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26 Αυγ 2023 · How Do I Choose the Right Bankruptcy Chapter in New Jersey? Most people file either Chapter 7 or Chapter 13, and you're not alone if you don't know how the two differ. The short explanation below and our handy Chapter 7 versus 13 chart will help clarify things.
29 Σεπ 2023 · To file Chapter 7 bankruptcy in New Jersey, you have to pass the means test. This test looks at your household income and compares it to the median income of similarly sized households in New Jersey.
A Chapter 7 bankruptcy, often referred to as “liquidation”, contemplates an orderly, court-supervised procedure by which a trustee takes over the assets of the debtor’s estate, reduces them to cash, and makes distributions to creditors, subject to the debtor’s right to retain certain exempt property and the rights of secured creditors.
1 Απρ 2020 · Filing for Chapter 7 bankruptcy is a complex process requiring the individual (or married couple) to calculate the value of all of their assets and liabilities, determine what exemptions will apply to certain property and ultimately obtain a discharge of the remaining debt.
A debtor must complete Official Form B122A-2 - Chapter 7 Means Test Calculation (commonly referred to as the means test). To be eligible to file a Chapter 7 case, the debtor's current monthly income, as calculated on Official Form B122A-1, may not be higher than the state median income.
A Chapter 7 bankruptcy is the most common type of bankruptcy filed by individuals, and in many ways is preferable to a Chapter 13 filing, as long as you qualify. A Chapter 7 bankruptcy offers many immediate benefits upon filing: A Chapter 7 bankruptcy filing immediately creates an ‘automatic stay'.
3 Μαΐ 2023 · Filing Chapter 7 bankruptcy? If you’re thinking of filing bankruptcy in New Jersey and need legal advice, keep in mind that most bankruptcy attorneys offer a free consultation. This can be helpful to determine if you are on the right track for a debt relief solution that works for you.
