You are considering filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy in Somers Point. Bankruptcy is a common debt relief choice.
In fact, many people in New Jersey have received bankruptcy relief, and Somers Point is no different. In fact, there were 11,754 bankruptcies filed in New Jersey in the year ending June 30, 2021 (Source). With a population of 10174, I’d estimate a fair number of those were in Somers Point.
The purpose of this article is to provide an extensive list of filing bankruptcy in Somers Point including:
Without further ado, let’s get started with Chapter 7 bankruptcy.
Chapter 7 bankruptcy is the most common consumer bankruptcy in the United States. People appreciate the simplicity of Chapter 7 bankruptcy, the cost of the Chapter 7 bankruptcy, and the speed of debt relief. For example, in Somers Point, you could get debt relief in about 120 days with a Chapter 7 bankruptcy.
One of the challenges of Chapter 7 bankruptcy in Somers Point is that you have to qualify. In order to qualify in Somers Point, you often have to pass the New Jersey bankruptcy means test. You can estimate that qualification below in Somers Point. Let’s cover how you can qualify.
The first part of the means test is to understand your income in relation to the median income levels for New Jersey. It considers the average family size and income.
To estimate your qualification, you can take the Somers Point Chapter 7 qualification calculator below that is specific to Somers Point.
Finally, the most recent New Jersey median income levels is for cases filed on or after May 15, 2022, and can be found below.
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Most individuals in Somers Point will qualify for Chapter 13 bankruptcy as long as they are below the debt limits.
When looking for a bankruptcy attorney, we recommend that you look for these 5 attributes: Rate, Reliability, Referrals, Reviews, and Relevancy. You can check our guide to find a top bankruptcy attorney in Somers Point.
The estimated Chapter 7 bankruptcy lawyer fee in Somers Point is: $1000 - $2800.
The estimated Chapter 13 bankruptcy lawyer fee in Somers Point is: $4,500. The Chapter 13 attorney fee is often set across the district, meaning that all Chapter 13 bankruptcy attorneys in a district may charge around the same fee.
One of the most important things to do is to find a reputable bankruptcy attorney in Somers Point if you decide to hire one. This is legal advice related to finances that are going to affect your future. For example, making sure you are in the right bankruptcy chapter (Chapter 7 vs Chapter 13) could cost you thousands more and take you years longer.
As stated above, Somers Point has a population of 10174. In many cases, individuals in larger cities such as Newark or Jersey City would like a bankruptcy lawyer close by. In smaller cities, I have found that individuals have questions about whether the bankruptcy will show up in the newspaper or whether friends will hear about it. This is a valid question.
Regardless, you can check the Chapter 7 bankruptcy lawyers in or near Somers Point using the table below. You just need to input your zip code, and voila, you can choose which Chapter 7 bankruptcy lawyer you would like to speak to near or far away from Somers Point in a free bankruptcy lawyer consultation.
Filing a Chapter 13 bankruptcy in Somers Point may be a bit more intensive, so you may consider a Chapter 13 bankruptcy that is closer to you. That said, with the internet and the pandemic, many of the meetings are now online and you can generally submit your documentation online as well.
Regardless, you can use the table below to find a Chapter 13 bankruptcy lawyer in or near Somers Point. Also, the fees are just estimates, and may not be reflective of the actual cost of the attorney fees.
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As you live in Somers Point, you are often able to use the New Jersey bankruptcy exemptions to help you keep your belongings.
One of the biggest questions people have is whether they are able to keep their homes in bankruptcy. This is where bankruptcy exemptions come into play. As Somers Point has a home ownership % of 58% and an estimated estimated home value of $221479, you can understand that many people want to keep this asset. You can often keep your assets using bankruptcy exemptions.
Here are the New Jersey bankruptcy exemptions. The exemptions are revised on different occasions, so you may wish to check the most current information on exemptions. Also, as a reference, New Jersey is a place that allows you to use federal bankruptcy exemptions. You often have to choose which one to use, so a bankruptcy attorney can help you with that option.
The homestead exemption is often broken down by age and whether you are married.
New Jersey specific homestead bankruptcy exemption text: “Survivorship interest of a spouse in property held as tenancy by the entirety is exempt from creditors of a single spouse” (Source)
The automobile bankruptcy exemption in New Jersey is $0.
The jewelry bankruptcy exemption in New Jersey is $0.
The tools of the trade bankruptcy exemption in New Jersey is $0.
The wildcard bankruptcy exemption in New Jersey is $0.
The personal property bankruptcy exemption in New Jersey is $1,000.
Below is specific special handling of bankruptcy exemptions in New Jersey.
Unemployment can cause both frustration and angst about options. The most recent statistic I found is that the Somers Point unemployment rate is 5.3%. There may be resources available to help. In addition to the unemployment rate, Somers Point has a disability rate of 11.1%. As such, if you are truly in need and don’t have income, there are resources that may be available that can help you.
Here are some legal aid resources that may be helpful to you in Somers Point.
If you are looking at debt settlement in Somers Point, you may want to consider a national debt settlement firm to a local one in Somers Point. For example, most of your creditors are probably national banks instead of local Somers Point banks. As such, you can potentially get lower fees by using a national firm. You should strongly consider the pros and cons and credit score impact before taking the plunge as Ascend only recommends 2 debt settlement firms nationwide that both offer free phone evaluations.
Chapter 7 bankruptcy and Chapter 13 bankruptcy in Somers Point can provide debt relief. That said, you may want to consider the cost of bankruptcy in Somers Point, the different bankruptcy chapters, reputable attorneys in Somers Point and alternatives to help you make the most informed decision.
You can also take our Chapter 7 vs Chapter calculator below to help you estimate the cost and qualification of Chapter 7 bankruptcy and Chapter 13 bankruptcy in Somers Point.