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What Happens After Filing for Bankruptcy in New Jersey? Your creditors will stop bothering you soon after you file. It takes a few days because the court mails your creditors notice of the "automatic stay" order that prevents most creditors from continuing to ask you to pay them.

It depends on your unique circumstances, but to give a rough guideline: Chapter 7 ? In the vast majority of cases, the Chapter 7 process lasts three to four months. After partnering with an attorney who will file with bankruptcy court, a trustee will liquidate nonexempt assets and impose the automatic stay.

Most Chapter 7 bankruptcy cases take between 4 - 6 months to complete after filing the case with the court. The order erasing eligible debts can be granted as early as 90 days from the date the case was filed. No-asset cases are typically closed a couple of weeks after the discharge date.

Under all scenarios, a chapter 13 requires an individual to make monthly payments to a trustee, which is referred to as a trustee or plan payment. In general, the number of months of the plan is based on the debtor's ability to pay the total amount required.

If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.

Will Filing for Bankruptcy in New Jersey Erase My Debts? Bankruptcy wipes out many bills, like credit card balances, overdue utility payments, medical bills, personal loans, and more. You can even get rid of a mortgage or car payment if you're willing to give up the house or car that secures the debt.