What Is Chapter 7 Bankruptcy?
NJ Chapter 7 Bankruptcy is probably one of the most common types of bankruptcy for consumers. It is also known as liquidation bankruptcy and it dissolves your unsecured debt while simultaneously retaining assets such as real estate, cars, bank accounts, and retirement funds. Not only does Chapter 7 liquidate your accumulated debts but it also eliminates the need to pay back those debts through a chosen repayment plan. Furthermore, in order to qualify for Chapter 7 bankruptcy you, as the individual, are required to meet certain criteria to receive Chapter 7 relief, in particular income requirements. All in all, filing for Chapter 7 bankruptcy becomes a fresh start and allows you, as the consumer, to turn over a new leaf.