New Jersey Lawyers BlogPublished on:
Determining If a Chapter 7 or Chapter 13 Bankruptcy Is Right For You
A New Jersey bankruptcy can be a helpful solution for a person struggling with debt. A New Jersey debtor can file for Chapter 7 liquidation or Chapter 13 reorganization. Each has its own benefits. Both provide relief to New Jersey debtors by wiping out their debts, thereby providing bankruptcy’s “fresh start.”
Chapter 7 Benefits
In New Jersey a Chapter 7 liquidation is relatively quick. Most people can get a discharge several months after filing for bankruptcy protection. This means that upon the completion of a Chapter 7 bankruptcy the court will order that debts are discharged and an individual can have a “fresh start.”