Attorneys Focusing on Chapter 7 Bankruptcy for Clients in Toms River, Wall, Brick, Freehold, and Throughout Ocean and Monmouth Counties
Experienced New Jersey Personal Bankruptcy Attorneys
In a Chapter 7 bankruptcy, a debtor has the chance to wipe out most or all of his debts and get a fresh start. Chapter 7 is also known as a liquidation bankruptcy because the bankruptcy Trustee can sell or liquidate any non-exempt assets and use the net proceeds to pay off creditors.
Exemptions
Bankruptcy law allows for exemptions, or dollar amounts, of property a debtor is allowed to keep when he files for bankruptcy. Common exemptions allowed include equity in:
- A home
- Vehicles
- Jewelry
- Retirement accounts
- Pensions
- Household items
Reaffirmations
If an individual wants to keep certain assets (a home, a car, etc.), he may do so by indicating his intention in the Chapter 7 schedules. Depending on the type of asset, the creditors may want the debtors to sign a reaffirmation agreement.
Non-Dischargeable Debt
There are certain types of debt that cannot be discharged in a Chapter 7 bankruptcy, including:
- Alimony
- Child support
- Fraudulent debts
- Student loans
- Certain taxes
Contact Our New Jersey Chapter 7 Bankruptcy Law Firm Today
If you are considering filing for Chapter 7 bankruptcy and live in Toms River, the bankruptcy lawyers at Jenkins Law Group will review your situation and help determine whether Chapter 7 bankruptcy is the right option for you. Contact our firm online, or call 877-401-9001 to set up your free initial consultation today.