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Debt Management Archives

Determining whether to file Chapter 7 or Chapter 13 bankruptcy

Overwhelming debt can either sneak up on a person or hit them like a ton of bricks, depending on the circumstances. Either way, the results are the same -- people are unable to pay their bills and creditors are harassing them. In order to obtain a financial fresh start, many New Jersey residents decide to file for bankruptcy. When that happens, they inevitably have numerous questions about where to begin.

How to complete credit counseling after bankruptcy

Now that you have decided to file for bankruptcy in New Jersey, there are certain requirements that must be met before you can receive a discharge. One of these requirements is credit counseling. This may sound complicated, but, fortunately, the procss can be made easy with help from a bankruptcy law firm.

Planning for retirement after a bankruptcy late in life

The financial ramifications of the recent recession could be felt for years by many New Jersey residents that are either approaching or over the age of 50. Many people lost their savings and retirement accounts, lost their homes and/or incurred a great deal of debt in order to survive. As a result, some individuals filed for bankruptcy protection or otherwise started over financially.

New Jersey bankruptcy: Credit card debt has dropped nationwide

It may be no surprise to anyone in New Jersey that prior to the recession, Americans were addicted to credit. Credit card debt was out of control for many people, which is, at least in part, illustrated by the dramatic jump in the amount of people filing for bankruptcy during the recession. As the country emerges from the recession, data is showing that Americans have the lowest level of credit card debt in many years.

New Jersey bankruptcy: Debt relief traps consumers fall into

Consumers around the country and in New Jersey are often working to pay off their debt. Many people, however, fall into financial management traps that can actually sabotage their efforts. There are certain debt relief strategies that come just short of bankruptcy that consumers may believe are the prudent thing to do, but could end up costing a consumer more in the long run.

New Jersey bankruptcy: The freedom of living without credit cards

Many people in New Jersey may be wishing at this moment that they didn't have credit card debt and could live without credit cards. There are those who believe that our society has been led to believe that we can't live without credit cards and some people are actually scared to do it. Anyone who has been through a bankruptcy may already know what it's like to live without credit cards and wishes more people also knew the freedom it can bring.

New Jersey bankruptcy: Pay credit card debt before saving

When people give financial advice, they invariably talk about how important a savings account can be to any financial plan. The problem is that when a consumer is struggling just to pay the bills, is living off of credit cards and contemplating filing bankruptcy, it may not make much sense to start a savings account. The question then becomes how to get out from under a mountain of credit card debt.

New Jersey bankruptcy: Debt collector investigated re harassment

Anyone in New Jersey that has had a debt sent to collections knows how it feels to be harassed by debt collectors. It's stressful enough to be subjected to some debt collectors' tactics while contemplating bankruptcy; but when the debt doesn't even belong to the party being harassed, the stress can be just as bad. One debt collection agency has been under investigation for harassing people who have either paid off the debt in question or don't even owe the debt they are being harassed over.

New Jersey baby boomers could face bankruptcy at retirement

There may be plenty of baby boomers in New Jersey that wish they could afford to retire, but just don't feel they can due to their financial situation. When the recession hit, many baby boomers believed that the equity in their home was like having a savings account. Now, some of those same people are facing foreclosure and bankruptcy due to circumstances out of their control.

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At the law offices of Minion & Sherman, our New Jersey bankruptcy attorneys have been providing families with real solutions for more than 20 years.

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