Every day, New Jersey residents struggle to make ends meet and pay their bills. Yet, many of them do not think about filing bankruptcy because they have misconceptions about the process and may fear what it means for their futures. Some people even think that filing means they are not trying hard enough to pay their bills.
In the past, people were supposed to be ashamed of filing for bankruptcy. Fortunately, filing for bankruptcy has become more acceptable -- especially since the recession. Unfortunately, this acceptance has not eliminated misconceptions about life after bankruptcy.
Most New Jersey residents are keenly aware that the devastation caused by Superstorm Sandy continues to wreak havoc on people's lives. In response, the New Jersey legislature is working to temporarily stop foreclosure on homes that were damaged in the storm. If the legislation is passed, affected homeowners would receive a three-year moratorium on foreclosure.
The Consumer Financial Protection Bureau (CFPB) takes complaints from consumers about financial institutions and their products. This includes consumers here in New Jersey and around the country who are dealing with debt relief companies, creditors and collection agencies. For the first time since its creation, the CFPB was instrumental in bringing to justice people involved in a debt relief scheme who were taking advantage of people who were near bankruptcy.