Questions about Personal Bankruptcy

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Q. Due to a bunch of credit card bills I have that are killing me, I may need to fle personal Bankruptcy. Can someone tell me what this will do to me? WIll I be able to keep my house and car and the equipment i need for my business? Im in NJ. how much will this cost? all I really want to do is wipe out my credit card debts but keep my house and car and posessions

A. You probably need a lawyer to help you though this process. The legal fees plus the filing fees will probably run you at least a grand. If you have property you want to hold on to, you probably will choose Chapter 13 instead of Chapter 7. But even if you end up filing Chapter 7, you are entitled to certain personal exemptions (which vary from state to state.) Up to certain limits, you will be able to hold on to your tools, a car (as long as it's a cheap transportation car), your household possssions and a modest amount of cash. To keep your house, you most likely will want to do Chapter 13, which means you will make payments for several years, with the debt being discharged at the end of the series of payments (which will be enough to pay off part of your debt.)

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