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How to Qualify for Chapter 7 Bankruptcy in New Jersey If you're overwhelmed by debt and looking for a way to regain control of your finances, Chapter 7 bankruptcy may be an option. Often referred to as “straight bankruptcy” or “liquidation bankruptcy,” Chapter 7 allows eligible individuals to eliminate most unsecured debts and get a fresh start. At Stuart M. Nachbar, P.C. , we help individuals across New Jersey understand whether they qualify for Chapter 7 and guide them through the process. Here's what you need to know if you're considering filing in New Jersey. What Is Chapter 7 Bankruptcy? Chapter 7 is a legal process designed to help people eliminate certain debts they can no longer afford to repay. Once the case is successfully completed, qualifying debts—such as credit cards , medical bills , personal loans , and collection accounts —are discharged, meaning you're no longer legally required to pay them. Unlike Chapter 13 bankruptcy, there’s no repayment plan in Chapter 7. However, you must meet certain eligibility requirements before filing. Step 1: The Chapter 7 Means Test The most important factor in determining eligibility for Chapter 7 is the means test , a formula used to compare your income to the median income in New Jersey for a household of your size. How It Works: If your monthly income is below the state median, you automatically pass the means test and can file for Chapter 7. If your income is above the median, additional calculations will determine whether you have enough disposable income to repay your debts through a Chapter 13 plan instead. 2025 Median Income Estimates (Subject to Updates): 1-person household: approx. $77,000 2-person household: approx. $93,000 3-person household: approx. $115,000 4-person household: approx. $135,000 Note: These figures are adjusted periodically. An attorney can help calculate your eligibility based on updated income limits and your specific financial data. Step 2: Review of Income and Expenses Passing the means test isn’t the only requirement. Your actual income, expenses, and financial obligations are reviewed to confirm that you are not able to repay your debts. This includes: Monthly income from all sources Rent or mortgage obligations Utility costs Food, transportation, and healthcare expenses Family size and dependents If your disposable income is low enough after accounting for allowable living expenses, you likely qualify for Chapter 7. Step 3: Asset and Property Review Chapter 7 may involve liquidating non-exempt assets to pay creditors, but most New Jersey filers keep all of their property by using federal or state exemption laws . Commonly Protected Assets: Equity in a primary residence (with limits) Vehicles (up to a certain value) Retirement accounts Household goods and clothing Tools of the trade Public benefits and wages (to a degree) Choosing between New Jersey exemptions and federal bankruptcy exemptions can impact what you’re able to keep. A review of your property helps determine how to file while minimizing loss. Step 4: Mandatory Credit Counseling To file for Chapter 7, you must complete a pre-bankruptcy credit counseling course through an approved agency. This course usually takes about 90 minutes and must be completed within 180 days before filing. Step 5: Filing with the Bankruptcy Court Once you meet the income and eligibility requirements and complete the counseling session, your bankruptcy petition can be filed with the U.S. Bankruptcy Court for the District of New Jersey . Upon filing, the automatic stay goes into effect—immediately stopping creditor collection efforts, lawsuits, wage garnishment, and foreclosure proceedings. Who Should Consider Chapter 7? You may benefit from Chapter 7 bankruptcy in New Jersey if: You have high unsecured debt like credit cards or medical bills You’re being sued or facing wage garnishment You’ve fallen behind on bills with no realistic way to catch up You don’t own significant assets that could be at risk You want a fast resolution (most cases close in 4–6 months) Who Might Not Qualify? You may not qualify for Chapter 7 if: You earn too much income and don’t pass the means test You filed Chapter 7 within the past 8 years You have assets you wish to protect that aren't covered by exemptions You have debts that cannot be discharged (such as child support, most taxes, or student loans) In these cases, Chapter 13 bankruptcy may be a better fit. Need Help Determining If You Qualify? Filing for bankruptcy is a significant legal decision—but with the right guidance, it can be a clear and manageable process. At Stuart M. Nachbar, P.C. , we help clients determine if they qualify for Chapter 7 and explain their options with clarity and honesty. If you’re ready to stop the cycle of debt and take back control, we’re here to help.

As student loan payments resume, many borrowers are feeling the pressure of higher monthly bills. While bankruptcy still doesn’t discharge student loans in most cases, it can provide a financial reset that helps manage other debt and free up income. This article explores the implications of the payment hike and how strategic planning, including bankruptcy considerations, may help borrowers stay afloat.

