When you file Chapter 7 bankruptcy in New Jersey, you expect that the court will discharge virtually all of your consumer debt, including your credit card debt. For the most part this is true. However, you need to be aware that it is not necessarily true when it comes to your recent credit card debt.
When you file for Chapter 7 bankruptcy, there are a host of issues that may be running through your mind. You may feel overwhelmed while attempting to complete all of the tasks required to file for bankruptcy, such as completing a credit counseling course and filling out all of the bankruptcy documents. Once you have completed the paperwork, the court will schedule a meeting of creditors.
Being one of many residents in New Jersey who are in their 30s, you likely lead a busy lifestyle that has included financial challenges at some point along the way. Perhaps striving to stay afloat financially is a constant issue in your life. If so, you're definitely not alone in the struggle.
Once you have filed for Chapter 13 bankruptcy, you may feel as though you are getting back on track with your finances. Chapter 13 helps debtors set up a payment plan to repay their debt over a certain period of time. In some cases, the bankruptcy decreases the amount of debt you owe through negotiations with creditors. A bankrupcy, however, can affect your credit score and may make it difficult to apply for loans or qualify for other financial items as well. Some people may turn to using a credit card as a way to rebuild their credit once their bankruptcy has been discharged. You should be extremely careful when doing this, as some credit cards are not designed to help you financially.
Unless you have previously filed for bankruptcy in New Jersey, you may have lots of questions about the process and what type of bankruptcy filing might be right for you. At Goldman & Beslow, LLC, we understand that, ultimately, whether you will be able to move forward with a Chapter 7 bankruptcy filing will depend on how you fare on what is known on the bankruptcy means test.
If you are overwhelmed by medical expenses, credit card bills and mortgage payments, you are not alone. Hundreds of thousands of Americans struggle to keep their head above water when it comes to their finances. Part of this may involve consistent contact from creditors and collection agencies regarding late or missed payments. The calls can become intrusive and annoying and in some cases, may involve harassing threats. There is a way that you can stop creditor and collection agency harassment and start over with a clean financial slate.