Due to the recession, many people have fallen into debt trying to make ends meet. Many New Jersey residents are in fear of losing their homes and being headed for foreclosure. Though many do not realize it, filing for personal bankruptcy may be a way for homeowners to protect their house and still find a way to deal with their debt.
According to a study by the University of North Carolina Center for Community Capital, homeowners have a 70 percent chance of hanging onto their home when they file for bankruptcy. According to the research director, homeowners have had the ability to try to save their homes by filing for protection for a long time. He continued to say that people retaining their homes is important, which is why the law has a means for people to keep their house out of foreclosure.