STEPS TO THE CHAPTER 7 BANKRUPTCY PROCESS
Can your debts be eliminated by a Chapter 7 bankruptcy?
In bankruptcy proceedings, debts are dischargeable or nondischargeable. If a debt is dischargeable, you are not required to pay back those debts, and creditors can no longer demand payment. Nondischargeable debts are those debts you’re still responsible for paying, even after the bankruptcy.
Can you retain property in a Chapter 7 filing?
Whether or not you can retain property depends on whether the asset is covered by bankruptcy exemptions, along with other financial considerations. Your New Jersey Chapter 7 bankruptcy attorney will help you understand whether your property is exempt or not and help you keep the property you need/want by helping you choose the debt relief process that is best for your personal and financial circumstances.
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