December 2019 Archives

Debt may not simply be a lack of money

Many New Jersey residents who struggle with meeting their financial obligations on a regular basis can't help but imagine how less complicated life would be if their net worth were somehow miraculously increased. People with money, as the theory goes, don't worry about every penny, don't lose sleep over what unexpected setback is lurking around the corner and can actually look forward to the future. The truth, however, isn't that black and white. Many individuals who earn a solid living, have a nice home and outwardly appear affluent also struggle with credit card debt.

Debt collectors must follow strict rules

New Jersey residents who are struggling to make ends meet will likely know how persistent debt collection companies can be. While debt collectors are permitted to contact borrowers by mail or telephone, they must abide by strict rules laid down by the Fair Debt Collection Practices Act. The 1977 law does not allow debt collectors to call borrowers before 8:00 a.m. or after 9:00 p.m., and collection companies are required to comply when requests to cease contact are made in writing.

Rebuilding credit possible after filing for bankruptcy

Before people struggling with debt in New Jersey go forward with a bankruptcy, they typically want to know what the long-term effect of that action will be. Although bankruptcies present a negative item on people's credit histories, they still have opportunities to improve and maintain their credit scores as years go by.

Is bankruptcy a possible solution to your financial woes?

You'd likely have a difficult time finding an adult in New Jersey (or any other state) who has not, at some time in his or her life, experienced financial problems. If you currently count yourself among those who have seen better days regarding finances, you might be feeling a bit anxious or stressed as you enter the holiday season. It's helpful to keep in mind that most financial problems are not permanent.

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