It was suggested in another thread that there aren't very many folks who are filing or have filed in NJ-I thought it might be beneficial for those of us from the Garden State to have a thread of our own to discuss NJ specific things? My wife and I have been looking at BK for a few months now because her job outlook literally changes every day. It's looking like she may have employment for next year (she is a teacher) but even if she does get extended the outlook is bleak for the following year so it's more a question of when rather than if at this point. We aren't a no-asset case but we don't have a lot to protect-just three vehicles and our wedding rings-the rest is all covered by exemptions. I do think that we'll be using a lawyer though since I'd be too paranoid about making a mistake on a form, etc... So, any other filers to be or discharged folks in NJ?
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Here is the group link:http://www.bkforum.com/group.php?groupid=14
Would love to get some discussion going over there
Keep On Smilin' -
I'm from NJ. You will be using the Federal Exemptions as NJ's is practically non existant. I would learn what they are.
Federal has a $20,200 homestead exemption for your primary residence. What this means is that if you own a home and have equity, you get to keep $20,200 of the equity. If the equity is over this amount, the Trustee will sell the house, pay the mortgage off, give you the exempted amount, take his/her fee and pay the creditors from the rest. If you don't own a home, you can use a certain amount of the homestead exemption as a wild card. Which you can apply to any other item.
I think that it is a good idea to use an attorney. But I would wait until the job situation is better, if you can.Comment
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