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.
Because a lot of myths surround bankruptcy, many people are reluctant to file even when it's in their best interest. While alternative solutions like debt settlement are touted as better than bankruptcy, they actually have quite a few downsides. The Balance explains this process so you can make an informed decision about your finances.
There are many reasons why filing for bankruptcy can be a difficult decision to make, whether one is worried about various legal stressors or the different ways in which a bankruptcy filing may affect their lives. However, some people push off the bankruptcy process (or avoid it altogether) because they are concerned about the stigma surrounding bankruptcy. However, you should not allow these concerns to get in the way of what is best for you, financially and in other aspects of your life. Filing for bankruptcy has helped many people who were buried in debt and unable to have hope with respect to their financial future.
There are a lot of different factors when it comes to filing for bankruptcy, from the financial benefits of eliminating debt to exploring some of the different types of bankruptcy as well as the benefits of each option. For some people, however, the bankruptcy process can be challenging, especially if someone is dealing with other hardships at the same time. For example, someone who is dealing with depression may have a particularly difficult time while working through their bankruptcy, and it is imperative to take the right approach to bankruptcy if you are in this position.
Auto accidents can shatter lives in countless ways. Many crash victims struggle from a physical point of view, whether they are seriously hurt, or they are suffering from a great deal of pain. The mental of an accident can be overwhelming too, and victims should not overlook the financial ramifications of a crash. In some instances, auto accident victims take on high levels of debt due to an accident. After all, with hospital bills, property damage and lost wages due to an injury, there are many reasons why traffic crashes can result in excessive debt. For some people, filing for bankruptcy can not only help eliminate accident-related debts, but help them recover from the crash in other ways.
While it can help you get a handle on debt, filing for bankruptcy does have a negative impact on your credit score. While bankruptcy will stay in your credit history for a number of years, there are steps you can begin taking right away that will boost your credit score and prevent you from making financial missteps in the future. Nerdwallet offers the following tips to help you get back on track.
Most states have homestead exemption laws that prevent homeowners from losing their homes in bankruptcy by protecting all or some of the equity in their primary residences. Unfortunately, New Jersey has no such laws. Instead, residents of The Garden State who want to avoid destitution in tough financial times must turn to the federal government exemptions.
Are you a resident of New Jersey with too much debt and no way to bail yourself out? William H. Oliver Jr., & Associates, can provide you with a basic rundown of Chapter 13 and Chapter 7 bankruptcy options. One of them may be exactly what you need.
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.
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.