question about bankruptcy

[joe65]

What is the name of your state?What is the name of your state?What is the name of your state? NJ
i am in the process of thinking about bankruptcy but it sounds scary, i have 6 credit cards total 5 are good and i make min payment other is way past due and they sent to collection agency for $ 6k, if i file bk and add all of them up it is only about 9500.00 i am on disability and only get 981, a month i pay 500 a month rent on a boat i live in that is totally worthless, but it is the only thi9ng keeping me from being homeless, i own my car free and clear did the book value thing and it says it is worth around 10 or 12 k this is my legs my only means to get around, i guess what i am asking is what is the difference if i file bk chapter 7 or 13 and they take all my personal stuff to sell it any way,what are the exemption and things i can keep in nj , if they take it all it still leaves me in the hole cause i have no car or place to live, will bk court take all of ones possession and toss a person out on the street to pay the credit cards or are they willing to listen and work with a person since ca isn't willing they seem to want all 6 k at once and cant or say they wont do installments cause i don't have enough monthly income to do it. any one want to lend a broken down man 9500, for 72 months at 125.00 a month lol

 

[bigun]

NJ exemptions are pretty bad.
http://www.thebankruptcysite.com/bankruptcy-exemptions/newjersey.php

But, you can use federal. The car may well be a problem. Most bk lawyers give free initial consultations. Talk with 1 or 2 and see if they've any ideas.

Federal Exemptions as of 01/2005:


>>>
(d) The following property may be exempted under subsection ((1) of this section:

(1) The debtor's aggregate interest, not to exceed $18,450 in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor.

(2) The debtor's interest, not to exceed $2,925 in value, in one motor vehicle.

(3) The debtor's interest, not to exceed $475 in value in any particular item or $9,250 in aggregate value, in household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.

(4) The debtor's aggregate interest, not to exceed $1225 in value, in jewelry held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.

(5) The debtor's aggregate interest in any property, not to
exceed in value $800 plus up to $9,250 of any unused amount of the exemption provided under paragraph (1) of this subsection.

(6) The debtor's aggregate interest, not to exceed $1,850 in value, in any implements, professional books, or tools, of the trade of the debtor or the trade of a dependent of the debtor.

(7) Any unmatured life insurance contract owned by the debtor, other than a credit life insurance contract.


(8) The debtor's aggregate interest, not to exceed in value $8,000 less any amount of property of the estate transferred in the manner specified in section 542(d) of this title, in any accrued dividend or interest under, or loan value of, any unmatured life insurance contract owned by the debtor under which the insured is the debtor or an individual of whom the debtor is a dependent.

(9) Professionally prescribed health aids for the debtor or a dependent of the debtor.

(10) The debtor's right to receive -
(A) a social security benefit, unemployment compensation, or a local public assistance benefit;
( a veterans' benefit;
© a disability, illness, or unemployment benefit;
(D) alimony, support, or separate maintenance, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;
(E) a payment under a stock bonus, pension, profitsharing, annuity, or similar plan or contract on account of illness, disability, death, age, or length of service, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor, unless -
(i) such plan or contract was established by or under the
auspices of an insider that employed the debtor at the time the debtor's rights under such plan or contract arose;
(ii) such payment is on account of age or length of
service; and
(iii) such plan or contract does not qualify under section
401(a), 403(a), 403(, or 408 of the Internal Revenue Code of 1986.
(11) The debtor's right to receive, or property that is traceable to -
(A) an award under a crime victim's reparation law;
( a payment on account of the wrongful death of an
individual of whom the debtor was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;
© a payment under a life insurance contract that insured
the life of an individual of whom the debtor was a dependent on the date of such individual's death, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;
(D) a payment, not to exceed $18,450 on account of personal bodily injury, not including pain and suffering or compensation for actual pecuniary loss, of the debtor or an individual of whom the debtor is a dependent; or
(E) a payment in compensation of loss of future earnings of the debtor or an individual of whom the debtor is or was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor.