August 2019 Archives

Boomers and bankruptcy

It is often assumed that by the time a person retires, they may be passed the point in life where they would be under the pressures of serious debt. That, however, is not always true. Many seniors in New Jersey and around the country continue to experience serious financial challenges. A new report has even found that these challenges are forcing a large number of people over the age of 65 to file for bankruptcy.

Should you reaffirm your loan during bankruptcy?

If you feel overwhelmed with medical expenses and credit card debt, you are not alone. and are struggling to keep up with your monthly mortgage payment, you are not alone. Many Amercians struggle to keep up with their monthly mortgage payment, while juggling other expenses and find it difficult to make ends meet. Bankruptcy allows you to discharge these debts and start over again with a clean financial slate. Chapter 7, otherwise known as liquidation bankruptcy, allows you to part with most of your loan obligations. Yet, there may be items that you do not wish to part with once your bankruptcy is finalized. 

What should I know about credit counseling?

You may want to pursue other options before resorting to bankruptcy, or the court may have instructed you to undergo credit counseling as part of your debt restructuring plan. For whatever reason, you and other New Jersey residents with significant financial problems may want to find out how credit counseling works and how it may improve your situation.

The various ways issues with debt could be affecting your life

Dealing with the strain of overwhelming financial challenges can be a harrowing process, and issues with debt can affect your future in various ways. If you are struggling under the weight of debt, you may encounter a multitude of hardships every day, some of which could have an adverse impact on your quality of life.

Is your medical debt pushing you toward bankruptcy?

If you are like many other Americans, you may have medical bills that you are struggling to pay. In fact, more than two million people in the United States are overwhelmed with medical debt and many consider bankruptcy as a way to get out of the mess. Medical bills can deplete savings accounts, cause credit card debt and make it hard for you to pay your mortgage or buy everyday items you need to get through life. What is the root cause of these unruly medical expenses?

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