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When should New Jersey residents file bankruptcy?

Anyone who has struggled with financial issues knows that it can be difficult. Some people are able to work through their issues, while others seem to continue to get deeper and deeper into debt. There are certain circumstances under which New Jersey residents may want to consider bankruptcy.

Homeowners that are behind on three or more mortgage payments often find that the threat of foreclosure is near. Filing for bankruptcy could help a homeowner keep his or her home. It can similarly help people who are in danger of having their vehicle repossessed.

Once the credit cards are maxed out, many people in New Jersey then deplete their savings and often even end up having to use their retirement accounts to pay the bills. If this is the case, it may be time to file bankruptcy in order to get back on track. Most debts can be eliminated in a bankruptcy with a few notable exceptions. Those exceptions are student loans, tax debt and child support. It isn't impossible to eliminate these three types of debt, but it is highly improbable.

Regardless, many people in New Jersey may still find that bankruptcy is the best option for alleviating their financial problems. Having a fresh start financially can make a big difference in the lives of people who file. People who have been hit with garnishments, foreclosures, repossessions and calls from debt collectors may find it comforting to know that there is an alternative out there that can make most of their problems go away. Of course, coming back after a bankruptcy will have its own challenges, but the ability to start over may outweigh those challenges for many people.

Source: The Dickinson Press, "Bankruptcy: A clean slate, but at what cost?" Sherri Richards, July 25, 2013

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