New Jersey residents have the second highest rate of foreclosure in the country. However, people who have been struggling with financial challenges and might be facing foreclosure may receive some help from a recently proposed bill, according to a news report.
Filing for bankruptcy is a valuable option for many who are struggling with mounting debt. The debt relief provided by filing for bankruptcy can make it easier for someone to deal with their debt, even if it takes a little longer than anticipated. As was the case recently case in New Jersey, it can even save the family farm.
Medical debt is one of the more stubborn types of debt for New Jersey residents to carry. High medical bills often lead families very deeply into debt.
Even as bankruptcy filings are decreasing across the country, a new surge in filings may be just around the corner here in New Jersey. As baby boomers reach retirement age without sufficient funds to support themselves, filing for bankruptcy may become necessary.