If you are filing bankruptcy in New Jersey without an attorney, you will have to bring your bankruptcy forms to the court in person. The court provides this overview of all documents that are needed to commence a Chapter 7 case, complete with helpful notes and guidance.
Full Answer
How do I file Chapter 7 bankruptcy in New Jersey?
One of the main requirements for you to remember is that you have to bring 2 full copies of your bankruptcy documents to file Chapter 7 bankruptcy in New Jersey. Exemption laws determine what property is protected from your creditors.
Can I file Chapter 7 bankruptcy without an attorney?
If you'd like to file without an attorney, consider buying a self-help book like How to File Chapter 7 Bankruptcy by Attorney Cara O'Neill and Albin Renauer J.D. to help you make well-informed decisions about your bankruptcy matter. Need professional help? Start here. Please select...
Do I need a lawyer to file bankruptcy in New Jersey?
Folks who can't afford (or don't want) a lawyer for their New Jersey bankruptcy don't have to have one and can file "pro se" instead. Additionally, if you make less than $1,600 per month (or $2,200 if you are married), you qualify to have the court fees waived.
Can I get my New Jersey bankruptcy filing fee waived?
If you make less than 150% of the federal poverty guidelines, you can ask the court not to pay it, by filing an application to have the filing fee waived. This document has to be filed at the same time you file your New Jersey bankruptcy documents with the court, so make sure to prepare it ahead of time.
What debt does Chapter 7 not cover?
Additional Non-Dischargeable Debts Debts from fraud. Certain debts for luxury goods or services bought 90 days before filing. Certain cash advances taken within 70 days after filing. Debts from willful and malicious acts.
Can you keep anything you own if you file Chapter 7?
When considering Chapter 7 bankruptcy, most people want to know if they can keep their property. The short answer is maybe. Chapter 7 bankruptcy wipes out many qualifying debts, but there is a catch—if you own too much property, the bankruptcy trustee can sell some of it and pay the proceeds to your creditors.
What Cannot be included in a Chapter 7?
Filing for Chapter 7 bankruptcy eliminates credit card debt, medical bills and unsecured loans; however, there are some debts that cannot be discharged. Those debts include child support, spousal support obligations, student loans, judgments for damages resulting from drunk driving accidents, and most unpaid taxes.
What debt can you file Chapter 7?
What Debts Are Discharged in Chapter 7 Bankruptcy? A Chapter 7 bankruptcy will generally discharge your unsecured debts, such as credit card debt, medical bills and unsecured personal loans. The court will discharge these debts at the end of the process, generally about four to six months after you start.
Can you keep your car in Chapter 7?
If you file for Chapter 7 bankruptcy, you can use your state's motor vehicle exemption to protect the equity in your car, truck, motorcycle, or van. But if the exemption amount doesn't fully cover the vehicle's equity, the bankruptcy trustee can take your car in Chapter 7.
What assets can be taken in Chapter 7?
Property That Is ExemptMotor vehicles, up to a certain value.Reasonably necessary clothing.Reasonably necessary household goods and furnishings.Household appliances.Jewelry, up to a certain value.Pensions.A portion of equity in the debtor's home.Tools of the debtor's trade or profession, up to a certain value.More items...•
What two debts Cannot be erased?
Other Non-Dischargeable Debts in Bankruptcy 401k loans. Other government debt such as fines and penalties. Restitution for criminal acts. Debt arising from fraud or false pretenses.
Is credit card debt discharged in Chapter 7?
In most cases, you can get rid of credit card debt in Chapter 7 bankruptcy. A primary reason many people file for Chapter 7 bankruptcy is to discharge (wipe out) credit card debt. In most situations, your obligation to pay the balance will go away at the end of your case--except in instances of fraud, that is.
Does Chapter 7 discharge All debts?
An individual receives a discharge for most of his or her debts in a chapter 7 bankruptcy case. A creditor may no longer initiate or continue any legal or other action against the debtor to collect a discharged debt. But not all of an individual's debts are discharged in chapter 7.
How does bankruptcy work in New Jersey?
The bankruptcy process falls under federal law, not New Jersey state law, and it works by unwinding the contracts between you and your creditors —that's what gives you a fresh start.
How long does it take for creditors to stop bothering you after filing bankruptcy?
After Filing for Bankruptcy in New Jersey. Your creditors will stop bothering you soon after you file. It takes a few days because the court mails your creditors notice of the "automatic stay" order that prevents most creditors from continuing to ask you to pay them. Here's what will happen next:
What happens if a trustee disagrees with an exemption?
A trustee who disagrees with your exemptions will likely try to resolve the issue informally. If unsuccessful, the trustee will file an objection with the bankruptcy court, and the judge will decide whether you can keep the property. Example.
Can you keep property in bankruptcy?
Exempt and nonexempt property. You can keep property protected by an exemption or "exempt" property. When a bankruptcy exemption doesn't cover the property, you'll either lose it in Chapter 7 or have to pay for it in the Chapter 13 repayment plan. Choosing state or federal exemptions.
Can you lose everything in bankruptcy?
You won't lose everything in bankruptcy. You'll use your state bankruptcy exemption laws to protect your property. We list the significant exemptions below, but first, understanding the following will help you maximize what you'll keep in your case.
Can a spouse file for bankruptcy and not both?
(11 U.S.C. § 522 (b) (3) (8)). Usually, it will protect real estate if one spouse files for bankruptcy, but not both.
Can student loans go away in bankruptcy?
Nondischargeable debts, like domestic support arrearages and recent tax debt, won't go away in bankruptcy, and student loans aren't easy to wipe out (you'd have to win a separate lawsuit). You'll want to be sure that bankruptcy will discharge (get rid of) enough bills to make it worth your while.
How to file bankruptcy in New Jersey without an attorney?
If you are filing bankruptcy in New Jersey without an attorney, you will have to bring your bankruptcy forms to the court in person. The court provides this overview of all documents that are needed to commence a Chapter 7 case, complete with helpful notes and guidance. It's best to print out three copies all at once: two for the court, and one to keep for your own records. Even though the documents are legal documents, print everything on regular-sized plain white paper. Some of the information on the forms is time-sensitive, so do this when you know you will be able to go to court to file your Chapter 7 bankruptcy in New Jersey within the next few days.
How many copies of bankruptcy documents are needed for Chapter 7 bankruptcy in New Jersey?
One of the main requirements for you to remember is that you have to bring 2 full copies of your bankruptcy documents to file Chapter 7 bankruptcy in New Jersey.
What is the means test for bankruptcy in New Jersey?
New Jersey Bankruptcy Means Test. Most folks who file for Chapter 7 bankruptcy in New Jersey have to qualify to file under the means test , which compares your household income to that of similar-sized households in New Jersey to make sure you don't make “ too much” money.
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How much does it cost to file for bankruptcy in New Jersey?
The biggest expense for folks filing Chapter 7 bankruptcy in New Jersey usually takes the form of attorney's fees, followed by the $338 court filing fee. Folks who can't afford (or don't want) a lawyer for their New Jersey bankruptcy don't have to have one and can file "pro se" instead.
How much does a bankruptcy lawyer cost in New Jersey?
A Chapter 7 bankruptcy in New Jersey will cost you, on average, somewhere between $965 - $1550 in attorneys’ fees. Keep in mind, however, that no two cases are exactly the same.
Can you file bankruptcy if you make less than 150%?
If you make less than 150% of the federal poverty guidelines, you can ask the court not to pay it, by filing an application to have the filing fee waived. This document has to be filed at the same time you file your New Jersey bankruptcy documents with the court, so make sure to prepare it ahead of time.
What is Chapter 7 trustee?
Once a person has completed the prerequisites of filing for Chapter 7, including credit counseling, listing of assets and liabilities and paying the associated fees, they will be assigned a case trustee . This person is responsible for overseeing the bankruptcy proceeding to ensure that any available assets are distributed fairly, and that there are no bad actors on either side of the process.
What happens after bankruptcy?
This is the end of the bankruptcy filing process, the debtor is now cleared of the debts that have been discharged, and creditors are no longer permitted to seek collection of this debt in any manner, and would be subjected to penalties for violating this order.
Can you keep a home in Chapter 7 bankruptcy?
If the property in question qualifies ( determined by its value and the deb tor’s equity in it), the debtor may opt to “reaffirm” this debt.
Can you file Chapter 7 bankruptcy in New Jersey?
Debtors filing for Chapter 7 bankruptcy in New Jersey can choose to work with either the New Jersey set of exemptions or the Federal Rules set of exemptions, but they cannot mix and match between the two. There are some important distinctions between these sets of exemptions that can have a major impact on what you will be able to keep during the filing process, so it is usually best to consult an attorney to discuss the details of your financial situation and determine which option will be best for you. Some important notes:
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New Jersey Bankruptcy Lawyer Jay Weinberg explaining what a Chapter 7 Bankruptcy Case is.
Figuring Out If Youre Eligible For Chapter 13
You may qualify for Chapter 13 bankruptcy if you have a steady income and your debts are worth less than the dollar amounts set by federal bankruptcy law. In 2019, the amounts are:
Approximately 6 Weeks After Filing
Currently, in New Jersey, it typically takes about 6 weeks after the filing of your bankruptcy petition to have a date set for the meeting of creditors. Seven days prior to this meeting, you are required to provide the trustee with your tax returns for the previous 3 years and proof of your income.
Do You Own Your House Or Your Car Free And Clear
If you have a house or a car on which you do not owe any money, you can protect the property in Chapter 7 using exemptions. Exemptions are an area of bankruptcy law that can be confusing, so talking to an experienced bankruptcy attorney is the best way to find out if you can protect your house or your car in a Chapter 7.
Collect Your New Jersey Bankruptcy Documents
Filing bankruptcy in New Jersey takes a lot of paperwork. It is best if you accept that from the outset and start off organized by collecting all the documents you will need. You will need a copy of each paycheck stub you received in the last 6 months.
