When a New Jersey resident encounters financial difficulties, it can feel overwhelming. Creditors who are calling you constantly, threatening to foreclose on your home and garnish your wages often compound the concern. Fortunately, filing for bankruptcy can provide a way to get out from under most -- if not all -- of your debt.
One of the reasons that people file for bankruptcy is because they are behind on their mortgage loans and facing foreclosure. The majority of people who file for Chapter 13 bankruptcy (debt reorganization) are able to keep their homes. Under particular circumstances, a Chapter 7 filer (debt liquidation) might also be able to keep his or her home.