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What are exempt vs non-exempt items when filing for Chapter 7?

Although it doesn't happen usually overnight, a person can wake up and realize that he or she is too far in debt to be able to financially recover without help. While many consumers rush to file for Chapter 7 bankruptcy after realizing the truth of their financial situations, some New Jersey residents try to avoid bankruptcy because they fear that they will lose all of their possessions by filing. However, that is not the case. There are certain assets that are considered exempt from the liquidation process.

Trapped under debt? Filing for Chapter 7 bankruptcy may help

A person can feel an overwhelming sense of doom when he or she can't make financial ends meet. There comes a point when the debt may become so deep that one may need a helping hand to get out. If a New Jersey resident feels that he or she may never make it out of debt, filing for Chapter 7 bankruptcy could be the perfect solution to get one's financial life back on the right track.

When is filing for Chapter 7 bankruptcy a good choice?

During hard times, many people are faced with the decision as to what they should do when the bills are piling up and there is not enough money to pay them. The harassment from collectors may soon prove to be too much and may cause someone to begin to consider other options. Which type of bankruptcy protection is the right choice for people in New Jersey, and how will they know? There are some indicators as to whether filing for Chapter 7 may be the best option.

Chapter 7 bankruptcy in New Jersey offers help to many

Among the reason that people in New Jersey seek a personal bankruptcy is the discovery that the business that they own is suffering financially. This may have been, at least in part, what also led one woman from another state to seek a Chapter 7 bankruptcy recently. That case is moving forward in her home state and, when completed, could leave the woman with little of the debts that once plagued her.

In a Chapter 7 Bankruptcy, How Can I Redeem My Car?

When a Chapter 7 Bankruptcy is filed and you have a car loan, you are required to file a Notice of Intention to indicate what your intention is relating to that car loan.  Generally, there are three options.  You can reaffirm the debt, which is basically entering into an agreement to treat the loan no differently than prior to filing the bankruptcy.  You can surrender the vehicle.  Typically in a Chapter 7 Bankruptcy any deficiency resulting after the vehicle being sold by the lien holder would be eliminated as a part of the Chapter 7 Bankruptcy.  Or you can redeem the vehicle.  For example, if you owe $10,000.00 on a vehicle, but the vehicle is only worth $6,000.00, you can satisfy the entire debt by paying $6,000.00 in full satisfaction of the loan.  In effect you are paying the secured creditor what they would have received had the vehicle been returned to them and sold.  Of course most people filing bankruptcy do not have $6,000.00 sitting in their bank account.  However, redemption can still be accomplished.  In addition to receiving help from a friend or relative, there are banks that lend to people in bankruptcy specifically for the purpose of redeeming a vehicle.  Typically the interest rate is going to be high.  However, often paying a higher interest rate on $6,000.00 is still going to result in a reduced payment and reduced total amount paid than the original loan of $10,000.00.  Some companies will even provide the analysis as to what the payments would be before the bankruptcy is even filed.  Certainly, when a debtor has a vehicle where the debt is greater than the value of the vehicle, but they wish to retain the vehicle, redemption is something that should be seriously considered.

Chapter 7 bankruptcy in New Jersey similar to that of teen star

Aaron Carter was only 15 years old when he began to gain fame in the early 2000s. He was known for his pop music and dating of starlets such as Hillary Duff. Now, however, he says that he has little to show for that work and has sought a Chapter 7 bankruptcy in his home state. The process for Carter will be similar to those filed by people here in New Jersey.

Chapter 7 bankruptcy can be an issue in election

Each fall, the election season comes for people in New Jersey and elsewhere across the country. As political candidates attempt to gain office, they often must endure media scrutiny of their personal finances. This can lead to discovery of financial difficulties, including the filing of a personal Chapter 7 bankruptcy that may have been necessitated due to financial difficulties in a challenging economy.

New Jersey builders may have benefitted from a Chapter 7

Builders of new homes were among the most damaged by the recent economic recession. Those with loans that were intended to finance the construction process found that they were unable to continue to make payments when the homes tat they built didn't sell. This led some to consider filing a personal bankruptcy, such as a Chapter 7, for both themselves personally and for their companies.

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