This is one of the most common concerns about filing bankruptcy, especially for anyone filing under Chapter 7 of the Bankruptcy Code. The simple answer is, “No, you will not lose everything if you file bankruptcy.” Debtors can use bankruptcy exemptions to protect equity in most of their property. Almost all of the Chapter 7 cases filed in New Jersey are “no asset” cases meaning the debtor retains all of his or her property.
Topics covered in this report include:
- Common Concerns About Filing Bankruptcy
- Will I lose all of my property if I file bankruptcy?
- How will filing bankruptcy affect my credit score
- Can I discharge student loans and taxes?
- Does my spouse have to file bankruptcy if I do?
- Does filing bankruptcy stop a foreclosure or a repossession?
- Will my family and friends know I filed bankruptcy?
- Can my employer fire me for filing bankruptcy?
- Will my employer find out about my bankruptcy?
- How much does filing bankruptcy cost?
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