New Jersey Story

[BankruptinNJ]

Cchamberlin -- did you file in Newark? Oh, that's right you had a lawyer, so they probably filed electronically. I'm filing pro se, so I was in Newark the other day to file! I had to use the federal exemptions, though, even though I have very few possessions, because New Jersey's are so stingy! I'm waiting now to see if my paperwork had any "deficiencies."

How was the 341??? How was the trustee? Was this in Newark? I'm nervous because without a lawyer it's very difficult. Did you use Pacer? Do tell!

I'll keep this brief. I got a lot of information off of this board most of it usually at times when I knew I was being totally irrational and worrying unnecessarily, but nonetheless this was very helpful to me. I had a hard time finding information about NJ specifically so I wanted to just post my story and experience here so that if someone else is in NJ going through this, this may help them. Feel free to reach out to me directly too.

Anyway, I basically found myself in a situation where I was completely over my head in credit card debt for a number of reasons. I was keeping afloat, never late or missed any payments, but I was struggling. I had a long term relationship end that caused me to move back with my parents temporarily which helped me be able to not be late or miss any payments. After living home for a few months I realized that with my debt load, I would never be able to get back out on my own unless I did something to tackle my debt. In total I owed about 65K in unsecured debt and 20K in student loans. I also have a few loans against my pension. Knowing that my pension loans and student loan payments had to continue, I realized that bankruptcy was really my only option to get out from under this rock and begin again.

I moved very quickly. I met with my attorney at the very beginning of April and filed on April 29, 2010. I was over the median but with some help from my attorney I was able to file a chapter 7. It was not a clear cut case and I think had the trustee looked hard enough or an audit occurred I would have been converted to a 13, but I made it through.

I have a car lease with VW that I surrendered through this process. I have continued to make my payments and they continue to send me a statement. This is ideal for me because I am significantly over the mileage and would have to pay a fortune at the end of the lease. Now I just give them the car and walk away with no liability.

I had my 341 mid June, 2010 and it was painless. A few basic questions but that's all. My attorney was also served as a trustee so he was very good friends with the trustee overseeing my case. I can only assume that helped a little.

The last day for objections was August 10, 2010 and I received my discharge on August 13, 2010.

Overall, a very smooth process. My credit score at the time of filing was around 730; I don't know what it is now, but I know it's lower. A week prior to discharge I started to receive offers for new credit cards from capital one. no annual fee, 0% APR for 6 months. I haven't applied, but it made me feel a little better about potential credit after bankruptcy.

If I can help anyone else, I'd love to do so.

[iraevski]

Cchamberlin -- did you file in Newark? Oh, that's right you had a lawyer, so they probably filed electronically. I'm filing pro se, so I was in Newark the other day to file! I had to use the federal exemptions, though, even though I have very few possessions, because New Jersey's are so stingy! I'm waiting now to see if my paperwork had any "deficiencies."

How was the 341??? How was the trustee? Was this in Newark? I'm nervous because without a lawyer it's very difficult. Did you use Pacer? Do tell!

meeting of the creditors is really not that complex even without an attorney. I am in Newark with clients very often and the trustees are generally not picky about your papers as long as you have filed everything on time etc.

The biggest thing is to actually file the petition. everything after that is much easier. PM me if you have any questions regarding the meeting

Ivan

[Maine]

tobee43- it's all that "state autonomy" guaranteed by the Constitution. Our forefathers set us up for an eternity of confusion.

Maine is one of the states that does not use federal bk exemptions. Some in Maine are more generous, others are stingy. I wish there was one set of rules for all, it makes it difficult to find information living in a low population state.

[tobee43]

yes, i did rechecked my notes...all say you have a choice....you can either use the federal exemptions or state...whichever suits your personal situation best.

actually, however, this information was current in 2009. once again...can you tell me which states it is mandatory that your file under their guideline exemptions? ....i would really like to know since the information from boston u law school differes from what you say.

once again, i'm not really caring either way. however, when you make such a statement, i'm just asking you to back your statement. and, NOT by having me back up your statemen by me for YOU.... i have never heard any state allowing BOTH exemptions. doesn't mean i'm correct.... you file in file court using a choice of either the state or federal exemptions.

just provide the list of the states you claim this can be done and then i can accept your position, if not, i can't. i am very interested to know as i'm certain those in filing in those states would also like that information.

thanks! looking forward to the list.

