New Jersey personal bankruptcy includes discharge of debts

Many people in New Jersey seek to file a personal bankruptcy when they find that they are unable to repay the debts that they owe. For most, the good news is that at the end of the process they are free from most of their debts. In fact, this freedom is one of the intents of the personal bankruptcy laws that govern the filings and process.

However, according to a recent report that may be of interest to our readers in New Jersey, some find that a portion of their debt remains. This is the typically case for student loan debts. Traditionally, these debts are not able to be discharged in the bankruptcy process. In addition, there are cases where a balance can increase during the process, especially for those seeking a chapter 13 filing.

However, the increase is less likely to occur for those in our state who seek a Chapter 7 personal bankruptcy. These individuals seek a total liquidation that can include the sale of some of their assets to repay debts. However, the process proceeds relatively quickly, allowing people to begin recovery soon after.

Making the choice to file a personal bankruptcy can lead to many questions. Among these questions are which Chapter to choose and what assets can be retained. To ensure that the best outcome is achieved, it often is a good choice for people to seek information and advice from experienced professionals. This effort can help in a situation that is important to helping people recover from financial stress.

Source: WSJ.com, Student-Loan Straitjacket, Katy Stech, Sept. 30, 2013

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