New Jersey Bankruptcy Attorney

As a New Jersey Bankruptcy Attorney, I routinely pre-qualify clients for bankruptcy in New Jersey on a daily basis when my client take advantage of my FREE over-the-phone consultation.

There is basically a 2 part test to determine whether you qualify for a chapter 7 bankruptcy in New Jersey.  If you pass let’s call it the “basic test” then you qualify for a chapter 7 bankruptcy.  If you do not pass the “basic test” then you still may qualify for a chapter 7 bankruptcy under a more rigorous test where we look at your current income and expenditures together.

In New Jersey, if your family income is below the median income in New Jersey then you pass the means test and you qualify.  The number for New Jersey regarding 2009 are as follows:

For a single person your income must be below $57,120

For a married person, your combined income must be below: $69,853

For a married person with one child, your combined income must be below: $85,397

For a married person with two children, your combined income must be below: $103,034

Even if your spouse is not filing, we calculate the combined income in order to see whether you qualify.  This is because the government does not want a family where one spouse makes millions and the other spouse makes very little but has all the debt to file for bankruptcy – that would look fraudulent.  Rather, we must look at the combined family income.

Just because you do qualify to file for bankruptcy does not necessarily mean that it is your best option.  That is why it is so critical to speak with a bankruptcy attorney because some of your debts may not be dischargeable in bankruptcy.  Also, you should verify what assets you can retain even though you are filing for bankruptcy.

If your income is above that figure (given your family size), then there is a more rigorous test that we must perform.  This one I would recommend you actually call me for because it would be too complicated to write it all out here.  The bankruptcy code is a lot like the tax code, it is not something you would want someone to advise you on unless they deal in that area on a regular basis.

You can call me directly: (732) 719-7801