The generation of students coming out of college may still be paying for their credit cards long after graduation. Some projections indicate that the newest generation of credit card users could still be paying for their credit card debt when they die. Some in New Jersey may decide to file bankruptcy long before that happens.
Hurricane Sandy ripped through New Jersey months ago, but the damage done is still being discovered. Recent reports have indicated that mortgage delinquencies have risen in areas hit by the hurricane. The financial losses suffered by many in our state may lead to a surge in bankruptcy filings if homeowners are unable to recover from Hurricane Sandy's aftermath.
For any Essex County business, it is important to make wise decisions for the future prosperity of the business. Even if these decisions seem to be good for the future of a business at the time they are made, though, one cannot always foresee how certain decisions will actually play out. In some cases, financial struggles and even bankruptcy can result when these decisions ultimately don't turn out the way they were intended.
New Jersey homeowners and those familiar with this blog may have heard about the slight nationwide decrease in foreclosures seen in the first few months of the year, as compared to a year earlier. The decrease was a small one, with many states still holding onto high foreclosure rates. However, whether due to still mounting debt or a still unstable economy, national foreclosure rates have gone up again -- the first national increase in 28 months.
Nadya Suleman, likely better known to most New Jersey residents as the Octomom, has recently filed for bankruptcy. The mother of 14 has a mountain of debt to deal with -- about 20 times the amount of her assets -- that her Chapter 7 bankruptcy filing will work to cut down. For Suleman, the bankruptcy will hopefully provide a fresh start for herself and her family.
There was once a time when New Jersey residents, and people all across America, would put paying off home loans as a priority in their debt management. In fact, out of the three most typical types of loan payments -- car loans, credit cards and mortgage loans -- American's are placing more priority on car loans than anything else. While these loans are certainly important, disregard for other payments may lead to worse debt hardships that sometime require bankruptcy protection to solve.
The good news is that foreclosure filings in New Jersey dropped by a whopping 73 percent in 2011. While some may see that as evidence of an improving economy, others say it is simply the calm before the storm. Much of the statistical findings about this debt struggle revolve around what is described as a dysfunctional foreclosure process, with lenders relying on improper and sometimes even falsified documentation to repossess property. Those issues have had greater effects in states, like New Jersey, that rely upon the courts for resolution of mortgage disputes. That has led to delays throughout the state to the point where the average foreclosure takes about two and a half years to complete.
Overspending during the holidays is tempting. Many people are in the spirit of giving and want to find the perfect gift for everyone on their list. While there is nothing wrong with generosity, it is important to find gifts that fit within your budget. A recent article discussed what can go wrong when consumers -- bombarded by exclusive or limited-time online deals -- spend more than they have.
An October snowstorm did not stop protesters from rallying against home foreclosures on Oct. 29. The Coalition to Save Our Homes marched in Irvington, New Jersey, to demand that action be taken against lenders. Holding up signs saying "Stop Foreclosures," they allege that mortgage lenders deliberately overpriced the market.