Legal Question in Bankruptcy in New Jersey

Re: bankruptcy

Well u should be a candidate for a chapter 13 allowing u to keep your home.

There are a bunch of other considerations and calculations necessary.

Services at a reasonable fee.

Good luck to you.

Re: bankruptcy

If you own a home you need to hire a bankruptcy attorney if you intend to file bankruptcy. Bankruptcy is too complex a subject for a "Do It Yourself" project.

The topic is too complex to explain in detail in the space we have here. In summary, a debtor�s right to keep his/her house in NJ depends upon: (i) the amount of equity, if any, he/she has in his/her home, (ii) whether debtor is married, and, if so, how title is held to debtor�s property; & (iii) what chapter of bankruptcy debtor files.

There is no state "homestead exemption" in NJ, but if a NJ debtor files bankruptcy he/she is allowed to claim a federal homestead exemption (currently $22,200 for a single debtor, and doubled for a married couple filing jointly).

If a debtor is current with payments and either has no equity or equity less than amount of federal exemption, debtor should be able to keep the house even if debtor files chapter 7 because there would be nothing for the trustee to sell to realize value for the bankruptcy estate (i.e., no equity in excess of permitted exemptions).

Even if a debtor has equity in excess of exemption amounts, debtor may be eligible to file a chapter 13 case and confirm a chapter 13 plan if debtor has regular income and creditors will fare no worse than if the debtor had filed chapter 7 and the debtor�s assets were liquidated (subject to debtor�s exemption rights in such assets).

Visit our website for more information about bankruptcy at www.starrandstarr.com/faqs.htm

The foregoing is intended to provide information of general interest to readers of these postings and is not intended as legal advice in your specific situation. Facts and circumstances not disclosed in your 2 line question may have a serious impact on your rights and remedies. You need to consult with a lawyer and this is not a substitute for that.

Best regards,