Living in New Jersey and looking into filing a chapter 7 bankruptcy, but fear you may not be eligible? Luckily for you, for cases filed on or after March 1, 2013 in New Jersey has the highest chance of being approved. Why? New Jersey’s bankruptcy means test has the highest state median income level out of any of the states, and according to the NJ Bankruptcy Court most of the chapter 7 applicants are eligible.
New Jersey's Means Test Median IncomeSingle Earner$61,146Family of 2$69,697Family of 3$85,016Family of 4*$103,786
*For a family exceeding 4 persons add $7,500 per individual
Benefits of Filing Chapter 7 in New Jersey
When a NJ resident is under insurmountable debt they have the right to file for bankruptcy protection, and under chapter 7 their unsecured debt is discharged. Although this can include both a person’s home and car – depending on the equity – it can be a real life saver for those that don’t have the ability to pay off the debt themselves.
No one wants to be in a situation where their home or their car is liquidated and this why there are exemption laws you can take advantage of. These will help you protect the equity in your vehicle and your house so that you may keep those items. If for some reason you had too much equity in your automobile, we can help you get another auto loan before bk discharge at a more affordable rate and payment, that will help you to start rebuilding your credit.
Open Bk Car Loans in NJ
How to open bankruptcy car loans work? Well here at BankrutpcyAutoFinancing.com we work with a network of subprime lenders that specialize in bk loans, and all they need from you is:
- Authorization to Incur Additional Debt from the bk judge
- Gross monthly income of $1,600
- Proof of employment for over 1 year
- Down payment may be required
- No repo within 1 year unless included in bankruptcy
If you meet these requirements and you car has been liquidated in your New Jersey chapter 7 bankruptcy because of the high equity, apply online today. You could be driving away in your new car within a few days and starting your journey to being debt free and a better credit score in no time.
Remember, we are not lawyers and cannot give legal advice. The situations discussed are only our experiences over the years and may vary with each customer.