Buying new assets can be exciting and you may feel confident about your ability to pay down the debts and eventually be the sole owner of your new car or home. However, if you run into issues with financial stability and are unable to make your payments on time, the consequences can quickly add up and leave you facing costly consequences. At Goldman & Beslow, LLC, we have helped many people in New Jersey to address debts with solutions that may help them to regain independence.
If you file bankruptcy in New Jersey, the court may take some of your assets. It then sells those assets to get money to repay your creditors. However, there are certain exemptions you may take to keep possession of some of your property. These are outlined by the law and usually have strict limits based on value.
Dealing with substantial amounts of debt can be one of the most stressful and daunting experiences you may ever encounter. If you are going through an extended period of financial strain, you could be struggling simply to make ends meet and wondering what this could mean for your financial future.
One of the reasons individuals and business owners are so reluctant to file bankruptcy is because of the stigma it leaves in the minds of many people. If you are a New Jersey business owner, you may believe bankruptcy can help relieve your debt and save your business, but you are not sure if the public will trust your company again. While rebuilding a bond of trust with your customers can be a challenge, there are ways you can make restoring that trust possible.
One of the first steps to discharging your debts through a Chapter 13 bankruptcy and making a fresh financial start is to go through credit counseling. By law, you must complete two rounds of credit counseling for your bankruptcy process to be valid. A failure to complete either one could result in your New Jersey bankruptcy judge throwing your case out.
If you’ve recently filed for bankruptcy in New Jersey, you may be fearful about your financial future. While it’s true that bankruptcy can have an impact on your finances, it is possible to recover and get your life back on track. U.S. News & World Report offer the following information in this case, which will help you rebuild your credit and savings once again.