Advice columns in New Jersey and elsewhere recommend how to get out of debt. Unfortunately, many individuals' financial problems have gone beyond the otherwise good advice that many columnists provide, and bankruptcy may be the preferred way to responsibly deal with financial problems that have become unmanageable. Other consumers, however, find the advice helps them pay down or even eliminate their debt.
Even with the downturn in the economy, many people in New Jersey are still made to feel guilty if they are unable to meet their financial obligations. Many people feel they should be ashamed that they aren't paying their bills and have filed for bankruptcy protection. On the contrary, filing bankruptcy may have been the best and most responsible decision a consumer could make to deal with his or her financial situation.
The cost of healthcare in our country continues to rise. Combine that with the fact that many New Jersey residents don't have adequate health care coverage, if they have any at all, and the result is that there are a lot of people unable to pay their medical bills. Many patients have filed bankruptcy in order to find some relief from large amounts of medical bills.
Most people in New Jersey have at one time or another heard about the importance of the credit score. At least some of those people are not familiar with how a credit score is derived. It may be unclear how different things such as being a late payer or bankruptcy can affect a person's credit score.
Anyone in New Jersey that has had a debt sent to collections knows how it feels to be harassed by debt collectors. It's stressful enough to be subjected to some debt collectors' tactics while contemplating bankruptcy; but when the debt doesn't even belong to the party being harassed, the stress can be just as bad. One debt collection agency has been under investigation for harassing people who have either paid off the debt in question or don't even owe the debt they are being harassed over.
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.
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.
While the Olympics are wrapped up and the events are over, the eyes of Essex County sports fans are still on the athletes who competed and walked away victorious. This attention, as it does for any celebrity, is not always the most positive, though. For Gabby Douglas, a gold-winning gymnast, this has brought the eyes of the world to her family and her mother's Chapter 13 bankruptcy.
New Jersey residents may be among many who imagine that someone in the public eye, such as an athlete or actor, must be rolling in the money and well away from financial trouble. While this may be the case for some who are actively working in the public eye, when a celebrity falls out of this popularity their finances can decline quickly. When these individuals are often unable to adjust to new financial situations and changes in how much they can spend, they can find themselves facing debt and even the need for bankruptcy relief.
Traditionally, student loan debt has been a problem that younger or middle-aged Americans had to worry about. Now, however, a growing number of retired New Jersey citizens find themselves having to confront student debt head-on. Many of them may have taken out the student loans to help children or other dependent family members cover college tuition, while some took on the loans for themselves to attend college later in life. Whatever their reasons, the government is now becoming more aggressive in seeking re-payment for those loans, even if it means taking a bite out of retiree Social Security benefits and even if it could cause some to seek the protection of the bankruptcy court.