What is a New Jersey Chapter 7 New Jersey Bankruptcy Case?

A New Jersey Chapter 7 Bankruptcy is the "liquidation" Chapter of the New Jersey Bankruptcy Code. In New Jersey Chapter 7 "liquidation" Bankruptcy cases, those assets that are not exempt from creditors are collected and liquidated (reduced to money). New Jersey Bankruptcy Debtors filing for Chapter 7 Bankruptcy in New Jersey ask the New Jersey Bankruptcy Court to sell certain personal property of the New Jersey Bankruptcy Debtors - property that is not exempt from the New Jersey Bankruptcy under the New Jersey Bankruptcy Code - and to distribute sale proceeds to creditors.

A New Jersey Chapter 7 Bankruptcy is designed for individuals and married couples and individuals conducting a business as a sole proprietorship. Under a New Jersey Chapter 7 Bankruptcy, some debts can be discharged and you do not have to repay the debt. To qualify for a New Jersey Chapter 7 discharge your assets and income have to fall within certain guidelines. A New Jersey attorney can review your situation and advise you as to your options.

The Law Office of Ronald E. Norman, LLC offers one-time, no obligation consultations to New Jersey Debtors. To get your free consultation, call attorney Ronald E. Norman at (856) 374-3100 or send him an email at rnorman@rnormanlaw.com.