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How are budgeting and chapter 13 linked?

If you’ve been granted chapter 13 bankruptcy in New Jersey, you probably know how important it is to keep current on your payment schedule. You may even create a budget for spending to ensure your creditors continue to be paid, and it can be difficult for many families to stick to the budget they create. To help you along, U.S. News & World Report offers the following advice.

Resolving tax debt without going financially bust

For many New Jersey residents, tax time is a time to rejoice, as it means a return on all the excess money they paid into their taxes throughout the year. For others, however, such as higher earners, small business owners and freelancers, tax time is a time to dread. These individuals often end up owing taxes. Some tax debts are as little as a couple hundred to a few thousand dollars, while others are well over $10,000. For those who owe money, tax time means refiguring their finances to pay off a large debt they cannot realistically afford. 

How can I save money during the holidays?

For people in Monmouth County experiencing financial instability, the holiday season can be stress-inducing. Proper money management is crucial this time of year, as overspending on gifts and entertainment can leave you struggling once the new year arrives. The Balance offers the following budgeting tips, so you can enjoy the holidays without breaking the bank.

Should I choose Chapter 7 or Chapter 13 bankruptcy?

When you decide to file bankruptcy in New Jersey, you must first decide whether you will file Chapter 7 or Chapter 13. This choice will affect many aspects of your case. You could preserve your assets or lose them all. You could wipe your debt clean quickly or have to make repayments and not end your case for years. This decision needs to be made carefully, so you ensure you make the correct move.

What should I not do before filing bankruptcy?

There are many things that you may do that could lead you to having to file bankruptcy in New Jersey. However, once you make the decision to file, there are things you should absolutely not do. Some moves you make could lead to further trouble for you. It is a good idea to be aware of these things so you do not end up causing more issues for yourself as you try to file bankruptcy.

Steps to take after bankruptcy

If you’ve recently filed for bankruptcy in Monmouth County, you may be wondering what steps to take next. Getting your finances back on track can take some time, but it is possible provided you have the right information, such as tips on how to create a viable budget. U.S. News & World Report offers the following advice in this case.

Reviewing other benefits of bankruptcy

We have gone over many bankruptcy-related issues on this blog, from the options that people who are considering bankruptcy may have to the ins and outs of different types of bankruptcy. Many people are aware that filing for bankruptcy can help a person from a financial point of view if they are buried in debt and being held back by what they owe. However, bankruptcy can be advantageous for many other reasons, which we will look into in this post.

Can you avoid having to file for personal bankruptcy?

You have recently hit hard times and are feeling the pressure of financial strain. The thought of filing for personal bankruptcy in New Jersey has crossed your mind, but first you are wondering if there is anything else you can do before you make such an impactful decision. Fortunately, there are adjustments that you can make to hopefully boost your financial well-being and avoid having to make a decision that could have many long-term consequences. 

Can I talk to my creditors about my credit card debt?

You might believe that everything on your credit card bill from the interest rate to the minimum payment is set in stone, which in turn makes it impossible to get out from under your current credit card debt. Debt fears, however, should not overwhelm you or your New Jersey household. Contacting your credit card company and ask them for help in managing your debt might be the answer you are looking for.

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