When an individual or family decides to take the steps to end their financial challenges, they might face other issues. While filing for bankruptcy is often a real and reliable debt relief option, there are factors that individuals should consider. Residents in New Jersey considering bankruptcy should understand what this means regarding their current property and assets. Are they safe from liquidations or repossession? This is where understanding bankruptcy exemptions could help the debtor through the bankruptcy process.
When people file for bankruptcy, they are not only concerned about their financial future and whether the process will in fact help give them a fresh financial start, but they are also concerned about their home, car and other property. For the most part, federal exemptions will protect some property and prevent them from being sold in a Chapter 7 bankruptcy.