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Posts tagged "credit card debt"

How a Chapter 13 bankruptcy differs from a Chapter 7 bankruptcy

Many New Jersey residents become overwhelmed by debt and decide to file for bankruptcy. However, knowing which form of bankruptcy to file can present a challenge. Significant differences exist between the two main chapters of bankruptcy filed by individuals -- Chapter 7 and Chapter 13.

Chapter 13 bankruptcy could help when income is less than debt

No matter how much money a New Jersey resident makes, he or she can still be overwhelmed by debt. Many people believe that if a person earns a large salary, he or she does not have problems with debt. However, that can be far from the truth. Income level has little to do with the amount of debt a person may accumulate. For some, filing for Chapter 13 bankruptcy could help them pay off debt and achieve stability once again.

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: Young people abstain from credit cards

Many young people in New Jersey are choosing not to apply for credit cards these days. This may turn out to be one of the unintended effects of the recession. After watching many people struggle with their debt and file for bankruptcy, there is a whole generation of people that may be reluctant to use credit cards.

New Jersey bankruptcy: Can credit cards help rebuild credit?

With many consumers in New Jersey struggling with their credit card debt, it may be difficult to believe that credit cards may actually be helpful. As a part of planned debt management, it is possible. Credit cards can be used to rebuild a consumer's credit score after a bankruptcy.

New Jersey bankruptcy: Christmas and financial management

It's that time of year again. The holiday shopping season is in full swing, and many in New Jersey are feeling the pressure to find that perfect gift for each person on their list. One big question that comes up every year is how consumers are paying for those much sought after Christmas gifts. It is during this time of year that some consumers forget their financial management and wind up deeper in debt and facing the prospect of bankruptcy.

New Jersey bankruptcy: Debt drops to pre-recession levels

It appears that Americans are paying less on mortgages, credit cards, and other loans. New Jersey residents who are still facing foreclosure and bankruptcy may not agree, but overall, it appears that families are getting back on their financial feet. The question then becomes whether or not people are willing to start spending again.

New Jersey bankruptcy: Credit card traps consumers hope to avoid

Credit cards often come in handy and can be helpful to build good credit. However, in this economy, more and more New Jersey consumers are understandably using them to get by during hard times. Unfortunately, this can sometimes lead to insurmountable debt. In those instances, bankruptcy may be a feasible way out.

Essex County household debt accumulates, some turn to bankruptcy

In an uncertain economy, overwhelming debt and bankruptcy are a reality for many people. In some cases debt problems can be resolved without bankruptcy, but in others debt can accumulate until it becomes an inescapable problem. When someone in Essex County finds themselves in this situation, bankruptcy protection may provide the best solution.


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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