Like many New Jersey residents, you may feel trapped under a heavy weight of financial debts that makes it impossible to go about your daily life without constant worry. After receiving yet another call from a debt collector, you may wish for a fresh financial start in order to live a stress-free life and be wondering how you can make this happen. At Goldman & Beslow, we have assisted many clients in reclaiming their lives while getting back on the path to financial stability.
People accumulate personal debt in many ways. Maybe, like many Americans, you had some tough times and put too many living expenses on your credit cards, which then multiplied out of control. According to Forbes, in 2018 Americans surpassed $1 trillion in credit card debt. Or, maybe you incurred substantial medical debt that you were not able to pay off as quickly as possible, or are struggling under the weight of student loans. If you have exhausted all options in terms of trying to negotiate more favorable payment terms with your creditors, a Chapter 7 bankruptcy may be something to consider.
One benefit to filing for bankruptcy is that your creditors are no longer permitted by law to attempt to collect your debts. As a result, your phone and mailbox will stop being inundated by collection requests. In addition, the filing puts a stop to wage garnishments, bank levies and repossessions.
The protection afforded by a Chapter 7 bankruptcy may help restore your emotional sanity, since once you experience debt relief, you should be in a better position to begin a fresh financial start. More information about this topic is available on our web page.