Seeking bankruptcy protection from creditors is a step that should not be taken lightly. But if you have reached a point where that has become a serious consideration, you may be aware that there are two types of bankruptcy available to individuals: Chapter 7 and Chapter 13.
Sports fans and investors alike look forward to riding the ups and downs of the season with their favorite team year after year. Unfortunately, some New Jersey season ticket holders and charitable organizations have been recently deprived of that opportunity-- and have been trying to get a refund since.
A case argued before the U.S. Supreme Court recently could drastically change the way retirement funds are handled in bankruptcy court. Currently, certain retirement funds such as IRAs are protected under the U.S. Bankruptcy Code and that same protection is extended to inherited IRAs. However, that could change depending on the court’s decision.
A recent trend in legal matters has been the growth of the do-it-yourself industry and non-lawyers helping people prepare legal forms and documents. In some very simple legal matters, this may be sufficient. But some areas of law require more expertise and experience. Debt relief through bankruptcy is considered by some in New Jersey as one of those areas.
Medical expenses are still the number one reason many households in New Jersey are forced into overwhelming debt. The hope of some that the Affordable Care Act would curb the rise of the cost of healthcare has been discouraged by glitches on the health care exchange site and low enrollment figures. In fact, by Dec. 28 just over 105,000 New Jersey residents had enrolled through the exchange site, despite predictions that least 900,000 are eligible.
Bankruptcy filings have been on the decline for the past few years, but financial experts say that the pattern could reverse this year as the economy continues making slow improvements. Yes, you read that right: An improved economy can actually result in more people filing for bankruptcy.
Bankruptcy can be a life-changing event for individuals and families who have to file in order to seek debt relief. However, for many corporations here in New Jersey, struggling with debt is something that is constantly wrestled with. For those who are unable to cover costs, pay wages for employees or have other financial hardships, filing for Chapter 7 bankruptcy is one option that can offer some legal protection against creditors.
The cost of living in New Jersey is higher than many other places in the country, particularly when it comes to the cost of housing. Across all the counties in New Jersey, Monmouth County in particular can be one of the most costly counties to live in. These facts coupled with plummeting wages can place an exceeding amount of stress on residents that are already financially struggling.