| Bankruptcy courts | 1 district (statewide) |
|---|---|
| Bankruptcy exemptions | State or federal, your choice |
| Settlement fees | None until a debt is settled (FTC rule) |
| Free housing counseling | HUD: 800-569-4287 |
Debt settlement in New Jersey
If you have $10,000 or more in credit card, medical or other unsecured debt and can't keep up with the minimums, a settlement company may negotiate with your creditors to accept less than you owe. You save into an account you control, and no fee is charged until a debt is settled. Expect your credit score to drop during the program, and keep in mind that forgiven debt may count as taxable income. How debt settlement works.
Debt consolidation loans in New Jersey
If you're keeping up with payments but paying high interest, a consolidation loan from a lender licensed in New Jersey can replace several balances with one fixed payment. Compare the APR and total cost, not just the monthly payment. How consolidation works.
Personal loans in New Jersey
For a one-time expense, we connect New Jersey residents with licensed lenders and loan marketplaces. Prequalifying usually uses a soft credit check. What to compare.
Bankruptcy in New Jersey
New Jersey has a single federal bankruptcy court district, the U.S. Bankruptcy Court for the District of New Jersey.
New Jersey lets filers choose between the state's exemptions and the federal bankruptcy exemptions. An attorney can tell you which set protects more of your property.
Chapter 7 can discharge many unsecured debts within months if you pass the means test, which compares your income with the median for a household your size in New Jersey. Chapter 13 sets up a three to five year plan and can stop a foreclosure. The U.S. Trustee Program publishes the current means test figures. We'll connect you with a New Jersey bankruptcy attorney, many of whom offer a free consultation. Chapter 7 vs. Chapter 13.
Mortgage and foreclosure help in New Jersey
If you're behind on your mortgage, call your servicer and ask about a loan modification, forbearance or repayment plan. Federal rules give extra protection when you submit a complete application before a foreclosure sale is scheduled. Free HUD-approved counselors serve New Jersey at 800-569-4287, and if refinancing makes sense, Ibex Capital Mortgage can review your options. How loan modification works.
New Jersey questions
Is debt settlement legal in New Jersey?
Yes. Debt settlement is legal in New Jersey, and settlement companies must follow the FTC's rule against charging fees before settling a debt. We refer New Jersey residents to companies that hold the registrations or licenses the state requires.
How do I file for bankruptcy in New Jersey?
You take an approved credit counseling course, then file a petition in the bankruptcy court for your district. New Jersey has a single federal bankruptcy court district, the U.S. Bankruptcy Court for the District of New Jersey. A local attorney can handle the filing for you.
What can I keep if I file bankruptcy in New Jersey?
New Jersey lets filers choose between the state's exemptions and the federal bankruptcy exemptions. An attorney can tell you which set protects more of your property.
Can I get help with my mortgage in New Jersey?
Yes. New Jersey homeowners can ask their servicer about a loan modification, forbearance or repayment plan, and can get free help from a HUD-approved housing counselor at 800-569-4287.