[momofthree]

A simple 30-second google search brings up dozens of sites that verify the fact that not all states allow the use of federal exemptions. I did not choose this particular site based on it's repute, but simply based on it's easy-to-read format. There are much more reputable sites that state the same information.

Both federal and state laws provide exemptions for certain property that a debtor is allowed to claim as exempt. What property is eligible for exemption status varies from state-to-state; however, some states allow you to choose whether to use the federal exemptions or your state's exemptions. If federal exemptions allow you to keep more property than your state's exemptions, then you should opt for federal, provided your state allows it (not all states allow you to choose between federal and state exemptions).

The following states DO ALLOW you to use the federal bankruptcy exemptions if you want: Arkansas, Connecticut, Washington, D.C., Hawaii, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Washington, and Wisconsin.

The following states DO NOT ALLOW you to use the federal bankruptcy exemptions: Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Tennessee, Utah, Virginia, West Virginia, and Wyoming.

Source: http://www.bcsalliance.com/y_bankruptcy2.html

[helpmeout]

yes, i did rechecked my notes...all say you have a choice....you can either use the federal exemptions or state...whichever suits your personal situation best.

actually, however, this information was current in 2009. once again...can you tell me which states it is mandatory that your file under their guideline exemptions? ....i would really like to know since the information from boston u law school differes from what you say.

once again, i'm not really caring either way. however, when you make such a statement, i'm just asking you to back your statement. and, NOT by having me back up your statemen by me for YOU.... i have never heard any state allowing BOTH exemptions. doesn't mean i'm correct.... you file in file court using a choice of either the state or federal exemptions.

just provide the list of the states you claim this can be done and then i can accept your position, if not, i can't. i am very interested to know as i'm certain those in filing in those states would also like that information.

thanks! looking forward to the list.

First of all, in states that allow the choice,it's either or NOT both.

You are the one who is claiming that ALL states have the choice. YOU back that up. I learned that not all states allow the choice around the time I filed,which was in 2010 from doing a simple search on the exemptions board, which contained a link to other websites regarding exemptions.. It's not that hard.

BTW, you probably should take better notes, because the ones you have about all states having the choice are incorrect.

[iraevski]

in NJ pretty much everyone chooses the federal exemptions. NJ exemptions are very stingy but the state does let you pick which one you want to use

[helpmeout]

Cchamberlin -- did you file in Newark? Oh, that's right you had a lawyer, so they probably filed electronically. I'm filing pro se, so I was in Newark the other day to file! I had to use the federal exemptions, though, even though I have very few possessions, because New Jersey's are so stingy! I'm waiting now to see if my paperwork had any "deficiencies."

How was the 341??? How was the trustee? Was this in Newark? I'm nervous because without a lawyer it's very difficult. Did you use Pacer? Do tell!

The 341 really isn't that bad. Your imagination of what it will be like will be nowhere near the reality. Just be sure to have your ID and social security card with you. And bring your most recent paystub. While she didn't ask me for mine, she did ask other people for theirs.

[tobee43]

thanks mono!! now that's a list one can bank on......or can one.....interesting enough....this is a FACT....i do know first hand that florida is one that allows either as well....since we filed in florida and had our choice of which we wanted to go....florida or federal...go figure!!!!

helpmeout...well.. of course it's either NOT both...that has never been suggested by me...and i must have done ok with MY notes hence the A+...it's not MY notes it is the information provided with the course.....which doesn't mean it was correct. no need to suggest is was me...i was perfect...LOL!!!

ira...you got that...we LEFT the state and waited to file since nj was so bad and we didn't want to go federal.

[momofthree]

thanks mono!! now that's a list one can bank on......or can one.....interesting enough....this is a FACT....i do know first hand that florida is one that allows either as well....since we filed in florida and had our choice of which we wanted to go....florida or federal...go figure!!!!

helpmeout...well.. of course it's either NOT both...that has never been suggested by me...and i must have done ok with MY notes hence the A+...it's not MY notes it is the information provided with the course.....which doesn't mean it was correct. no need to suggest is was me...i was perfect...LOL!!!

ira...you got that...we LEFT the state and waited to file since nj was so bad and we didn't want to go federal.

Did you live in FL for less than 2 years? FL does not allow federal exemptions. However, if you live in a state for less than 2 years, then there is a way to claim bankruptcy using the federal exemptions. I'd love to see any reputable source showing that FL allows the federal exemptions to be used when one has resided there for over 2 years...In fact, I've yet to see you post ANY references to back up anything you've said, you've just referred to your "notes" from your "paralegal course" while demanding that everyone else post sources. Quite frankly, you come across as condescending.

