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How to tell when it may be time to file for bankruptcy

Some New Jersey residents would swear they woke up one morning to an overwhelming amount of debt. At that point, it can seem as if there is no way out. Some people benefit from simple fixes such as budgeting and cutting back on expenses. However, for many people, these steps are not going to help. In that case, it may be time to file for bankruptcy.

It can take some time for a consumer to figure out one's financial situation. Gathering all of the statements, whether paper or online, and making a list of how much is owed and to whom is a good start. This list should include everything from the mortgage to store credit cards and everything in between. This is the only way to get a complete financial picture.

This is the point where some consumers are able to cut back on expenses, work double shifts or a second job and pay off their debts. Hearing this type of advice can frustrate individuals who are already working as much as possible and have made as many budget cuts as is practical to live. Even then, only the essentials are getting paid.

It is at this point where some New Jersey residents begin to consider bankruptcy. Filing for bankruptcy can provide the filer with the freedom to take a step back from his or her financial situation and breathe for the first time in what may feel like an eternity. Collection calls are stopped by court edict, and there is a light at the end of the tunnel. Those getting out of debt strategies could now serve as the foundation for the fresh financial start the filer could receive when the bankruptcy is over.

Source: CNN Money, 3 simple steps to get out of debt, Sarah Max, March 20, 2014

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