If you're among many in New Jersey who have been wading through some rough financial waters, you may be trying to focus on the future, more specifically, what options are available to help you rebuild your finances and restore financial stability in the weeks and months ahead. If you also happen to be among those who determined that bankruptcy is the most viable option to secure immediate debt relief and pave the way toward a healthier financial future, you might be wondering about dischargeable versus non-dischargeable debt.
If you have reached the point that you cannot afford your expenses and have mountains of debt continuing to pile up, you may feel as if you have no way out. You may consider bankruptcy, but you may have concerns regarding the costs associated with filing a petition and completing the bankruptcy process.
If you find yourself dealing with overwhelming debt, you know how this situation can affect multiple areas of your life. One frustrating aspect of owing a significant amount of debt is the phone calls and letters you may get from debt collectors. Creditors have the right to attempt to collect on late balances, but they cannot carry out certain actions.
It doesn't take much to throw a proverbial financial train off its tracks. Financial stability is often fragile, dependent on many factors that may fluctuate in negative or positive directions, sometimes without warning. While it's always nice to receive an unexpected financial boom, you may feel quite the opposite if you encounter undue financial strain that you are not prepared to meet. Bankruptcy is often a viable option in situations where other solutions have proved unsuccessful.
If you are currently experiencing financial problems, you definitely aren't the only one in New Jersey thrown off course. Whether treating credit like cash was a main factor or you experienced unexpected medical expenses or job loss, it's not uncommon for minor financial strain to turn into major financial crisis in a short amount of time. The good news is most financial problems are solvable. The key to success often lies in knowing what options are available.
Although your struggle with unpaid debt may feel like a lonely road to walk, you are not alone. In fact, if the main reason for your credit problems is unpaid medical debt, you are one of about 43 million in New Jersey and across the country. The Consumer Financial Protection Bureau reports that this figure means there are delinquent medical bills included in about one in every five credit reports.
Dealing with overwhelming debt is unpleasant, and it can bring a host of serious consequences to your life. From calls from creditors to possibly losing your belongings to repossession, you probably want to find a way to make it all stop and deal with your debt once and for all.
When you purchased your new vehicle, you may have been in a stable financial spot and felt that you could handle the payments. However, after a sudden setback — or multiple setbacks — you may have found yourself in dire financial straits. As a result, your car loan payments may have continually gotten pushed to the side, and now, you have defaulted on your loan.
Debt can come in a multitude of forms and fashions, each of which could have a substantial impact on your quality of life. If you are experiencing prolonged periods of financial hardship, you may be searching diligently for some form of relief, potentially leading you to consider pursuing aid through a credit card.
After needing medical attention, you may feel relieved to know that the issue will no longer bother you or that you at least know the steps you need to take to ensure that you can address your condition properly. However, that relief may prove short lived when you receive the bills associated with your medical procedures, doctor visits, medication or other related expenses. Unfortunately, these costs can easily reach thousands of dollars even after one visit.