What Are the Exemptions in a New Jersey Bankruptcy? - Daniel Straffi, Jr. - BSPE Legal Marketing Podcast

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If you are overwhelmed by credit card bills, medical debt, or collection calls you can’t keep up with, Chapter 7 bankrup...

If you are overwhelmed by credit card bills, medical debt, or collection calls you can’t keep up with, Chapter 7 bankruptcy may give you a way to eliminate most of that debt and start over. Under federal law, Chapter 7 allows qualifying individuals to discharge unsecured debts like credit cards, medical bills, and personal loans without a repayment plan. Most filers keep their home, car, and retirement savings through available exemptions, and the entire process typically takes three to six months from filing to discharge.
https://www.straffilaw.com/new-jersey-chapter-7-bankruptcy…/

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Bankruptcy exemptions are laws that protect certain property from being sold to pay your creditors. In New Jersey, you c...

Bankruptcy exemptions are laws that protect certain property from being sold to pay your creditors. In New Jersey, you can choose between two sets of exemptions: the New Jersey exemptions (N.J.S.A.) or the federal bankruptcy exemptions under 11 U.S.C. § 522(d). Most filers do better with the federal exemptions because New Jersey's state exemptions are limited, with no statutory homestead exemption and no specific motor-vehicle exemption. However, if you own property jointly with a spouse as tenants by the entirety, the state exemptions may offer advantages.
https://www.straffilaw.com/new-jersey-bankruptcy-exemptions/

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A bankruptcy discharge is a court order that eliminates your legal responsibility to repay certain debts. Once a debt is...

A bankruptcy discharge is a court order that eliminates your legal responsibility to repay certain debts. Once a debt is discharged, you are no longer personally liable for it, and creditors cannot take any further collection actions against you. However, not all debts can be discharged, and the process differs between Chapter 7 and Chapter 13 bankruptcy.
https://www.straffilaw.com/bankruptcy-discharge-lawyer/

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In most cases, medical bills can be wiped out through bankruptcy in New Jersey. Because medical bills are treated as uns...

In most cases, medical bills can be wiped out through bankruptcy in New Jersey. Because medical bills are treated as unsecured debt under federal bankruptcy law, they qualify for discharge through either Chapter 7 or Chapter 13 bankruptcy. The right chapter depends on your income, assets, and goals: some people qualify for a faster discharge, while others benefit from a structured repayment plan.
https://www.straffilaw.com/can-my-medical-debt-be-paid-off…/

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