankruptcy exemptions that you want to keep, a chapter 13 filing may be a better option. Also, people file Chapter 13 bankruptcy because they have too much income to file a Chapter 7 bankruptcy or have the kind of debt that is non- dischargeable in a Chapter 7 e.
However, for the vast majority of New Jersey residents who simply want to eliminate their heavy debt burden without paying any of it back, Chapter 7 provides the most attractive choice. A quick overview of the advantages and disadvantages of a the two types of bankruptcy:.
Bankruptcy Basics provides general information about federal bankruptcy laws and the bankruptcy process. Bankruptcy Basics is a publication of the Administrative Office of the U. It provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of federal bankruptcy laws. It also provides individuals who may be considering bankruptcy with a basic explanation of the different chapters under which a bankruptcy case may be filed and answers some of the most commonly asked questions about the bankruptcy process.
Bankruptcy Basics pdf For cases filed before October 17, Bankruptcy Basics pdf For cases filed on or after October 17,