Hazlet, NJ Bankruptcy Law Firms & Lawyers

When you file bankruptcy all debts must be listed, as well as all assets. If you plan to keep your home it would be a waste of a chapter 7 because the lender's security lien would survive the filing of the case.

State laws called exemptions provide what property a creditor that has a court judgment against you can take. In most states, you can keep all your household goods and some money in the value of a car. In Nevada, you can keep up to $12,000 of household furniture & furnishings and up to $15,000 in a vehicle. Keep your social security money in an account that never ever has money from any other source going into it and discuss the concerns you have about this lawsuit with your bank manager. If you don't like the answers you get, go to another bank and ask them how they act to protect their customer's money from judgment creditors before switching your accounts. This is not a problem that will kill you but you need to be smart and act promptly to protect yourself.