Most people in New Jersey are hardworking individuals who are dedicated to ensuring that all of their obligations -- including their financial ones -- are met. Unfortunately, some people may experience unforeseen circumstances, such as the loss of a job or an illness or injury, that may impact their ability to meet these financial obligations. For these people, Chapter 7 bankruptcy may be a viable option.
When most people think of risk factors for financial trouble, age may not be the first thing that comes to mind. But recent figures show that older Americans may be seeking bankruptcy relief with increased frequency. New research from the Consumer Bankruptcy Project may have an impact on how New Jersey retirees look at their financial future.
One of the most difficult types of debt to manage is student loans. This is because student loans are typically not dischargeable in bankruptcy. However, New Jersey debt holders may see this change in the future.
Many people looking for a fresh financial start can be confused by the different types of bankruptcy available and the laws associated with each. New Jersey individuals typically file for either Chapter 7 or Chapter 13 bankruptcy. It is important for individuals to look carefully at the qualifications, benefits and drawbacks of each to decide which is right for them.
Many people talk about debt management and the possibility of filing for bankruptcy, but what options await after the dust has settled for those who take this step. Many individuals who file for bankruptcy in New Jersey and across the United states worry that filing will result in a forever damaged credit score and an inability to ever take out loans again. While bankruptcy certainly hits a person's credit score hard, recovery and measured future debts like car loans are not as impossible as they may seem.
Constantly dealing with debt can be emotionally draining. Just when you think there is light at the end of the proverbial tunnel of debt, it is only an oncoming train loaded with more expenses that you are not ready to deal with. The continuous creditor phone calls, the warnings in the mail and the threat of further creditor action may make you wonder if bankruptcy is right for you.