Deciding to file for personal bankruptcy is a decision that weighs heavily on the minds of those who find themselves buried under debt. The NJ bankruptcy laws were designed to lessen the burden of this excessive debt by creating a system under which some of the debt could be discharged. While your credit score and ability to open credit accounts in the future will be affected negatively, filing bankruptcy may be the best way to escape your current financial situation and gain a fresh start. Understanding what kind of information your bankruptcy attorney will need to obtain from you to file your bankruptcy case will help you to start gathering this information so that it's ready when you are ready to file.
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Secured Debt
Secured debt is debt is attached to some sort of collateral. If you obtained the loan and offered up personal property as collateral, then this is secured debt. Secured debts can include personal loans, vehicle loans, and home loans. Auto lenders can repossess vehicles if debt is not repaid. Mortgage lenders can foreclose on homes if payments are not made. This is what it means to have a secured debt. Because of the way the NJ bankruptcy laws are written, your attorney will need to know the types of secure debt you have.
Unsecured Debt
Unsecured debt is debt that has not been secured with collateral. While home loans and auto loans are secured with collateral, unsecured debt gives the lender no security interest. A good example of unsecured debt is a credit card balance. To comply with the NJ bankruptcy laws, your attorney will need information on your unsecured debt to file your bankruptcy case properly.
Real Property
Real property is that is immovable, such as a piece of land. You will need to disclose any real property that you have an interest in on your bankruptcy schedules due to the way the NJ bankruptcy laws were written.
Personal Property
Your attorney may ask you for a list of your personal property, along with an estimate of each item's fair market value. Personal property can include clothing, personal computers, television and stereo equipment, and books. Your attorney will need this information to comply with the NJ bankruptcy laws.
Priority Debt
Priority debt is usually debt that is owed to the government. Examples of priority debts include government student loans and taxes. Your attorney needs information about any priority debts you have because, under the NJ bankruptcy laws, these debts may not be eligible for discharge with your bankruptcy.
Income
Because of the NJ bankruptcy laws, your lawyer will need to know how much income you earn on a monthly basis. Income can come from employment, welfare, alimony, child support, and related payments. Your attorney may use your income, along with other information, to decide which type of bankruptcy is appropriate for your particular case.
Expenses
The NJ bankruptcy laws also require you to disclose your expenses in a bankruptcy. Your attorney may ask you for a list of all of your expenses; even if they're small expenses, include them on your list. Expenses can include cigarettes, newspapers, gasoline, bus fare, and clothing purchases.
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