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Unsettling Facts About Debt Settlement

Are things a little tight? When you paid your bills last month, was there less money in your account than you expected? Are you worried about being able to meet your obligations next month? If you answered yes to these questions, you may be at risk of serious financial difficulties, but you can probably work your way out of them before they get to the critical stage.

Common bankruptcy myths should not be a deterrent to debt relief

Various recent surveys found that approximately 50 percent of U.S. citizens have savings accounts containing less than $1000 and that an unforeseen emergency expenditure of just $400 would be almost impossible to pay. With so many people in dire financial straits, it is no wonder that many in New Jersey and across the country turn to bankruptcy. Yet despite the financial relief that bankruptcy can offer, some individuals hesitate to take advantage. This may be due to some common – and false – myths about the bankruptcy process.

Rebuilding credit after the debt relief of bankruptcy

New Jersey residents struggling with out-of-control debt may be considering bankruptcy. While Chapter 7 and Chapter 13 offer debt relief via different methods, there are ways with each to begin working toward financial stability almost immediately after a petition has been accepted. An attorney can help offer insight into any legal restrictions related to applying for credit after a declaration of bankruptcy, but generally, it is up to a lender to determine who qualifies for what particular types of loans or credit card.

Tips to consider when filing for bankruptcy in New Jersey

For individuals struggling with insurmountable debt, they may be considering their options for finding relief. Whether filing for Chapter 7 or Chapter 13, personal bankruptcy is a decision that few residents of New Jersey take lightly. Bankruptcy provides protection for individuals who are so overwhelmed by debt that it has become unmanageable and impossible to repay. When this is the case, there are a few tips that may make the entire process more manageable.

Points to consider when contemplating bankruptcy in New Jersey

As residents of New Jersey decide they are ready to take the first steps toward financial success, there are a number of steps to consider. The first steps in making responsible financial decisions often include making a budget and debt reduction or elimination. For some, though, the amount of debt they face is so overwhelming that declaring bankruptcy may be the only logical option.

Bankruptcy an option for New Jersey residents with medical debt

The Affordable Care Act increased the number of Americans with health insurance since 2014. Despite this fact, however, a 2015 survey by NPR showed that 26 percent of adults struggle with financial problems stemming from the high cost of health care. What is a resident of New Jersey to do when he or she is faced with overwhelming medical debt and no possible way to pay?

Bankruptcy: Alternative to drawing on New Jersey retirement funds

A common misconception is that people use – or misuse – the option of declaring bankruptcy as a way to get out of paying credit card debts they've irresponsibly racked up. Financial experts believe, however, that is not the typical scenario. In New Jersey and across the country, a personal health care crisis is a leading cause of bankruptcy filings. When a medical crisis occurs, many people resort to early withdrawal from a retirement account, though this is not likely the best option.

New Jersey consumers may need debt relief around holiday season

The holidays tend to be the most stressful time of year for a number of reasons, not the least of which is finances. Most people want to give their family, friends and loved ones a wonderful holiday but, in doing so, may end up with unplanned credit card debt. New Jersey residents may unexpectedly find themselves in need of debt relief when suddenly faced with unpleasant issues such as wage garnishment or collection calls.

Bankruptcy in New Jersey: Chapter 7 versus Chapter 13

When debts have piled up to an overwhelming degree, filing for bankruptcy can offer a way out for New Jersey consumers. Some important decisions will need to be made before filing, starting with choosing from two different types of personal bankruptcy options: Chapter 7 and Chapter 13. There are some distinct differences between the two proceedings.

Bankruptcy can teach debt management skills

New Jersey residents who have been hit by unanticipated circumstances, such as loss of employment or mountains of medical debt, may not know how they will ever reach a state of financial stability again. However, those who filed for bankruptcy would have had to go through mandatory debt counseling, which would have given them the tools needed to get back on track. If those lessons are practiced after the discharge of bankruptcy, consumers may be able to rebound from previous setbacks.


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  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
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Goldman & Beslow, LLC

Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

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7 Glenwood Avenue,
Suite 311B
East Orange, NJ 07017
East Orange Law Office

Phone: 973-414-8069
Phone: 973-419-7631
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
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Newark, NJ 07104
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PATERSON OFFICE 100 Hamilton Plaza,
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Paterson, NJ 07510
Paterson Law Office

Phone: 973-247-9445
Phone: 973-419-5266
Phone: 201-205-2496
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JERSEY CITY OFFICE 26 Journal Square,
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Phone: 201-659-6226
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