It has been several years since the housing market crashed and three years since Hurricane Sandy hit New Jersey. However, the amount of outstanding and delinquent mortgage debt in the state has moved it to the number one spot in the nation for foreclosures. Now that certain deadlines and requirements set by the state legislature and courts have passed, the floodgates are opening.
New Jersey consumers who find themselves with mountains of debts may be overwhelmed by the many suggestions by friends and family who are eager to give advice on how to remedy the situation. One of the options -- and possibly the most effective one -- is personal bankruptcy. However, certain myths about bankruptcy may cause procrastination.
New Jersey residents encounter financial difficulties from a variety of sources. Some are recovering financially from divorce, long-term illnesses or injuries, or some other life-altering calamities that end up leading to an overwhelming amount of debt. Others simply made ill-advised financial decisions. Whatever caused you to end up under a mountain of debt, Chapter 7 bankruptcy might give you a fresh start financially.
Being overwhelmed by debt can cause a great deal of stress, fear and anxiety. Those feelings may be alleviated by making the decision that filing for bankruptcy in New Jersey is your best option. However, the process is paper intensive and complex, which may only bring back those emotions. Fortunately, you do not have to go through the process alone.