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.

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.

Unlike a New Jersey Chapter 13 Bankruptcy Case,

Under a New Jersey Chapter 7 Bankruptcy Case, New Jersey Bankruptcy Debtors do not file a Reorganization Plan.

Under a New Jersey Chapter 7 Bankruptcy Case, the New Jersey Bankruptcy Trustee collects and sells the New Jersey Bankruptcy Debtor's nonexempt assets and uses the asset proceeds to pay certain creditors as required by the New Jersey Bankruptcy Code. While certain property of the New Jersey Bankruptcy Debtor is liquidated, the New Jersey Bankruptcy Debtor may be able to keep certain property under the New Jersey Bankruptcy Code's list of exemptions.