Most People Keep All of their Property After a Chapter 7 Bankruptcy
A person who files bankruptcy, known as a debtor, is allowed to keep a certain amount of property in order to get a fresh start after bankruptcy. The property a debtor is allowed to keep is called exempt property.
Most people who file a NJ Chapter 7 Bankruptcy get to keep all or almost all of their assets. What property can be kept is determined by bankruptcy exemptions.
Bankruptcy exemptions determine what property you can keep.
The Bankruptcy Code Section 104(b) provides that every 3 years, exemption amounts and other dollar amounts are adjusted for inflation.
New Bankruptcy Exemption Amounts Protect More Consumer Property
New increased exemption amounts take effect on April 1, 2022 and apply to all Bankruptcy cases filed after that date.
Most people who file a NJ Chapter 7 Bankruptcy get to keep all or almost all of their assets. What property can be kept is determined by bankruptcy exemptions.
Bankruptcy exemptions determine what property you can keep.
The Bankruptcy Code Section 104(b) provides that every 3 years, exemption amounts and other dollar amounts are adjusted for inflation.
New Bankruptcy Exemption Amounts Protect More Consumer Property
New increased exemption amounts take effect on April 1, 2022 and apply to all Bankruptcy cases filed after that date.
There are many benefits of hiring a NJ mortgage modification lawyer to help you with your home loan.
A mortgage modification can reduce your monthly payment to an affordable amount, which will let you stay in your home.
A lawyer can also help you lower your interest rate, fix an adjustable-rate mortgage, waive accrued interest, grant extensions on payments, re-amortize the loan so that past due payments are included in the new balance and eliminate late fees.
There are many benefits of hiring a NJ mortgage modification lawyer to help you with your home loan.
A mortgage modification can reduce your monthly payment to an affordable amount, which will let you stay in your home.
A lawyer can also help you lower your interest rate, fix an adjustable-rate mortgage, waive accrued interest, grant extensions on payments, re-amortize the loan so that past due payments are included in the new balance and eliminate late fees.
Are you in debt and unable to pay your bills? If so, it’s probably time to learn about what options are available for you to get rid of your debt.
Bankruptcy and Debt Consolidation are two of the most common ways people get rid of their debt. We are often asked, “which is better- debt consolidation or bankruptcy?” The general answer is that it depends upon your individual situation.
This article will explain the differences between bankruptcy and debt consolidation and the pros and cons of each.
What Can I Spend Money on When Planning on Filing Bankruptcy in NJ?
If you are thinking of possibly filing bankruptcy in the near future, you might be wondering whether there are limits on how you can spend your money and on what you can spend it.
The general answer is that you should be careful as to how you spend your money before filing bankruptcy. This article will offer some general guidance on how to spend money so you do not cause a problem with your upcoming NJ bankruptcy.
· You Can Spend Money on Necessities
In an increasingly unstable housing market, many homeowners are faced with a tough decision: whether to sell their home for less than what they owe on it or risk foreclosure.
There are two options that you can pursue when choosing between these two courses of action: short sale and foreclosure.
Knowing the difference between a short sale and a foreclosure is important so you can make an informed decision about which process is best for your financial situation.
What Is A Short-Sale?
What Happens to my Tax Refund if I File
Bankruptcy?
As we enter tax season the question of, “what happens to my tax refund if I file bankruptcy” always comes up. This is a common question as many people are looking forward to receiving their tax refund but are also considering bankruptcy as a way to get a fresh start.