[helpmeout]

once again, i'm not really caring either way. however, when you make such a statement, i'm just asking you to back your statement. and, NOT by having me back up your statemen by me for YOU.... i have never heard any state allowing BOTH exemptions. doesn't mean i'm correct

With the above statement you made, you implied that I claimed that one could claim BOTH state and federal exemptions. I did not.

And it's rather obvious that you are not correct.

Making a future note to my self to never use a paralegal for legal work.

[helpmeout]

helpmeout...well.. of course it's either NOT both...that has never been suggested by me...and i must have done ok with MY notes hence the A+...it's not MY notes it is the information provided with the course.....which doesn't mean it was correct. no need to suggest is was me...i was perfect...LOL!!!

ira...you got that...we LEFT the state and waited to file since nj was so bad and we didn't want to go federal.

And you probably lived in Florida for less than 2 years. Which was why you were able to use NJ's choice of exemptions.

BTW, I once got an A on a computer program I wrote from a teacher. The program I wrote was written mostly by him and even then, it didn't do what he had instructed for the program to do. I switched majors after that.

[tcreegan]

colo exemptions only

Hi all,

thought I would chime in....Colo is a "state exemption only" state. You cannot use the federal exemptions, you must use the state exemptions.

Fortunately our state exemptions are on par with the federal exemptions; a little more here and there to make up for changes in the market.

Tom in Colo

[tobee43]

Quite frankly, you come across as condescending.

mom....yes...i know i do and maybe i am at some points....and yes, i did and have reside in florida for over 2 years and YES, i had WE were able to chose whether to go florida or federal. what are you suggesting i'm not telling the truth about that??? THINK...if possible...what's the point?????

for what reason...yuck you get them all!!

..and although you may think i sound condescending, it may be because it's difficult to have conversations with people who copy and paste their info off the net and really have no working experience.

no more said on this matter....done. does that make your source of information incorrect...absolutely.

i'm not here to be challenged and i do not claim to know everything. i learn everyday something new.... however, my law professors where some of the best there are....so excuse me if i THINK the information provided by them is more believable than what you have provided by copying and pasting something on google.

FACT: we filed and lived in florida for 2.6 years and had a CHOICE...either to go federal exp...or state exp....end of story! i'm not a liar...PERIOD.

many times the attorney does not make clear the choices...they chose for you, because it may be best for your situation.


helpmeout....i'm certain you are in NO position to disbute the law professors at bu. boston u law school has one of the best law programs in the country. this was NOT an on line course it was a 3 year very difficult program....which provided a national cert.

i'm not here to argue with any of you. we all have our problems and some people just like to argue over everything....personally that's not me i ...i have better things to do with my time and energy.

everyone is entitled to contribute their opinion. ( BUT THAT's ALL IT IS!).... personally i think it's dangerous when you give incorrect info as you have done......i would NEVER ever give legal advise EVER....neither should either of you since it's incorrect.

end of this story...i do NOT intimidate easily helpme....so you can continue to attempt to put down my intelligence all you like.... (it clearly shows me a picture of who you are...when you attempt a poorly executed Personal attack)

i'm done now..... since i need to move on....i made sure to dump ALL toxic waste..... including this discussion.


THIS IS A PERFECT EXAMPLE WHY WE LEFT NJ AND WOULD NEVER GO BACK......

[momofthree]

Amazingly enough, you still haven't posted a single shred of evidence to back up a single word you've typed.

..and although you may think i sound condescending, it may be because it's difficult to have conversations with people who copy and paste their info off the net and really have no working experience.

If copying and pasting info off the net is so easy, then PLEASE provide 3 reputable sources that state that all states allow the use of federal exemptions when residency requirements are met. Or, heck, even that FL can use federal exemptions under residency requirements.

No one is trying to intimidate you. We're just asking that you back up your statements, just as you told us to back up ours. Yet all you do, is once again, refer to your A+++ that you got in your paralegal course at one of the "best law schools in the country."

I'm sure those here that were forced to use FL's (also stingy) exemptions would LOVE to be able to have those resources so that they can inform their attorneys that they can use the federal exemptions after all and that they don't have to buy-out their household goods from the trustee. So, as a favor to those filers, please post the sources to back up your "FACTS."