Goldman & Beslow, LLC Goldman & Beslow, LLC 2026-09-22T15:45:47Z https://www.nj-bankruptcylaw.com/feed/atom/ WordPress /wp-content/uploads/sites/1200469/2020/01/cropped-site-icon2-1-32x32.jpg On Behalf of Goldman & Beslow, LLC Attorneys At Law <![CDATA[Could financial strife be harming your marital bliss?]]> https://www.nj-bankruptcylaw.com/?p=50527 2026-09-22T15:45:47Z 2026-09-22T15:45:47Z One report found, among other things, that “54% of people believe a partner with debt is a reason to consider divorce.” So, it stands to reason that solving those debt issues, perhaps by filing for bankruptcy, could potentially benefit the marriage.

Multiple factors at play

Money problems can negatively affect a marriage in several ways. Here are some:
  • No money to go out and have fun together: You likely got together by dating – going out and enjoying each other’s company and doing some fun things together. If you take that away, which often happens when money is tight, it can take the fun out of the marriage.
  • Blame and suspicion over spending: Spouses sometimes blame each other for debt. Sometimes it may be true that one person is responsible for much of the debt, but often debt stems from a bit of bad luck or a few less than ideal choices. Blaming can lead to arguments and suspicion.
  • Intentional deceptions: Different approaches to money can even lead to deceit, where someone tries to hide their spending, for fear their spouse will get upset with them over it. All this can break the trust on which the marriage is based.
If you are having money issues, it can be tough to accept that you may not be able to solve them yourself. Yet, seeking legal guidance to learn how bankruptcy works may just be the best thing you can do in a situation like this. And doing it sooner may benefit your relationship as well as your pocket.]]> On Behalf of Goldman & Beslow, LLC Attorneys At Law <![CDATA[Medical debt: More than a hospital bill]]> https://www.nj-bankruptcylaw.com/?p=50525 2026-09-10T15:05:37Z 2026-09-10T15:05:37Z Medical bills can be difficult to manage, especially when several expenses arrive at different times. What starts as one hospital bill can quickly become a series of expenses that continue long after someone returns home. For many people, these bills can add up faster than first expected. Keeping track of everything can feel overwhelming when the focus should be on getting better and moving forward.

The costs that can follow medical treatment

Roughly 20 million U.S. adults struggle with medical debt or unpaid medical bills, with total medical debt estimated at $220 billion or more nationwide. For many people, a hospital bill is only one part of a much larger financial burden. Medical expenses can quickly add up when the treatment requires follow-up appointments, prescription medication or ongoing care. Even people with health insurance may face deductibles, copayments and other out-of-pocket costs that become overwhelming. Recovery itself can also come with costs. Physical therapy, rehabilitation and follow-up appointments may be necessary after an illness, injury or surgical procedure. Some people may also need medical equipment, such as mobility aids, braces or other supplies, to help them recover or manage daily activities. Even transportation to medical appointments can become an added expense for someone who is unable to drive. If medical debt has become too much for you, you do not have to figure out your options alone. Talking with a qualified legal professional can help you understand your situation and determine what steps may make sense for your financial future.]]> On Behalf of Goldman & Beslow, LLC Attorneys At Law <![CDATA[Can Chapter 13 stop medical debt collectors from calling?]]> https://www.nj-bankruptcylaw.com/?p=50522 2026-08-27T14:36:16Z 2026-08-27T14:36:16Z Medical bills can be stressful enough without repeated calls asking for payment. When those calls become a regular part of the day, it can feel like there is no room to catch your breath. For some people, bankruptcy may provide a way to create some space from collection efforts. Chapter 13 bankruptcy, in particular, can change what creditors are allowed to do once a case is filed.

