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Credit card bankruptcy is not always from bad financial choices

Thousands of New Jersey consumers find themselves in precarious financial situations through no fault of their own. Many people file bankruptcy due to a high amount of credit card debt that was incurred paying household bills. No matter what the cause, the family got into debt and needs help to get back on track.

Unemployment is one cause of many New Jersey consumers' financial troubles. A recent report indicates that a family in which one member was unemployed a minimum of two months within a three-year period had a greater risk of being in credit card debt than those who were not unemployed. During the same period, a large percentage of people were unable to secure full-time employment. Working only part-time stressed their finances regardless of how much they were able to budget.

Medical and related insurance issues also account for a healthy percentage of people with more debt than they can realistically handle. Homeowners who were -- and still are -- affected by the housing crisis also tend to carry additional credit card debt. These situations and others cause a larger amount of debt regardless of the fact that the families spend less money than those who are debt-free.

When unforeseen financial circumstances put a strain on a New Jersey family, filing bankruptcy could be the answer. Once filed, any collection activity stops. Filers receive the chance to step back and take an objective look at their financial situations. Once most, if not all, of a family's debts are gone, they have the chance to start fresh financially.

Source:, "No, People Don't Get Buried In Credit Card Debt Because They're Bad With Money", Bryce Covert, May 10, 2014

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