Personal Bankruptcy questions.who help me?
Due to a bunch of credit card bills I have that are killing me, I may
need to fle personal Bankruptcy. Can someone tell me what this will
do to me? WIll I be able to keep my house and car and the equipment i
need for my business? Im in NJ. how much will this cost? all I really
want to do is wipe out my credit card debts but keep my house and car
and posessions
You probably need a lawyer to help you though this process. The legal fees
plus the filing fees will probably run you at least a grand.
If you have property you want to hold on to, you probably will choose Chapter
13 instead of Chapter 7. But even if you end up filing Chapter 7, you are
entitled to certain personal exemptions (which vary from state to state.) Up
to certain limits, you will be able to hold on to your tools, a car (as long as
it's a cheap transportation car), your household possssions and a modest amount
of cash. To keep your house, you most likely will want to do Chapter 13, which
means you will make payments for several years, with the debt being discharged
at the end of the series of payments (which will be enough to pay off part of
your debt.)