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May 2012 Archives

Solutions for New Jersey residents facing foreclosure

When someone is faced with foreclosure on top of an already intimidating amount of debt, it can be a time of understandable stress and uncertainty. Many New Jersey residents with large amounts of debt turn to personal bankruptcy as an answer to their financial situation. Often, when an individual is dealing with debt, a home foreclosure is also on the horizon. Many times, these individuals turn to bankruptcy as a solution not only to solve their debt problems but to prevent a foreclosure.

How to successfully emerge from bankruptcy

New Jersey residents likely agree that not having to declare bankruptcy, and being financially stable, is the most ideal situation. Unfortunately, in a still-recovering economy, this is not a reality for everyone. Debt can accumulate from factors outside of your control, like divorce and unexpected medical bills, and can even build without notice until it is too much for an individual to manage anymore. For many, filing bankruptcy is the answer to a dire financial situation, and will help them regain stable financial footing.

'Octomom' files for Chapter 7 bankruptcy, seeks fresh start

Nadya Suleman, likely better known to most New Jersey residents as the Octomom, has recently filed for bankruptcy. The mother of 14 has a mountain of debt to deal with -- about 20 times the amount of her assets -- that her Chapter 7 bankruptcy filing will work to cut down. For Suleman, the bankruptcy will hopefully provide a fresh start for herself and her family.

Bankruptcy: New Jersey homeowners can stop foreclosure

While foreclosure rates are below what they were a year ago and have gone up just a bit from February to March, foreclosure is still a looming concern for many New Jersey homeowners. In March, there were 69,000 homes foreclosed upon in the United States -- 3,000 more than in February. And even still, there are plenty of homeowners who are behind on their mortgage payments and on the edge of foreclosure. Homeowners in trouble on the mortgages do, though, have the opportunity to stop foreclosure.

Even in bankruptcy you have to pay your student loans

When one declares bankruptcy, the hope is that the majority of debt can be discharged or restructured in a way that helps a person regain financial footing. For most debt, including car loans, mortgage, credit card debt, medical debt, and even gambling debt, this is true. However people everywhere, including in New Jersey, are finding that one often-huge debt is not dischargeable in bankruptcy: student loans.

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

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