By now, many New Jersey residents are aware that hopeful college students have incurred more than $1 trillion in student loan debt across the nation. Students are borrowing more than just the actual money -- they are borrowing against their future as well....
Chapter 7
Millions are filing for bankruptcy due to medical debt
Medical expenses are often due to unexpected accidents or illnesses. As any New Jersey resident who has experienced a sudden illness or injury can attest, the costs quickly run into the thousands of dollars and higher -- even with medical insurance. By 2013, the...
More seniors may be eligible to file bankruptcy than in the past
As New Jersey residents age, they are taking more and more debt into retirement than in the past. Some of those people are not able to pay the debts that have followed them into their later lives. As a result, it is possible that more seniors are eligible to file for...
Keeping a secured piece of property in a Chapter 7 bankruptcy
Filing for bankruptcy in New Jersey can cause a great deal of trepidation when it comes to being able to keep your furniture, television and other items. In a Chapter 7 bankruptcy, you are permitted to keep property that falls within certain exemptions. However,...
New Jersey’s poverty rate may lead to more bankruptcy filings
Newly released census data indicates that 998,549 people in New Jersey are living at or below the poverty rate last year. The 11.4 percent poverty rate makes the state one of three that experienced an increase. This could mean more people will file for bankruptcy....
Filing for Chapter 7 bankruptcy in New Jersey
Having a rudimentary understanding of what will happen during a Chapter 7 bankruptcy can help eliminate any hesitation or discomfort New Jersey residents may have with the process. Filing for bankruptcy can be unsettling enough, but not knowing how it works can make...
What does bankruptcy mean for New Jersey consumers
Simply put, bankruptcy is the federal court procedure designed to assist individuals and businesses with eliminating debt and paying creditors. New Jersey residents file two types of bankruptcy most often. The first is liquidation (Chapter 7), and the second is...
Anyone can end up in financial trouble and filing for bankruptcy
Financial troubles do not discriminate based on an individual's income level. Anyone from the average New Jersey resident to famous actors such as Mekhi Phifer can end up filing for bankruptcy. Granted, the average American will most likely not have $1.2 million in...
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...
How to tell when it may be time to file for bankruptcy
Some New Jersey residents would swear they woke up one morning to an overwhelming amount of debt. At that point, it can seem as if there is no way out. Some people benefit from simple fixes such as budgeting and cutting back on expenses. However, for many people,...