When you have too much month left at the end of your money, it's time to do some serious belt-tightening. No one likes to lead a restricted lifestyle, but if you are unable to pay your bills, it's necessary.
Below are some tips for cutting back on your budget.
Debt is a common issue in the United States. The average household may have credit card debt as well as a mortgage and a car loan, to say nothing of the student loans that the parents may carry as well. Given that the average American household does carry some degree of debt, it is no surprise that there are companies looking to turn a profit off of people struggling financially.
You may have seen ads on the television or heard them on the radio discussing debt relief companies that can consolidate your debts or help you negotiate a lower balance for a lump sum payoff amount. These services may sound excellent, but in reality, they are often only a topical bandage on a severe wound.
Whether you've fallen behind on your mortgage payments or foresee this happening in the future, it's critical to take immediate action to protect your home and legal rights.
Despite your financial frustrations, there are steps you can take to settle down your situation and save your home from repossession.
If medical debt has accumulated to the point where you can no longer afford to keep up with your monthly payments, you are not alone. In fact, it's estimated that 20% of Americans who are of working age and who have medical insurance still have trouble paying their medical bills.
What can that mean for you? It can not just put a damper on your lifestyle by eliminating funds for vacations and entertainment. For many, it can mean not having the funds to pay rent or mortgages and keep the lights on if they keep up with the payments on these health care bills.
People hesitate to bring up the "F" word. No, we're not discussing profanity. We're talking about foreclosure.
Foreclosure is a firghtening prospect, as it means that you and your family could soon find themselves homeless if you don't make or catch up on your mortgage payments.
Are you strung out on your debts and unable to make even the minimum payments? If so, you may be contemplating filing for bankruptcy.
It can be confusing to know which type of bankruptcy is right for you. Below are some basic facts about filing for personal bankruptcy.
New bankruptcy laws will be taking effect this coming February that can affect small business owners who may want to take advantage of the bankruptcy protections available to them under Chapter 11.
Earlier this year, the Small Business Reorganization Act of 2019 was passed and signed into law. A new subchapter of the Bankruptcy Code has been added to Chapter 11 filings.
It's easy to feel frustrated when you can no longer manage to pay your bills every month. But you should be aware that there is a way out of debt.
Bankruptcy is viewed by some as a negative experience that indicates that you failed. The truth is that bankruptcy is simply a legal method of protecting yourself from overwhelming debt. It's a way to help you overcome your losses and to get a fresh financial start.
While there are several notable financial missteps that companies in New Jersey can make that ultimately require them to file for bankruptcy, there are other reasons why unsettling financial problems may occur that are sometimes out of their control. The ebbs and flows of supply and demand and the health of the economy are two factors that could contribute to a company's financial demise even if they have made valuable efforts to secure their assets.
This is the case for Murray Energy which has long been admired as the largest private coal miner in the nation, but who is now facing bankruptcy with the decreased demand for coal. Though there are negotiations in place to allow the coal giant to receive financial support as it restructures agreements with its lenders, there is evidence of financial problems throughout the company. Lenders have not been paid on time and the company has been unable to pay some of its bills.
When homeowners can no longer make mortgage payments, foreclosure is a very real possibility. The entire process can take a bit of time to conclude, which provides the homeowners with many opportunities to catch up on missed payments and retain ownership of the property. The Balance explains what you can expect from the foreclosure process and what you can do to stop it.
While you'll be notified by your lender immediately after the first missed payment, you won't be considered in default until you're three months behind on your mortgage payments. When receiving any notices, be sure to read them carefully so you know just what's being requested of you. It may be possible to work out a plan with your lender, provided you act quickly enough. You may also be able to take steps to refinance the home, which might make your mortgage payments easier to manage. If you don't take the proper steps, the lender will move forward with the foreclosure.
With offices in Toms River and Neptune, attorney William H. Oliver is ready to answer your questions and help you find the right debt relief solution. Evening and Saturday appointments are available. Call local: 732-988-1500 or fill out our contact form.
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Toms River Office
609 Main Street
Toms River,
NJ
08753
Fax:
732-775-7404
Toms River Law Office Map
Neptune Office
2240 State Route 33
Suite 112
Neptune,
NJ
07753
Phone:
732-341-1550
Fax:
732-775-7404
Neptune Law Office Map
