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New Jersey bankruptcy: Talking about debt can be difficult

Most Americans have debt these days - it's really only a matter of how much and whether each individual has the capacity to pay it. In today's economy, more and more people are simply unable to do so. Understandably, many New Jersey residents don't want to talk about their debt and how tough things are for them. However, being able open up about debt, bankruptcy, and tight budgets may help relieve some of the stress debt creates.

Sometimes just being able to talk about your situation to another person can help immensely. Not only can it relieve the burden of being the only one who knows, but it may also uncover an ally. Many New Jersey residents may be surprised to discover that their friends and family are having just as hard a time as they are.

Once it's out in the open, friends and loved ones may better understand why you can't go out anymore or buy the things you used to buy. Everyone can then scale back their expectations and be more understanding. In addition, it may also lead to open discussions about possible solutions to an ever growing mountain of debt, collection calls, and other stresses that come with not being able to deal with debt.

One option that could help is filing for bankruptcy. Filing for either Chapter 7 or Chapter 13 bankruptcy protection can further relieve stress by stopping creditor collection calls, halting a foreclosure, and providing a fresh start. Talking about debt may be difficult, but knowing that there are options and that others are in the same situation can offer some much needed relief.

Source: Fox Business, "Why are You Keeping Your debt a Secret?," Peter Andrew, Sept. 13, 2012

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