Most bankruptcies filed in the United States are either under Chapter 7 or Chapter 13. The kind that you file depends on a few criteria, including your income, assets, debts, and your financial goals.
Bankruptcy exemptions protect your property from your creditors.
You have two choices when filing for bankruptcy in New Jersey. When you file you can choose between using the state exemptions or federal exemptions. Determining which set of exemptions to use is a crucial decision. Federal exemptions are usually more favorable.
If you intend to file for bankruptcy, you might be concerned about the effect it might have on your employment. Can your employer find out about your Chapter 7 or 13 bankruptcy? Can you be fired because of the bankruptcy? And can a possible employer deny you a job because you filed for bankruptcy?
People seeking relief from their liabilities may include gambling debts. Particularly in New Jersey, there are many casinos in the region as well as online gambling, as well as the proposed sports betting which may be legalized here. The problem gambler may easily lose control and find himself in substantial debt.
Part of filing for bankruptcy is listing all of your assets on the petition. Most people have checking and savings accounts and want to know if they are protected once they file.
At least part of your personal property is exempt under the Bankruptcy Code, see https://www.middlesexcountybankruptcyattorney.com/2013/11/
Can you keep your life insurance policy if you file a New Jersey consumer bankruptcy? That depends in part on what kind of life insurance policy you have. A term insurance policy, in which you pay a periodic premium in exchange for a death benefit, is unaffected by the United States Bankruptcy Code.
A client was recently convicted of driving under the influence and called for advice. New Jersey has some of the toughest laws in the nation for these situations. A driver convicted of DUI for the first time in New Jersey is required to pay court fines to the municipality where the offense occurred. S/he is also obligated to pay a restoration fee to the New Jersey Motor Vehicle Commission, as well as the sum of $1,000.00 per year for a period of three years to the New Jersey Violation System as a surcharge.
We recently settled a client’s personal injury claim resulting from an automobile accident in Morris County without litigation for $37,500.00. The other driver had struck our client head on, but with nominal collision damage. We were faced with trying to prove permanency on knee and back injuries, with mainly chiropractic treatment and some diagnostic tests.