How the automatic stay changes collection calls

One of the most important protections that comes with filing for Chapter 13 bankruptcy is the automatic stay. An automatic stay is a court order that generally takes effect when a bankruptcy case is filed. It stops many collection activities, including calls, letters and other attempts to collect debts. This can apply to medical debts owed to hospitals, doctors and collection agencies. An automatic stay does not simply erase the medical debt. Instead, it puts collection efforts on hold while the bankruptcy case moves forward. Creditors generally must stop trying to collect covered debts directly from you, which can help provide some much-needed breathing room. There are exceptions and limitations, however, and the stay may not apply in every situation. Chapter 13 also involves creating a repayment plan based on your financial circumstances. Medical debt is generally treated as unsecured debt, meaning it does not have physical property securing it. Depending on the details of your case, you’ll repay some portion of that debt through the plan, with eligible remaining balances potentially discharged after you meet the requirements of the bankruptcy process. If medical debt has left you feeling overwhelmed, you do not have to figure out your options alone. Speaking with a qualified legal professional can help you understand whether Chapter 13 could provide relief and what filing may mean for your unique circumstances.]]> On Behalf of Goldman & Beslow, LLC Attorneys At Law <![CDATA[Will bankruptcy force you to give up your Jersey Shore property?]]> https://www.nj-bankruptcylaw.com/?p=50520 2026-08-27T06:54:57Z 2026-08-27T06:54:57Z Using the federal homestead exemption New Jersey provides no state homestead exemption but allows eligible filers to use the federal system. Its homestead provision currently protects up to $31,575 of a filer’s equity in a residence. The limit adjusts every three years for inflation. Because the exemption applies to equity rather than the home’s full market value, the relevant amount is what remains after subtracting the mortgage and any other liens. Any excess falls outside the available protection.

Distinguishing a residence from vacation property

The federal homestead exemption applies to property that serves as a residence for you or a dependent. A Jersey Shore home where you live year-round fits that requirement, while one kept solely as a rental or vacation home typically falls outside it. Ownership records establish your interest in the property, but they do not settle the exemption question. Your living arrangements and actual use of the home determine its eligibility for homestead protection. Details such as your mailing address, utility bills and the time you spend there show whether the shore property functions as a residence or an occasional retreat.

Comparing neighboring state protections

Neighboring states handle home equity differently. Pennsylvania, like New Jersey, has no state homestead exemption. New York’s county-based limits range from $102,400 to $204,825, while Delaware protects up to $125,000 in a principal residence. Federal law looks to your domicile during the 730 days before filing, meaning the state where you live with an intent to remain rather than simply where the shore property sits. A recent move may require applying an earlier state’s exemptions.

Choosing between bankruptcy chapters

The amount of nonexempt equity, meaning the portion not protected by law, is an important factor when choosing between Chapter 7 and Chapter 13. In Chapter 7, a trustee may sell the shore home if enough money would remain for creditors after paying liens, the exemption and transaction costs. Chapter 13 generally allows you to keep the property, but the repayment plan must provide unsecured creditors at least as much as they would receive in Chapter 7. This approach spreads the nonexempt amount over time rather than through a sale, although any mortgage and required plan payments remain due.]]> On Behalf of Goldman & Beslow, LLC Attorneys At Law <![CDATA[Should I file bankruptcy in New Jersey? 9 signs it might be the right move (and 5 signs to wait)]]> https://www.nj-bankruptcylaw.com/?p=50519 2026-08-26T17:50:31Z 2026-08-26T17:50:31Z whether to file bankruptcy is never easy. In New Jersey, where property taxes rank among the nation's highest and the cost of living continues to climb, many hardworking people find themselves wondering if bankruptcy might offer the fresh start they need. This decision is deeply personal, but certain warning signs can help you determine whether you are simply managing temporary difficulties or facing a financial crisis that requires legal intervention.

9 signs bankruptcy might be the right move

If you are experiencing several of these situations simultaneously, bankruptcy may provide the relief you need:
  1. You rely on the use of credit to pay for basic necessities like groceries or utilities 
  2. Debt collectors are calling you multiple times per day at home or work
  3. You have considered taking money from your retirement accounts to pay current bills
  4. Your wages are being garnished or you have received a garnishment notice
  5. You are facing foreclosure and have fallen several months behind on your mortgage
  6. Medical bills exceed $10,000 and you have no realistic plan to pay them off
  7. You can only afford minimum payments on credit cards while the balances continue growing
  8. Property tax bills are piling up and your municipality has threatened a tax sale
  9. You lie awake at night consumed by financial worry and stress
These signs often appear gradually in New Jersey households. What begins as a manageable challenge after a job loss, medical emergency or divorce can quickly spiral when combined with New Jersey's high housing costs and tax burden. When you find yourself robbing Peter to pay Paul each month with no end in sight, bankruptcy may offer the structured relief you need.

5 signs you should wait

Bankruptcy is not always the answer. Consider holding off if:
  1. You recently incurred large debts through luxury purchases or cash advances
  2. You have significant assets you want to protect that may not be exempt under New Jersey law
  3. Your income recently increased and you can now afford a realistic repayment plan
  4. You filed bankruptcy within the past eight years
  5. You are about to receive an inheritance or settlement that could resolve your debts
These situations do not necessarily disqualify you from bankruptcy, but they suggest that waiting or exploring alternatives might serve you better.

