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Monmouth County Bankruptcy Law Blog

Should you file Chapter 7 in 2017?

It's a new year, and for some, it's a good time to file for bankruptcy to get out from under unmanageable debts. The type of slate-clearing bankruptcy many debtors seek is Chapter 7.

Individual debtors may qualify for filing under Chapter 7, but a means test is involved. The means test determines whether debtors are truly insolvent. Bankruptcy can't be filed in any case if a debtor had a prior petition dismissed because they didn't show up for court or violated the court's orders in the six months prior to this filing.

How to manage credit card debt

Credit debt is an ongoing problem for many people in New Jersey. Ignoring the problem will not make it go away. If you are struggling to make minimum payments, you should learn more about your options.

Assess your financial situation

Evaluate your financial situation so you can get a clear picture of what you are working with. Consider ways you can cut back on nonessentials to start chipping away at your credit card bills. If you have already examined your income and concluded there is no way you can comfortably make the minimum payments on your accounts, then you should calculate the amount you can afford to pay.

New law on student loan debt forgiveness takes effect

It's a nightmarish scenario — grieving parents struggling to cope with the loss of their sons and daughters while being dunned to pay back the student loans they co-signed to further their now-deceased children's educations.

Finally, New Jersey state lawmakers made a bold move. Last November, the legislature passed a law mandating that student loan lenders discharge these debts if the student dies or becomes disabled.

Try new debt-reduction strategies in 2017

If your New Year's resolutions include resolving old debts, keep reading. According to the Federal Reserve, almost half of households in America can't pay off their credit card bills each month. The combined debt figure tops $800 billion owed to plastic accounts.

That breaks down to, on average, over $15K owed by each household, which is typically owed on four credit accounts. Consumers wind up juggling debts between cards, robbing Peter to pay Paul just to get from month to month.

Stuck paying off Christmas debts at Easter? Say no to credit

Did your credit cards really get a workout this holiday season? All that holiday debt can make the celebrations less merry and bright, as consumers struggle to pay down these debts far into the new year.

One survey showed that over 25 percent of American consumers get indebted over the holidays and need more than a month to get out of debt. Of that total, two-thirds require at least three months to fiscally recover.

Don't get rushed into foreclosure

Will this be your last holiday season you will spend in your home? Is foreclosure looming large and bearing down fast? If so, it's time to make some hard decisions.

You might feel as if you no longer have a choice in the matter any longer, but quite often that's not the case. Learning that you actually do have some wiggle room regarding a pending foreclosure can be empowering.

The pros and cons of filing for Chapter 13 bankruptcy

If you have found yourself here on this blog, chances are good that your financial situation is dire. If you are considering filing for Chapter 13 bankruptcy, you should understand the pros and cons. First, the pros.

-- You get longer to repay your debts.

5 misconceptions about bankruptcy

What comes to your mind when you hear the word "bankruptcy"? Perhaps you think that filing means all of your debts will be erased or that you will have to live without your car and house. Misconceptions about bankruptcy are common, so it is worth looking at a top few.

Plan your post-bankruptcy financial future

Many consumers who are struggling with debt hesitate to file for bankruptcy because they dread tanking their credit rating and not being able to buy a home, a new car or even open a credit card account in the future.

It's a reality that needs to be weighed carefully, but consumers should realize that filing a Chapter 7 bankruptcy does not preclude them from ever qualifying for credit again.

Americans struggle with debt while hospital execs rake in cash

It's enough to make you steaming mad. Even as 20 percent of working Americans struggle with mounting piles of medical debt, hospital executives are cashing in millions in annual salaries augmented by benefits. Some of those are even at the helm of non-profits.

America spent a total of $3 trillion for health care in 2014, of which 32 percent was allocated for hospital care. Roughly 25 percent of those costs went to administrative overhead expenses, the Health Affairs journal claims.

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At the law offices of William H. Oliver, Jr. & Associates in Toms River and Lakewood, New Jersey, we represent clients in Toms River, Neptune, Trenton, Middletown, Red Bank, Wall, Lakewood, Lakehurst, Manchester, Asbury Park, Old Bridge, Jamesburg, Barnegat, Forked River, Manahawkin, Ocean Township, Brick, Manasquan, Howell, Freehold, Hazlet, Bradley Beach, Brown Mills, Long Branch, Keansburg, Marlboro, Bayville, Beachwood, Whiting, Sayreville, South River, East Brunswick, Monmouth County, Ocean County, Middlesex County, Burlington County and Mercer County.