September 2018 Archives

Balancing bankruptcy and divorce together

Money is one thing that many marital arguments in New Jersey have been about. In some cases, financial troubles or radically differing approaches to money management and spending can even lead a couple to end their marriage. When spouses with serious financial problems make this choice, they may also be evaluating whether or not to file for bankruptcy. Certainly, a bankruptcy can help provide someone with a path to a better financial future but when it coincides with a divorce, care should be taken to proceed at the right time.

File for bankruptcy or take another path for debt relief?

Many New Jersey families are currently stuck between rocks and hard places regarding finances. The cost of living is high and everyday expenses may be difficult to meet if anything out of the ordinary occurs to throw things off-track. For instance, if you or your loved one needs surgery or if one of the income earners in your household loses a job, it might be enough to tip the financial scales out of balance.

Don't panic: You can prepare for bankruptcy

When financial trouble hits, the way you react will likely impact your ability (or inability) to find a solution and get things back on track. Like many other people throughout the nation, some New Jersey residents may tend to panic, feel overwhelmed or helpless, and suffer much anxiety worrying about losing their homes or having to battle creditors who are harassing them by phone.  

How is medical debt handled differently?

All it takes is one medical emergency and you get buried in medical debt from New Jersey hospital and doctor bills. If you are concerned about your credit, this could be a big blow. However, according to Consumer Reports, medical debt is not treated exactly the same as other debt you may incur.

What are the advantages of filing Chapter 13?

When your New Jersey business is struggling financially, you may decide that it is time to file bankruptcy. The most common option for businesses is Chapter 13. It is important before you file that you understand how this form of bankruptcy works. That includes knowing what your responsibilities will be once you have filed. According to US Courts, fulfilling your obligations under the plan you create is essential to getting your case closed and coming out of bankruptcy. If you fulfill your obligations, there are many benefits you will reap.

Can I stop my car from being repossessed?

If you get a loan to buy your car in New Jersey and you fail to make your loan payment, then you could face having your car repossessed. It is ideal for you and your lender to avoid this situation. You would lose your vehicle, while the lender would end up with a car instead of the money it really wants. Furthermore, you would still be liable to pay off the loan even though you no longer have anything to show for it.

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