What Debts Are Discharged in Bankruptcy? If you're struggling to keep up with bills and considering bankruptcy, one of the first questions you may have is: What debts can actually be eliminated? Bankruptcy offers powerful financial relief, but not every type of debt qualifies for discharge. At Stuart M. Nachbar, P.C. , we work with individuals and families across New Jersey to help them understand their legal options. Below, we explain how debt discharge works in bankruptcy, which obligations are typically wiped out, and which ones remain after the process ends. Understanding Debt Discharge When a debt is discharged in bankruptcy, you are no longer legally required to pay it. Once the bankruptcy court enters a discharge order, creditors are permanently barred from collecting the debt, contacting you, or pursuing legal action related to it. The types of debt that can be discharged vary depending on whether you file under Chapter 7 or Chapter 13 , and on how the debt is classified—secured or unsecured. Common Debts That Are Discharged Most consumer bankruptcy cases involve unsecured debts , which are not tied to collateral. These are generally the easiest to discharge. Credit Card Balances Unpaid credit card bills, including late fees and penalties, are usually eligible for discharge. Medical Bills Hospital charges, doctor's fees, and other healthcare-related debts are typically wiped out. Personal Loans Unsecured loans from banks, credit unions, or even personal acquaintances (if properly documented) can be eliminated. Utility Bills Past-due electric, water, gas, and phone bills may be discharged. Keep in mind that future service may require a deposit. Collection Accounts Debts that have been transferred to collection agencies—such as credit card or utility balances—can be discharged in most cases. Repossession Deficiencies If your vehicle was repossessed and you still owe money after the sale, the remaining balance can often be eliminated. Debts That Are Not Typically Discharged While bankruptcy can eliminate many types of debt, some obligations are excluded under federal law. These non-dischargeable debts include: Student loans , unless you can prove undue hardship through an adversary proceeding Recent income taxes and most other tax debts Child support and alimony Court-ordered fines and criminal restitution Debts related to fraud or willful misconduct Personal injury judgments from DUI-related accidents Although these debts remain after bankruptcy, filing can still provide indirect relief by freeing up income previously allocated to unsecured obligations. Differences Between Chapter 7 and Chapter 13 Discharge In a Chapter 7 bankruptcy , the discharge typically occurs about three to six months after filing. It’s designed for individuals with limited income who cannot afford to repay their debts. In Chapter 13 bankruptcy , debt discharge comes after completion of a repayment plan, which usually spans three to five years. Chapter 13 may also allow for partial repayment of certain debts that are not dischargeable in Chapter 7. Protecting Your Rights During the Process In order to have a debt discharged, it must be properly listed in your bankruptcy paperwork. Inaccurate or incomplete documentation could prevent certain debts from being discharged—even if they are otherwise eligible. Working with an attorney who understands the bankruptcy process in New Jersey can help ensure that you protect your assets, meet court requirements, and include all eligible debts. Find Out What Bankruptcy Could Do for You Discharging debt through bankruptcy can provide the clean break you need to regain control of your finances. Understanding which debts qualify—and which do not—is an essential step in deciding whether bankruptcy is right for you. At Stuart M. Nachbar, P.C. , we provide honest, straightforward guidance for individuals across New Jersey. If you’re ready to explore your legal options, we’re here to help. Contact us today to schedule your free consultation and take the next step toward financial relief. Visit www.snanj.com or call our office to get started.

