Legal Question in Bankruptcy in New Jersey

If you file for bankruptcy in New Jersey, your house will be protected. New Jersey allows you to use federal bankruptcy exemptions, which protect equity up to $20,200 in your primary residence. If your house is valued at 200,000 with mortgage of 180,000, your share of the equity is only $10,000 (that's even without deducting cost of sale, which is generally 10%).

Although this asset will be protected under federal exemptions, I still recommend you to speak with an experienced bankruptcy attorney before deciding to file Chapter 7. Should you have any questions, our firm offers free consultations. We have offices conveniently located in New York and New Jersey. WWW.SRLAWONLINE.COM

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