Question 1

What typically happens in a new jersey bankruptcy case?

Accepted Answer

In a New Jersey bankruptcy case, the debtor's assets are evaluated, and any non-exempt assets are used to pay off creditors. The debtor may also be required to attend a meeting of creditors and provide financial information to the bankruptcy trustee.

Question 2

What does it mean when a new jersey bankruptcy debtor "reaffirms" a debt?

Accepted Answer

Reaffirming a debt means that the debtor agrees to continue making payments on a particular debt, even after the bankruptcy case is complete. This can be done to protect certain assets, such as a home or a car.

Question 3

Why file for new jersey bankruptcy?

Accepted Answer

Individuals may file for bankruptcy in New Jersey to eliminate or restructure their debt, stop foreclosure or repossession, and gain a fresh financial start. Bankruptcy can provide relief from overwhelming debt and allow individuals to regain control of their financial situation.

Law Office of Ronald E. Norman, LLC

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What typically happens in a new jersey bankruptcy case?

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Why file for new jersey bankruptcy?

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