Can I File Bankruptcy In New Jersey If I Have A Job?

In New Jersey, bankruptcy offers a solution to debtors who do not feel that they can pay off the debts that they owe

. Many people view bankruptcy as a last resort and, in fact, it does do significant damage to your credit and you shouldnt typically file bankruptcy if you can work out another solution. However, many also believe that bankruptcy is only for the truly broke who have no job and no income. The fact of the matter is that this is simply not true. People who have a job and who are working may still be in over their heads in debts and bankruptcy may be the best solution.

How to File Bankruptcy in New Jersey If You Have a Job

If you have a job and are thinking about filing bankruptcy, the first step to take is to consult with a bankruptcy attorney in New Jersey. Your attorney will do several important things for you. First, your attorney will help you to determine if you might have other viable alternatives to bankruptcy that you could work out. Since you do have a job and income, other options such as debt settlement or debt consolidation might work.

If you and your attorney come to the conclusion that bankruptcy is the right choice, then your New Jersey bankruptcy attorney is going to next help you to decide what chapter of the bankruptcy code you can file under. There are two primary bankruptcy methods used by consumers: chapter 7 and chapter 13. Because you have a job, you may not be able to qualify for chapter 7 bankruptcy.

Chapter 7 bankruptcy requires the use of an income or means test to determine if you can qualify to file or not. If you make below the median income in your state at your job, you can typically file for bankruptcy under chapter 7. If you do not make below the New Jersey median income, you may still be able to file for bankruptcy provided you pass a means test. This test will take a look at what disposable income, if any, you have left over after your required bills are paid. If you can pay all of your necessary bills and still have money left over to pay something towards your debt, then youre going to be ineligible for chapter 7. Instead, you will be able to file under chapter 13 bankruptcy.

Once you have made the decision as to whether to file chapter 7 bankruptcy or chapter 13 bankruptcy, your New Jersey bankruptcy lawyer will help you to continue with the remainder of the steps involved in your bankruptcy. Chapter 13 bankruptcy can be more complicated than chapter 7 because you are required to create a repayment plan that is approved by your creditors. Your New Jersey bankruptcy attorney will be able to assist you in creating a repayment plan that is a viable solution to your debt problems.

by: Brian Hoffman

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