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Recent study's data shows people fare better after bankruptcy

New Jersey residents have experienced numerous economic setbacks in recent years from which many people are still attempting to recover. Bankruptcy is an effective option that helps families and individuals who are unable to pay their debts. In fact, a recent study indicates that people who do file bankruptcy and receive a discharge fare better than those who continue to struggle to pay their bills.

Where people who attempted to deal with their financial issues without filing bankruptcy were not offered new credit, those who received a discharge received multiple offers. Within a year, obtaining good rates on car financing is possible. Just two to three years post-discharge, some people are able to qualify for a mortgage loan at decent rates.

Over time, the credit scores of filers improved at a faster rate than those who did not file. This study highlights the fact that the myths surrounding individuals filing for bankruptcy are just that -- myths. Along with all of these benefits, filing bankruptcy can relieve the stress that comes with struggling financially.

Many New Jersey residents are overwhelmed by debt for a variety of reasons -- some of which are out of their control such as job loss, divorce, an accident or an illness. Instead of continuing to agonize over how to deal with ever-increasing levels of debt, filing for bankruptcy could be a responsible choice and is often the best option to regain control over finances. Those confronting these issues may benefit from discussing the situation with someone experienced in handling these types of legal proceedings.

Source: The Huffington Post, "How Avoiding Bankruptcy Can Backfire", Steve Rhode, March 4, 2015

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