As the year comes to an end, many New Jersey homeowners may be wondering whether Congress is going to renew the homeowner friendly tax provisions that are expiring on Dec. 31. Many homeowners continue to struggle with their mortgage debt and are doing what they can to find some closure before the end of the year. One of the biggest questions on a lot of minds right now is what will happen come Jan. 1 if the situation isn't resolved.
As if to add insult to injury, Hurricane Sandy has further devastated the New Jersey housing market. Homeowners that were struggling with housing debt before the hurricane may be suffering even more than they were before. Many families no longer have a habitable home, if any at all, to return to after the storm.
Gary Dourdan was once part of the cast of the television show "CSI: Crime Scene Investigation," a program he worked on for eight years. New Jersey fans of the show may find it hard to believe that the actor has filed for bankruptcy protection, though it appears to have been a responsible action to finally achieve debt relief from longstanding financial issues.
Many New Jersey residents may not know that debt owed for back taxes generally cannot be discharged in a bankruptcy. However, there are some notable exceptions under the Bankruptcy Code that may allow certain tax debts to be removed.
Many people around the country, including in New Jersey, are having a difficult time paying their bills and are often living from paycheck to paycheck. For many, the situation has reached the point where they are looking for help. Debt relief options, including bankruptcy and other strategies, programs each have pros and cons depending on each individual situation. Those facing these options may benefit by considering every aspect of a debt relief option before committing to one.