Bankruptcy represents a chance for debtors to start over. It's an important tool that individuals and businesses can use when they are underwater and unsure of how to get back to solvency. People in New Jersey who are considering bankruptcy should be aware that there...
chapter 13
Bankruptcy is nothing to be ashamed of
Many people have more compassion for other people than they do for themselves. When a friend or loved one tells you that they are going through personal bankruptcy to get out of debt, you may agree that it was a wise decision. But if you ever find yourself in a...
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...
Why American household debt has increased significantly
According to a report from Clever Real Estate, Americans have twice as much credit card debt as they did in 2000. Households in New Jersey and throughout America have an average of $31,420 worth of debt, which is more than the average American salary in 1950. In that...
More older Americans going to bankruptcy court over medical bills
Bankruptcy was once rare among older adults, but now people 65 and older account for 12% of personal bankruptcies compared to just 2% in 1991. Medical debts produce much of the financial hardship among older people in New Jersey as they grapple with dwindling incomes...
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...
How do I qualify for Chapter 13 bankruptcy?
You may be considering filing for Chapter 7 or Chapter 13 bankruptcy if you are struggling with your finances. While both options may provide some relief from your debt and give you a better financial future, it is important to note the ways in which these bankruptcy...
Should you apply for a credit card after Chapter 13?
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...
Can demoting yourself help you with bankruptcy?
Owning and running your own business can be a thrilling experience, which is why some New Jersey business owners may not like the idea of going back to being an employee and taking orders from someone else. And yet if you are going through Chapter 13 bankruptcy,...
The automatic stay and its exceptions
At Goldman & Beslow, we know that when you owe a significant amount of debt in New Jersey, you may start experiencing annoying behavior by creditors that sometimes reaches the level of harassment. Examples include calling you several times a day and making threats...