Making the decision

Only you can decide if bankruptcy is right for your situation. However, consulting with an experienced New Jersey bankruptcy attorney can provide clarity. Most offer free consultations where they can review your specific circumstances, explain which chapter might apply and help you understand what life looks like on the other side of bankruptcy.]]> On Behalf of Goldman & Beslow, LLC Attorneys At Law <![CDATA[Why high-income New Jersey residents still file for bankruptcy]]> https://www.nj-bankruptcylaw.com/?p=50518 2026-08-24T14:06:35Z 2026-08-24T14:06:35Z bankruptcy can protect your assets and provide a fresh start is critical to taking back control of your financial future.

Property taxes that consume your income

New Jersey has the highest property taxes in the United States. The average homeowner pays over $10,000 per year in property taxes. Many suburban counties see bills well above $15,000 annually. For families living in desirable school districts, property taxes alone can take up a large part of their income. When you combine high property taxes with a mortgage, homeowners insurance and maintenance costs, housing expenses can quickly become too much to handle. A sudden job loss, medical emergency or business downturn can push even high earners into financial crisis.

Healthcare costs that create unmanageable debt

Healthcare in New Jersey is expensive. Even with employer-sponsored insurance, families face high premiums, deductibles and out-of-pocket costs. A serious illness, surgery or chronic condition can result in tens of thousands of dollars in medical bills. For self-employed professionals or small business owners, health insurance costs are even higher. Medical debt is one of the leading causes of bankruptcy filings in New Jersey, regardless of income level.

Living expenses that outpace earnings

Beyond property taxes, the overall cost of living in New Jersey is steep. Housing prices in desirable areas remain high and renters face rising costs as well. Add in expenses like childcare, education, transportation and everyday necessities and it becomes clear why high earners struggle. Many professionals also carry large amounts of student loan debt, credit card balances or business-related debts. When these debts pile up alongside living expenses, bankruptcy may be the most practical solution.

How bankruptcy can help high-income earners

Bankruptcy offers legal protection and a path to financial recovery. If you pass the bankruptcy means test, Chapter 7 bankruptcy can eliminate qualifying unsecured debts like credit cards and medical bills. However, because high earners often exceed state median income limits, Chapter 13 bankruptcy is frequently the main option. It lets you reorganize your debts into a manageable three to five-year repayment plan while helping protect non-exempt assets. If you are a high-income earner in New Jersey struggling with debt, consult with an experienced bankruptcy attorney. Understanding your options can help you make informed decisions and regain financial stability.  ]]> On Behalf of Goldman & Beslow, LLC Attorneys At Law <![CDATA[Why delaying bankruptcy hurts you]]> https://www.nj-bankruptcylaw.com/?p=50517 2026-08-12T16:52:44Z 2026-08-12T16:52:44Z Most people do not jump straight into filing for bankruptcy the minute they first find themselves in financial problems. They generally do their best to resolve their debts some other way, for as long as possible. Once the need for a bankruptcy becomes obvious, however, there is no point in delaying – and delaying too long simply makes things harder for you.

The sooner you begin, the sooner you can rebuild

If you are always waiting for the next collector to call or overdue bill to come in, it can take up so much mental capacity that you are not nearly as productive as you could be. Debt struggles can also lead to mental health issues, which can also affect your productivity and overall abilities. There is also a danger in some cases of losing property to creditors if you hold out too long – filing can often prevent foreclosure, for example. In addition, you could ultimately be wasting money on late fees and overdrafts that aren’t moving your balances any lower and simply draining your resources. There are a few times when delaying a bankruptcy petition does make sense, such as when you have reason to anticipate a new wave of medical bills in the near future. Ultimately, if you have questions about whether or not it is time to file for bankruptcy, it may be time to seek legal guidance. Learning more about how filing for bankruptcy works when you first hit financial difficulties can allow you to make a more informed decision about the most advantageous time to file.  ]]> On Behalf of Goldman & Beslow, LLC Attorneys At Law <![CDATA[Can bankruptcy help you out of medical debt?]]> https://www.nj-bankruptcylaw.com/?p=50512 2026-07-28T03:56:28Z 2026-07-28T03:56:28Z 31 million Americans had taken on some form of medical debt. This accounted for 12% of adults in the United States. Cumulatively, they owed around $74 billion. Notably, researchers only looked at new debt that had been taken on in the previous 12 months. They included debt that a person took on for themselves or for someone in their household, such as a parent’s medical debt for their child. Researchers also asked Americans if they were concerned about medical debt in the future, especially if there were emergencies or major health events. Some 58% of Americans said that they were concerned this could happen to them, showing that this is an issue that affects the majority of people in the United States.

