What Assets Can I Keep Under New Jersey Bankruptcy?
The majority of our clients do not lose any property when they file for bankruptcy. We are skilled at applying bankruptcy law to maximize the opportunities, but the reality is that most assets are already protected through the property exemptions. If your assets do exceed your allowable exemptions, we can advise you under Chapter 11 or Chapter 13 how you can potentially protect those assets.
Free Consultation ▪ Efficient, Cost-Effective Services
Some people hesitate to explore bankruptcy because they fear they will lose everything. An attorney at Scura, Mealey, Wigfield & Heyer, LLP, can put your fears to rest. We will explain bankruptcy fact and fiction and identify any property that you would have to forfeit.
With offices in Wayne, Hoboken and Elizabeth, we help individuals, couples and small business owners throughout the surrounding counties of New Jersey obtain relief from debt and relief from creditors. Contact us for a free initial consultation.
About State and Federal Bankruptcy Exemptions
In a Chapter 7 bankruptcy, unsecured debts are completely erased. In exchange, the bankruptcy court can liquidate your assets to pay your creditors. However, in most cases, the bankruptcy exemptions allow you to keep nearly everything you own, including:
- Retirement accounts
- Your house and any equity
- One vehicle (two if married)
- Your furnishings and personal possessions
- Valuables up to a certain amount
In most cases, the federal exemptions offer the best protection. Our lawyers will determine if the New Jersey exemptions are more favorable for your circumstances.
If you do have assets that are nonexempt, or if your equity exceeds the exemptions, there are still strategies in Chapter 13 or Chapter 11 bankruptcy to retain those assets. In a Chapter 7, you can also redeem property that would be forfeited by paying the excess value to the bankruptcy trustee.
Get Started on Your Fresh Start
Before your bankruptcy petition is filed, we will determine if you qualify for Chapter 7 and give you a reliable opinion of which assets you can keep. Our attorneys will address your anxieties and answer your questions so that you understand every step of the bankruptcy process.
Call us at 866-930-2075 or contact us online today for a free initial consultation. We welcome clients in Passaic County, Hudson County, Union County and surrounding areas of New Jersey.
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