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March 2017 Archives

Common bankruptcy myths should not be a deterrent to debt relief

Various recent surveys found that approximately 50 percent of U.S. citizens have savings accounts containing less than $1000 and that an unforeseen emergency expenditure of just $400 would be almost impossible to pay. With so many people in dire financial straits, it is no wonder that many in New Jersey and across the country turn to bankruptcy. Yet despite the financial relief that bankruptcy can offer, some individuals hesitate to take advantage. This may be due to some common – and false – myths about the bankruptcy process.

What is a means test?

If you are struggling financially but are unsure if you qualify for relief through legal means, there is a test you can take to figure it out. It is called a means test. This is something that is available to all New Jersey residents who are considering bankruptcy as a way to resolve their monetary struggles.

Rebuilding credit after the debt relief of bankruptcy

New Jersey residents struggling with out-of-control debt may be considering bankruptcy. While Chapter 7 and Chapter 13 offer debt relief via different methods, there are ways with each to begin working toward financial stability almost immediately after a petition has been accepted. An attorney can help offer insight into any legal restrictions related to applying for credit after a declaration of bankruptcy, but generally, it is up to a lender to determine who qualifies for what particular types of loans or credit card.

Putting an end to creditor harassment in New Jersey

For residents of New Jersey struggling under the weight of insurmountable debt, every day can be a hassle. Particularly in instances where an individual lives under the constant strain of creditor harassment, the situation may feel hopeless. No matter how bleak, though, the good news is that there are options for tackling credit card debt and there are limits to what a creditor or collector can legally do or say when they call.

Chapter 13 bankruptcy offers debt relief to New Jersey residents

For New Jersey residents who are facing insurmountable debt but have incomes that make them ineligible for Chapter 7 bankruptcy, Chapter 13 may provide just the debt relief for which they are hoping. Chapter 13 bankruptcy, sometimes referred to as reorganization bankruptcy, reorganizes debts to allow the consumer to pay just a portion of the outstanding debts. Also known as a "wage earner's plan," Chapter 13 also allows the filer to keep assets, so it may be a great option for those worried about losing property or nonexempt assets.


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  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
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Goldman & Beslow, LLC

Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

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7 Glenwood Avenue,
Suite 311B
East Orange, NJ 07017
East Orange Law Office

Phone: 973-414-8069
Phone: 973-419-7631
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
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PATERSON OFFICE 100 Hamilton Plaza,
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Paterson, NJ 07510
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Phone: 973-247-9445
Phone: 973-419-5266
Phone: 201-205-2496
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JERSEY CITY OFFICE 26 Journal Square,
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Phone: 201-659-6226
Phone: 973-419-5266
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