What options do you have?

Even with health insurance, medical debt is possible. It is important to understand what options you have if your debt becomes insurmountable. One potential option may be filing for Chapter 7 bankruptcy. By doing this, you liquidate nonexempt assets to pay off the portion of the debt that you can afford, and then you seek to have the rest of the debt discharged. Another potential option is Chapter 13 bankruptcy. This can take debt that is due immediately and spread it out over three to five years in a repayment plan. If you’re dealing with overwhelming medical debt, it is very important to understand how bankruptcy can help, what options you have and what steps you will need to take moving forward. Getting experienced legal guidance can help.]]> On Behalf of Goldman & Beslow, LLC Attorneys At Law <![CDATA[What happens when a credit card company sues you in New Jersey]]> https://www.nj-bankruptcylaw.com/?p=50511 2026-07-15T10:00:13Z 2026-07-15T10:00:13Z You have 35 days to respond Once you receive a lawsuit, New Jersey gives you 35 days to file a written response with the court. If you do not respond, the credit card company wins automatically, with no hearing, no argument, and no chance to tell your side. This is called a default judgment, and it gives the creditor serious legal power over your finances.

A judgment puts your paycheck and bank account at risk

Once a creditor has a judgment against you, they can go after your wages and your bank account. New Jersey generally caps consumer wage garnishment at the lesser of 10% of your gross pay or 25% of your disposable income if your earnings are 250% or less of the federal poverty level. If your income exceeds that threshold, the court can authorize a higher percentage up to the federal 25% limit. They can also freeze your bank account and take what is in it. What makes this especially serious is that a judgment in New Jersey is valid for 20 years and can be renewed for another 20.

Bankruptcy can put an immediate stop to collection activity

Whether a creditor has already taken you to court or obtained a judgment against you, filing for Chapter 7 or Chapter 13 bankruptcy triggers an automatic stay. This immediately stops all collection activity, including the lawsuit, the garnishment and the bank levies. Chapter 7 can wipe out credit card debt entirely, while Chapter 13 lets you reorganize what you owe and catch up over time. Either way, filing gives you breathing room to work through your situation without creditors closing in.

You do not have to figure this out alone

A credit card lawsuit moves fast, and the clock starts ticking the moment the complaint reaches you. Speaking with a bankruptcy attorney sooner rather than later gives you a clearer picture of where you stand and what options are still available before a judgment limit what you can do.  ]]> On Behalf of Goldman & Beslow, LLC Attorneys At Law <![CDATA[3 student loan relief options New Jersey borrowers must know before filing for bankruptcy]]> https://www.nj-bankruptcylaw.com/?p=50507 2026-07-12T08:37:06Z 2026-07-12T08:37:06Z before they file for bankruptcy.

Income-driven repayment plans

The Department of Education offers plans that change monthly payments based on income and family size. According to Federal Student Aid, these choices limit monthly bills to a small part of extra income. For many borrowers, this change drops the monthly bill to $0. Borrowers must prove their income each year to keep this help. Checking these plans is a smart step before assuming bankruptcy is the only way to handle large student debt. Short payment pauses also offer help.

Deferment and forbearance options

Short payment pauses offer fast help when sudden money problems happen. Deferment and forbearance choices let borrowers delay payments or lower their monthly bills for a short time. The federal government sets strict rules for these programs. Borrowers can apply for a pause under several common events:
  • Economic hardship: Losing a job or facing a sudden drop in income lets borrowers qualify for short-term help.
  • Medical emergencies: Facing serious health issues that stop a person from working can qualify a borrower for a payment pause.
  • Military service: Deploying for active duty gives automatic access to certain deferments.
These choices stop default while borrowers fix their personal finances. Once short-term money issues pass, borrowers can look at lasting debt cancellation choices.

Federal student loan forgiveness

Certain jobs and situations let borrowers clear their debt without filing for bankruptcy. The Public Service Loan Forgiveness program serves as a main path for government and nonprofit workers. After making 120 qualifying payments, eligible public servants can clear their remaining balances. Other cancellation programs exist for teachers, people with total and permanent disabilities and students whose schools committed fraud. Checking these federal discharge programs helps borrowers find every choice before they take formal legal action.

Where this leaves borrowers

Bankruptcy remains a strong legal tool for people facing large debt loads. However, clearing student loans through this process involves strict legal steps. Government relief programs offer a more direct fix. Checking federal repayment plans, short pauses, and forgiveness choices gives borrowers a clear view of their finances. This knowledge lets New Jersey residents make smart choices about their money before they go to court.]]>