For most folks filing bankruptcy, their greatest asset is almost always real estate.  That is certainly true here in the Gloucester County area. One of the biggest questions I get from people with whom I consult is, will I lose my house if I file bankruptcy?  The question I often ask is, it depends: is it your house or your residence?

Huh?  What difference does that make?  It's my house!  Well, I am here to tell you that it can make a big difference, and that difference comes in with what exemption you can use.  A residence is where you live, and is a key word in the federal home equity exemption used here in New Jersey.  The bankruptcy code provides an exemption for the equity "in real . . . or personal property that the debtor or a dependent of the debtor uses as a residence."  Learn more here.

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Steven J. Richardson
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Bankruptcy, Collections, Student Loan, DUI and Traffic Court attorney in Woodbury, NJ.