Automobiles in NJ

[blb2397]

NJ exemptions

[lrprn]

Hoping to file CH 7 in NJ

Are you using the NJ bk exemptions or the Federal bk exemptions? (New Jersey is one of the states that allows you to use one or the other.) There's a BIG difference between the two.

NJ exemptions - http://www.thebankruptcysite.org/exe...newjersey.html
Federal exemptions - http://bankruptcy-law.freeadvice.com...exemptions.htm

Once we know which exemption option you plan to use - NJ or Federal - we can answer your other questions a lot more accurately.

Also it would help us a lot to know the following:
- Is your spouse is filing with you as well?
- Do you have children or other adults living with you in your home?
- Looking back the last six calendar months and adding up all sources of income, what gross income did you and your spouse make?
- What secured assets (house, car, etc) do you want to keep after filing?
- Are you behind on any loan payments for your secured assets you want to keep?

[blb2397]

Thanks for the reply.
I will be probably be using the federal exemptions. They seem better for my situation. I will be filing with my wife. In the last six months we are well below the mean income for NJ for 2 person households.
We rent and our largest asset is worth no more than 500$ (This computer I'm typing on)
We owe 600 dollars for the 02 civic that appears to have been charged off and sold to a collection agency which leaves me without title.
I would prefer to keep both cars as we each use one to get us to work (me the clunker)

Other than that we stopped paying on cards in 05 after we were both let go from the same company. They all defaulted. (SOL 7 years in NJ) We have four default judgements (1 hers) and including the ridiculous collection fees about 55k in unsecured debts, about 20 cards total. We are paying the civil court monthliy on the judgments because I feared garnishments and we have several other arrangements with some JDBs.
We were also served again a week ago.
Thanks again