Residents of New Jersey can turn to the relief that bankruptcy can provide from crippling debt after falling victim to a variety of circumstances. Last week we discussed how 60 percent of Americans are pushed into bankruptcy by medical expenses. However, there is a whole spectrum of other reasons that can result in a similar struggle.
New Jersey residents likely recognize the name Dionne Warwick for her signing talents, and hits like "Do You Know the Way to San Jose." However, bankruptcy courts know her name because the singer recently filed for bankruptcy under Chapter 7 in New Jersey. The singer reportedly has $25,500 in assets in addition to the $20,950 she is presently earning by way of income. Not only is this a far cry from the wealth that she used to have, but her income and assets are nowhere near enough to cover the reported $11 million she carries in debt.
For similarly qualifying individuals in New Jersey, filing for bankruptcy under Chapter 7 with the assistance of an experienced bankruptcy attorney can mean discharge of unsecured debts in as little as four or five months after filing.
Warwick reports that she incurred financial struggle due to trusting the management of her money to the wrong individual. According to one source, "before she knew it, she owed a gazillion dollars in taxes." Luckily for Warwick and others similarly financially struggling, many kinds of taxes can be discharged through bankruptcy under Chapter 7. Among other types of debt that can be discharged include credit card debt, medical debt and legal judgments.
An experienced bankruptcy attorney in New Jersey can help individuals with less debt, more debt or debt incurred under different circumstances similarly seek a new beginning. In many instances a skilled attorney can help an individual do this with the individual still being able to keep their house and car. Being shackled by debt can feel like prison, but there are ways out.
Source: The Wall Street Journal's Bankruptcy Beat blog, "Do You Know the Way to Bankruptcy Court?" Jacqueline Palank, March 26, 2013