Can I Keep My Auto
You may keep your auto if you meet the following: 1. The value of your auto is not substantially more than the payoff on your loan 2. You are current with your payments or can bring your payments current, immediately. 3. Your ability to make the monthly payments does not present an undue hardship.
How Chapter 7 Bankruptcy Works In New Jersey
For most people, the goal of Chapter 7 bankruptcy is to wipe out as much debt as possible. In legal terms, this is called having your debts discharged.
How to help a bankruptcy lawyer?
The following is a list of ways your lawyer can help you with your case. Advise you on whether to file a bankruptcy petition. Advise you under which chapter to file. Advise you on whether your debts can be discharged. Advise you on whether or not you will be able to keep your home, car, or other property after you file.
What is a non-attorney petition preparer?
Non-attorney Petition Preparers. If you file bankruptcy pro se, you may be offered services by non-attorney petition preparers. By law, preparers can only enter information into forms. They are prohibited from providing legal advice, explaining answers to legal questions, or assisting you in bankruptcy court.
Can you file bankruptcy under Chapter 7?
Filing personal bankruptcy under Chapter 7 or Chapter 13 takes careful preparation and understanding of legal issues. Misunderstandings of the law or making mistakes in the process can affect your rights. Court employees and bankruptcy judges are prohibited by law from offering legal advice.
Can I file for bankruptcy without an attorney?
Individuals can file bankruptcy without an attorney, which is called filing pro se. However, seeking the advice of a qualified attorney is strongly recommended because bankruptcy has long-term financial and legal outcomes. Filing personal bankruptcy under Chapter 7 or Chapter 13 takes careful preparation and understanding of legal issues.
What Is Chapter 7 Bankruptcy?
- Chapter 7 of the federal bankruptcy code was designed to give debtors a “fresh start” by discharging most or all of their unsecured debt (secured debt has a collateral interest in some piece of property, like a real estate mortgage). Some debts that are commonly discharged in Chapter 7 bankruptcy include: 1. Credit card charges 2. Collection accounts 3. Medical bills 4. Ci…
Am I Eligible?
- In 2005 a new law was introduced aimed at stopping abuse of the bankruptcy system by those who can in fact afford to pay some or all of their debts. This law, called the Bankruptcy Abuse Prevention and Consumer Protection Actsets forth a maximum allowable income, based on household size, that will determine whether or not an individual is eligible to file. In order to deter…
Other Requirements
- Fees – Currently the cost of filing for Chapter 7 in New Jersey is $306 ($245 case filing fee, $46 miscellaneous administrative fee, and $15 trustee surcharge).
- Credit Counseling– The 2005 Bankruptcy Act also requires any individual filing for Chapter 7 or any chapter of the Bankruptcy Code to receive credit counseling from an approved agency within 180 da...
- Fees – Currently the cost of filing for Chapter 7 in New Jersey is $306 ($245 case filing fee, $46 miscellaneous administrative fee, and $15 trustee surcharge).
- Credit Counseling– The 2005 Bankruptcy Act also requires any individual filing for Chapter 7 or any chapter of the Bankruptcy Code to receive credit counseling from an approved agency within 180 da...
- Financial documents– In order to begin the filing process, you will be required to list all of your current income sources, your monthly living expenses, any recent major financial transactions (li...
Exemptions – Can I Keep Any of My Property?
- Debtors filing for Chapter 7 bankruptcy in New Jersey can choose to work with either the New Jersey set of exemptions or the Federal Rules set of exemptions, but they cannot mix and match between the two. There are some important distinctions between these sets of exemptions that can have a major impact on what you will be able to keep during the filing process, so it is usuall…
Reaffirmation
- As mentioned above, under certain circumstances it is possible for a debtor to keep a large asset like a home or automobile while filing for Chapter 7 bankruptcy in New Jersey. If the property in question qualifies (determined by its value and the debtor’s equity in it), the debtor may opt to “reaffirm” this debt. A reaffirmation is an agreement between the debtor and the creditor stating …
The Process
- Once a person has completed the prerequisites of filing for Chapter 7, including credit counseling, listing of assets and liabilities and paying the associated fees, they will be assigned a case trustee. This person is responsible for overseeing the bankruptcy proceeding to ensure that any available assets are distributed fairly, and that there are no bad actors on either side of the proc…
End Result of Filing: The Discharge
- After the bankruptcy estate has been distributed to creditors, the court will issue a discharge of all remaining debt (except for the categories of debt described above that are ineligible for discharge). This is the end of the bankruptcy filing process, the debtor is now cleared of the debts that have been discharged, and creditors are no longer permitted to seek collection of this debt i…
Other Important Considerations
- When making the decision whether or not to file for Chapter 7 there are some additional important factors to consider. A married person must consider whether to file jointly with their spouse or individually, with varying consequences related to either decision. If you have filed for bankruptcy previously, depending on how you filed (what chapter) and how recently you filed, it’s possible th…
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