Bankruptcy – Where You Live Can Make a Difference

Jun 29, 2016 | Bankruptcy, Chapter 7 Bankruptcy

The United States is a big country. We have arguably the most diverse landscape and mix of people in the world.

Do you like a certain climate? We’ve got it.

Do you like a certain lifestyle? We’ve got that too.

And we have the freedom to pick and choose where to live.

Each state is a little different too. They all have their own, eclectic mix of climate and culture. Some may be more diverse than others, but event within each state, you’ll likely find a comfortable place you can call home.

But sometimes (even in the most ideal setting), money matters aren’t what you’d expect them to be. People fall on hard times no matter where they live. When that happens, bankruptcy can be the ultimate solution to get someone back on his or her feet.

A Fresh Start

Bankruptcy can be the key to eliminating debt and moving forward with your life. If you qualify, you’ll be able to completely eliminate all kinds of debt such as credit cards, medical bills, auto repossessions, and personal loans. Additionally, you can use bankruptcy to protect yourself from creditors. It stops collections, judgments, garnishments, and even foreclosures.

States of Matter

The key to utilizing bankruptcy is being able to qualify. If you don’t qualify, it’s not going to help you. Where you live makes a difference.

Bankruptcy is federal law, but states are allowed to impose some of their own rules. What assets you are allowed to keep when you file for bankruptcy depends on your home state. Also, your state determines how much income you can have and still qualify.

For example, let’s say you own a home with $100,000 in equity. If you live in Nevada, that equity is protected when you file bankruptcy. If you live in New Jersey, most of the equity is not. There, you could be forced to sell your home and most of the proceeds would be given to your creditors.
Proceed With Caution

It should be obvious by now that it is crucial to file bankruptcy with an attorney who is thoroughly experienced with the laws of your state. Failure to do so could result in the loss of great sums of money and/or valuable assets.

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You can contact an experienced bankruptcy attorney at Meyer Law for a free consultation.

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