October 2019 Archives

Debt collectors and old debt

People living in New Jersey and around the country are sometimes contacted by debt collectors regarding very old accounts. In many cases, this kind of contact is legal, but it does not mean that the debt is valid or that the debtor is at risk of a lawsuit or other adverse actions.

The cost of filing for bankruptcy

New Jersey residents and others who are thinking about filing for bankruptcy should know that it can cost up to $4,000 or more to do so. Filing fees and attorney fees represent the bulk of that cost, and individuals will also likely need to pay for credit counseling and debtor education courses. Individuals who are filing for Chapter 7 bankruptcy will pay a $335 filing fee while those who are filing for Chapter 13 bankruptcy will pay $310.

Overwhelming debts could qualify people for bankruptcy

Unforeseen events, like a medical crisis or job loss, sometimes overwhelm debtors in New Jersey and leave them unable to pay bills. Poor spending habits might result in crippling debt. Regardless of the reasons behind financial troubles, bankruptcy law sometimes enables people to discharge or reorganize their debts and start fresh.

Bankruptcy filings among consumers 65 and older

A great many residents in New Jersey remember the recession and the impact it had on their lives all too well. From losing 401K savings to seeing a home's equity plunge well below the amount owed to a lender and more, consumers everywhere struggled to make their way through. Many people turned to the bankruptcy courts for help to get a fresh start.

Has sudden job loss left you with financial problems?

When you first got your job, you may have envisioned yourself creating a career and moving up the ranks of the New Jersey company until you reached the highest position possible. You likely hoped that your drive and ambition would help you excel and achieve those goals. Unfortunately, despite your best efforts, a sudden event derailed those goals.

Does bankruptcy stop bill collector calls?

Bill collectors and collection agencies in general tend to be aggressive and persistent. There are not very many good ways to stop them in New Jersey, but filing for bankruptcy could help. In fact, there are certain benefits associated with bankruptcy that could stop a variety of collection or repossession actions against you.

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