You may be wondering, Will Your NJ Residence Be Sold in s Chapter 7 Bankruptcy? First, you need to know the value of your home and how much you owe on your mortgages. Bankruptcy in New Jersey is a recourse state. If you fail to pay your mortgages, the bank will pursue you for the difference. Generally, however, this process takes much longer.
Luckily, a bankruptcy trustee in New Jersey will never sell a debtor’s residence. For example, in a New Jersey Chapter 13 Bankruptcy, the debtor can eliminate certain types of real estate liens. If the debtor does not have to pay his mortgages, the sale proceeds can go to real estate brokers. As a result, the debtor may be able to keep some of the money that was once used to pay for the house.
Bankruptcy exemption lists vary and can affect your property. An experienced bankruptcy attorney can help you navigate this complex area and determine which exemption list is the best for your specific situation. However, in some cases, a debtor may be able to keep a large amount of assets. These are determined by the value of the property and the debtor’s equity. If your home is on the list, the debtor may be able to reaffirm the debt on the qualifying property.
If you are wondering, Will Your NJ Residence Be Sold in s Bankruptcy? Many homeowners opt to file for Chapter 7 Bankruptcy and surrender their home to the bank. While Chapter 7 bankruptcy means that you will lose your home, it allows you to remain in your home for several years without having to pay any mortgage payments. This option has many advantages. A bankruptcy trustee will be able to save your home from foreclosure and will stop repossession.
Resource: https://www.scura.com/blog/will-your-residence-be-sold-in-a-new-jersey-chapter-7-bankruptcy