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Filing for Chapter 7 bankruptcy in New Jersey

Having a rudimentary understanding of what will happen during a Chapter 7 bankruptcy can help eliminate any hesitation or discomfort New Jersey residents may have with the process. Filing for bankruptcy can be unsettling enough, but not knowing how it works can make the process even more intimidating. Therefore, below is a broad outline of the Chapter 7 process.

What does bankruptcy mean for New Jersey consumers?

Simply put, bankruptcy is the federal court procedure designed to assist individuals and businesses with eliminating debt and paying creditors. New Jersey residents file two types of bankruptcy most often. The first is liquidation (Chapter 7), and the second is reorganization (Chapter 13).

Anyone can end up in financial trouble and filing for bankruptcy

Financial troubles do not discriminate based on an individual's income level. Anyone from the average New Jersey resident to famous actors such as Mekhi Phifer can end up filing for bankruptcy. Granted, the average American will most likely not have $1.2 million in debt, but the burden created by any amount of debt can often feel as though it is insurmountable.

Credit card bankruptcy is not always from bad financial choices

Thousands of New Jersey consumers find themselves in precarious financial situations through no fault of their own. Many people file bankruptcy due to a high amount of credit card debt that was incurred paying household bills. No matter what the cause, the family got into debt and needs help to get back on track.

How to tell when it may be time to file for bankruptcy

Some New Jersey residents would swear they woke up one morning to an overwhelming amount of debt. At that point, it can seem as if there is no way out. Some people benefit from simple fixes such as budgeting and cutting back on expenses. However, for many people, these steps are not going to help. In that case, it may be time to file for bankruptcy.

Sometimes filing for bankruptcy is the best way out of debt

Advice columns in New Jersey and elsewhere recommend how to get out of debt. Unfortunately, many individuals' financial problems have gone beyond the otherwise good advice that many columnists provide, and bankruptcy may be the preferred way to responsibly deal with financial problems that have become unmanageable. Other consumers, however, find the advice helps them pay down or even eliminate their debt.

Bankruptcy may be the best option for some New Jersey residents

Many New Jersey residents still consider filing for bankruptcy as a last resort. However, it is often the best option and the most responsible way to deal with seemingly insurmountable financial problems. The question many people struggle with is how to know when filing bankruptcy is the way to go.

Rebuilding a credit score after filing for bankruptcy

Ordinarily, by the time a New Jersey resident realizes they are overwhelmed by debt, his or her credit score has taken significant hits. Many people believe that filing for bankruptcy will forever damage their credit score. It is true that bankruptcy may adversely influence a person's credit score, but not necessarily to the extent that most people believe.

Chapter 7 bankruptcy could help families recovering from Sandy

The recession and collapse of the housing market caused plenty of financial damage to New Jersey residents. Then Hurricane Sandy blew through the state and became the second most costly natural disaster in the United States. More than a year has passed since Oct. 29, 2012, and thousands of people still cannot get back into their homes after the devastating storm. Filing Chapter 7 bankruptcy could give some families the opportunity to eliminate debt and rebuild their financial lives to get back on their feet.

Federal shutdown: Will federal employees seek bankruptcy help?

There are nearly 800,000 federal workers who aren't being paid during the government shutdown. For at least one family, an extended shutdown could mean filing for bankruptcy. The shutdown came after a difficult summer of federal furloughs and an emergency surgery. Not unlike many New Jersey families, his family has been living off loans and credit cards. He hasn't been furloughed yet, but could be soon.


At the law offices of Minion & Sherman, our New Jersey bankruptcy attorneys have been providing families with real solutions for more than 20 years.

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