Legal Question in Bankruptcy in New Jersey

Would bankruptcy be the way out?

Good Morning:

I am not sure if you can answer a question I have but I thought I would try. I will briefly explain. I was married for over 21 years and in September of 1999 I became divorced. Now almost 2 years later I am in debt due to use of credit cards, used to pay bills Ect., before becoming divorced I had some 40 credit cards and excellent credit.

I have been trying to work with my creditors to get this somewhat under control. Some have been really good due to my credit history, some make it so hard that you can--name removed--even make payments because they want so much.

Even with the bad credit I now find myself having I still do have some credit cards that I use and pay. My question is this is there such a thing as filing partial bankruptcy? Would it be wise to try and consolidate them?

I own some property with my ex-husband, and I worry the creditors will put a lean on it if I don--name removed--try and get this under control, but I am not sure what the best way to do this is,

Thanks........:)

KT


Asked on 3/04/01, 8:26 am

1 Answer from Attorneys
Stuart G. Brecher Law Offices of Stuart G. Brecher, LLC

Re: Would bankruptcy be the way out?

There is no such thing as partial bankruptcy. If you file for protection under Chapter 7 or 13, then you must list all of your debts, including all credit cards. Although you can reaffirm certain otherwise dischargable debt, it is generally not advisable without good reason, particularly because the objective in bankruptcy is to obtain a fresh start, plus you can currently only file Chapter 7 once every 6 years. You really need to weigh the benefits and disadvantages of filing for protection under either chapter 7 or 13 in order to make an informed decision, and an experienced bankruptcy lawyer should be able to help you do that. Good luck!

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Answered on 4/30/01, 11:45 am


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