Minion & Sherman
Call Us Today for a Free Confidential Consultation
973-559-5791

Bankruptcy and debt management helping residents of New Jersey

The current dismal job market and floundering economic climate are affecting households all across the U.S. Many people in New Jersey are relying heavily on credit cards to make ends meet and so end up facing substantial debts. Couples who get too deep into credit card debt can feel like there is no way out. The good news is that there are a number of ways for people who are faced with financial difficulty to get their checks and balances back into fighting shape - and bankruptcy is one such option.

Recently, a woman told reporters her and her husband's story, which may hit home for many Americans. They had been struggling financially when her credit card was declined at a cash register. She joked that her husband must have cut her off, but in reality, the credit card company had closed their account. Things went from bad to worse when her husband's application for a home repair loan was denied. The loan officer told him that based on the state of his finances, he may want to consider bankruptcy.

This incident spurred the couple into action. They closed more credit card accounts and, with the help of a credit counselor, began to regain control over their spending. It took five years of monthly payments of $665 to clear their credit card debt. The couple owed over $90,000 on 17 different credit cards, but the woman said that she never realized the extent of their debt obligations until they settled the total balance. At the end of the process, the couple no longer needed bankruptcy protection.

The couple's discipline is extraordinary. However, not everyone is able to stick to a strict repayment plan as this couple did. In fact, many people simply can't muster the resources needed to erase their debt. Many people instead choose to file for bankruptcy protection; a process that liquidates assets and helps filers pay off as much of their debt as possible. Filing for bankruptcy can free New Jersey residents from the burden of harsh financial difficulties.

Source: The Buffalo News, "Gaining freedom from debt requires years of sacrifice," Susan Tompor, 20 June 2011.

No Comments

Leave a comment
Comment Information

Articles

At the law offices of Minion & Sherman, our New Jersey bankruptcy attorneys have been providing families with real solutions for more than 20 years.

Email Us For A Response

Contact Us Today for a Free Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

West Caldwell Office
33 Clinton Road
Suite 105
West Caldwell, NJ 07006

Toll Free: 866-915-1839
Phone: 973-559-5791
Fax: 973-882-0856
Map & Directions

Newark Office
201 Washington Street
Newark, NJ 07102

Toll Free: 866-915-1839
Phone: 973-559-5791
Fax: 973-882-0856
Map & Directions