One of your duties as part of filing for Chapter 13 bankruptcy is to prepare a repayment plan to cover claims by your creditors. Not all debts will be treated the same, though. As the U.S. Courts website explains, some debts fall under the secured debt category, which are backed by collateral. There are also unsecured debts that may end up being partially paid. The most pressing debts for a New Jersey bankruptcy filer, however, are priority debts.
If things haven't been going so well financially for you, you may feel as though you're swimming upstream. The good news is that most financial problems are resolvable. The key to finding a viable solution often lies in knowing what options are available and who can help you to lay out a plan that resolves debt issues and gets things back on track. Whether your money problems occurred over time or came about suddenly due to an unexpected circumstance, you can be proactive in exploring options to find a solution.
You are not alone if you are thinking of filing for bankruptcy in New Jersey. Making the decision to file is a huge step. It has far-reaching consequences for your finances and is not a decision to make lightly. The government has put safeguards into the process to help ensure you are making the right choice and that bankruptcy is the best for your situation. One of those safeguards, according to the United States Bankruptcy District, is the pre-filing credit counseling requirement.
If your phone is ringing nonstop and you are tired of having to silence it, it might be time for you to stop hiding, answer it and deal with your creditors. Though you might not believe you can do so without making things worse, there is a wrong and right way to deal with them to keep things from getting worse.
You have worked hard to take your New Jersey company from a simple business idea to a well-known brand that is respected and sought-after by enthusiastic consumers. However, you are realizing that maintaining that type of success can be hard to come by with a fluctuating economy and changes in the demand for your product. Now that your company is struggling financially, you may be wondering if there are any options that can help save your organization from having to file for bankruptcy.
Despite your best efforts to continue making car payments on your vehicle, you are unable to meet the required expectations and your car is repossessed by the loaner. Now, you are left trying to figure out where to go from here and what steps come next. At Goldman & Beslow, LLC, we have helped many people in New Jersey to work their way through challenging financial disruptions.