Chapter 7 vs. Chapter 13 Bankruptcy: What’s the Difference? When debt becomes overwhelming, filing for bankruptcy can provide a clear path forward. At The Law Offices of Stuart M. Nachbar, P.C. , we help individuals throughout New Jersey understand their legal options, including the two most common forms of consumer bankruptcy: Chapter 7 and Chapter 13 . Each type of bankruptcy has unique features, benefits, and eligibility requirements. In this article, we’ll break down the key differences so you can make an informed decision about your financial future. What Is Chapter 7 Bankruptcy? Chapter 7 bankruptcy , often referred to as “straight bankruptcy” or “liquidation bankruptcy,” is designed for individuals who do not have the income to repay their debts. When you file under Chapter 7, certain unsecured debts—like credit card balances and medical bills—can be wiped out entirely. Key Points: Quick Process : Most cases are completed in 4–6 months. Debt Discharge : Eliminates qualifying unsecured debts. Property Exemptions : Many filers are able to keep their home, vehicle, and other essentials. Means Test Required : Your income must fall below a certain threshold to qualify. This option can offer a clean slate, though it's important to understand what property is protected under New Jersey's bankruptcy exemptions. What Is Chapter 13 Bankruptcy? Chapter 13 bankruptcy is often called a “reorganization plan.” It allows individuals with regular income to create a structured repayment plan, usually over 3 to 5 years. Instead of eliminating debt outright, it gives you time to pay back what you owe—often at a reduced rate—while keeping your assets. Key Points: Repayment Plan : Debts are paid in manageable monthly installments. Keep Your Property : Ideal for those trying to avoid foreclosure or repossession. No Income Limit : However, there are limits on how much debt you can have. Good for Secured Debt : Useful if you’re behind on mortgage or car payments. Chapter 13 is best suited for people who have steady income and want to retain important assets while managing past-due accounts. Which Option Is Right for You? Choosing between Chapter 7 and Chapter 13 depends on several factors: Your current income and job stability The types of debt you owe (secured vs. unsecured) Whether you’re behind on mortgage or car payments Your long-term financial goals If you need a quick reset and don’t have the means to repay your debt, Chapter 7 may be the best fit. If you’re trying to protect your home from foreclosure or want to catch up on payments over time, Chapter 13 may be more appropriate. Talk to a New Jersey Bankruptcy Attorney Deciding whether to file for bankruptcy—and which type to choose—isn’t easy. At Stuart M. Nachbar, P.C. , we’ve helped countless New Jersey residents navigate Chapter 7 and Chapter 13 filings. Our goal is to help you understand your options and take the right steps toward financial relief. We offer personalized guidance tailored to your situation, and we’re committed to helping you make decisions that support your long-term well-being. Ready to Take Control of Your Financial Future? If you're thinking about filing for bankruptcy in New Jersey, schedule a consultation with Stuart M. Nachbar, P.C. today. We’ll review your situation, explain your rights, and help you move forward with confidence.

Filing for bankruptcy can feel overwhelming, but understanding the process can help you feel more confident about your financial future. With guidance from an experienced attorney, you can navigate the necessary steps smoothly and make informed decisions about the best course of action for your situation. Step 1: Initial Consultation The bankruptcy process begins with an initial consultation where you and your attorney discuss your financial situation. During this meeting, Stuart Nachbar, a trusted bankruptcy attorney in New Jersey, will help you understand your options. He will evaluate whether Chapter 7 bankruptcy, which involves the liquidation of non-exempt assets, or Chapter 13 bankruptcy, which allows for a structured repayment plan, is the best fit for your circumstances. This step ensures you have a clear understanding of the potential outcomes before proceeding. Step 2: Preparing and Filing Your Case Once you’ve decided to move forward, your attorney will handle the preparation and filing of your case. This involves compiling all necessary financial documents, such as income statements, debt information, and asset lists, to provide a comprehensive picture of your financial status. Stuart Nachbar will ensure that all required paperwork is complete and accurate before filing it with the bankruptcy court. Step 3: Working with the Bankruptcy Trustee After filing, a bankruptcy trustee is assigned to your case. Your attorney will submit all required documentation to the trustee, ensuring your case proceeds smoothly through the legal system. The trustee's role is to oversee the bankruptcy process, whether it involves liquidating non-exempt assets under Chapter 7 or managing payments under a Chapter 13 repayment plan. Step 4: Navigating the Bankruptcy Process Throughout the process, your attorney will represent your interests, respond to any challenges, and address any questions or concerns you may have. Even having to attend the mandatory meeting of creditors, your attorney will guide you every step of the way. Why Legal Guidance Is Important Bankruptcy laws and requirements can be complex, and having an attorney to navigate the process can help avoid mistakes that could delay or jeopardize your case. A knowledgeable attorney will ensure that all legal procedures are followed and that your rights are protected throughout the process. Take Control of Your Financial Future Filing for bankruptcy is a significant step toward resolving overwhelming debt and rebuilding your financial future. With guidance and support from Stuart Nachbar, you can feel confident in navigating the bankruptcy process. Contact the Law Office of Stuart M. Nachbar today to schedule a consultation and take the first step toward financial stability.

