Legal Question in Bankruptcy in New Jersey

Bankruptcy and homeownership

I have been considerring filing for bankruptcy but have not taken any steps yet. My only asset is my home and some office equipment. If I file, will I lose my home? Is there a way to continue mortgage payments keeping them excluded from the bankruptcy claim?

Also, will I lose my equipment which will disable me from working?

How long does bankruptcy last? If I inherit money after the fact, will that also be confiscated? I appreciate you response.


Asked on 10/07/99, 8:02 pm

1 Answer from Attorneys
Robert Gleaner Robert A. Gleaner, P.C.

Re: Bankruptcy and homeownership

Your answers are alot more detailed than this format allows. However, in general, there are certain exemptions in the bankruptcy code which will allow you to keep many assets, including your house (if the unmortgaged amount is less than a certain value), tools of your trade and other assorted personal interests and property. Exactly what you will be able to keep cannot be determined without a careful review of all of your facts and circumstances. I would be happy to review this with you. There would be no charge for the initial interview if you mention that you got this answer from me on Law Guru. If you want me to help you, call me at 856-546-8010. If you don't want to speak with me, I would encourage you to speak with a bankruptcy attorney to learn your rights. Good luck!

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Answered on 10/08/99, 4:15 pm


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