When seeking personal bankruptcy protection, you’ll generally have two options:
In a Chapter 7 filing, you cannot rid yourself of the obligation to pay certain family law arrearages, such as child support. Furthermore, discharging student loans and most tax delinquencies is extremely difficult.
You can claim certain assets as exempt from seizure by the bankruptcy court. Exemptions are available under state or federal law. You must, however, choose one or the other. You cannot claim some exemptions under state law and some under federal law.
A Chapter 13 filing will be reported for seven years and a Chapter 7 will be on your credit report for 10 years. That won’t necessarily preclude you from securing credit in the future, though. In fact, some creditors will see your bankruptcy petition as evidence that you’re working to get your finances under control. They will often look at what you’ve done over the last few years, particularly if your bankruptcy was filed some time ago.
At the office of Howard N. Sobel, we provide personal bankruptcy counsel to men and women throughout the state of New Jersey. Contact our office online or call us at 856-424-6400 to set up a free initial consultation. Evening and weekend appointments can be arranged upon request. We accept all major credit cards.
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