Facing the possibility of losing your home due to foreclosure can be overwhelming, but Chapter 13 bankruptcy may provide a way to protect your property while addressing your financial challenges. Unlike Chapter 7 bankruptcy, which often involves liquidating assets to pay off debts, Chapter 13 focuses on creating a structured repayment plan that allows you to catch up on missed payments and stay current on your mortgage. How Chapter 13 Can Help You Save Your Home One of the primary benefits of Chapter 13 bankruptcy is its ability to stop foreclosure proceedings. As soon as you file for Chapter 13, the court issues an automatic stay, which temporarily halts foreclosure and other collection efforts. This gives you time to work out a repayment plan, which typically lasts between three to five years. Your repayment plan will include catching up on overdue mortgage payments while continuing to make regular payments moving forward. This structured approach can give you the breathing room needed to regain financial stability and protect your home from being taken by creditors. Loan Modification Opportunities Another key advantage of Chapter 13 is the opportunity to pursue a loan modification through the Court’s Loan Modification Program (LMP). This program is designed to help homeowners negotiate more favorable terms with their lenders, such as reduced interest rates, extended repayment periods, or even a lower principal balance. While loan modifications are not available in Chapter 7, they can play a crucial role in helping you stay in your home under Chapter 13. Timing Is Critical If you’re concerned about losing your home, it’s important to act quickly. Waiting until foreclosure proceedings are well underway can limit your options. Filing for Chapter 13 before your home is at risk can provide more time to create a viable repayment plan and explore loan modification options. Why You Need a Bankruptcy Lawyer Navigating the complexities of Chapter 13 bankruptcy can be challenging. From understanding the repayment plan requirements to leveraging the Court’s Loan Modification Program, having a knowledgeable bankruptcy attorney by your side is invaluable. An attorney can help you assess your financial situation, develop a strong case for repayment, and negotiate with your creditors to achieve the best possible outcome. Take Action to Protect Your Home If you’re facing foreclosure or struggling to keep up with mortgage payments, Chapter 13 bankruptcy may offer the relief and protection you need to save your home. Contact the Law Office of Stuart M. Nachbar in Livingston, NJ, to discuss your options and take the first steps toward financial stability. Call us today to learn more about how Chapter 13 can work for you.

Debt can quickly become overwhelming, especially during challenging economic times. If you find yourself struggling to make ends meet as your income is consumed by debt payments, you are not alone. Chapter 7 bankruptcy may offer a path to regain control of your finances and get the fresh start you deserve. Why Consider Chapter 7 Bankruptcy? When debt becomes unmanageable, it can lead to significant financial stress. You may be worried about losing your home, car, or other assets. Chapter 7 bankruptcy offers relief by discharging certain unsecured debts, such as: Credit card debt Medical bills Non-Collateralized Debt Filing for Chapter 7 also initiates an automatic stay, which temporarily halts actions from creditors, including foreclosure, repossession, and wage garnishments. This immediate relief can provide much-needed breathing room to begin rebuilding your financial future. Acting Quickly Matters Delaying action can lead to severe consequences, such as foreclosure, repossession, or depleted savings. The sooner you explore your options, the better positioned you’ll be to protect what matters most. If you’re in Livingston, NJ, and considering Chapter 7 bankruptcy, taking swift action can help you regain financial stability. How Attorney Stuart M. Nachbar Can Help Navigating bankruptcy can be complex, but you don’t have to face it alone. Attorney Stuart M. Nachbar has been helping individuals and families in Livingston, NJ, work through the Chapter 7 process. From evaluating your financial situation to representing your interests in court, Mr. Nachbar is committed to guiding you through every step. Benefits of Chapter 7 Bankruptcy Debt Discharge : Eliminate qualifying debts and start fresh. Immediate Relief : Stop creditor actions with an automatic stay. Protect Assets : Retain certain exempt property during the process. Take Control of Your Financial Future Living with debt can feel like an endless cycle, but you don’t have to face it alone. Chapter 7 bankruptcy can offer a way forward, giving you the chance to rebuild and move toward financial freedom.