If you are overwhelmed by medical expenses, credit card bills and mortgage payments, you are not alone. Hundreds of thousands of Americans struggle to keep their head above water when it comes to their finances. Part of this may involve consistent contact from creditors and collection agencies regarding late or missed payments. The calls can become intrusive and annoying and in some cases, may involve harassing threats. There is a way that you can stop creditor and collection agency harassment and start over with a clean financial slate.
Property exemptions differ depending on whether you file for Chapter 13 or Chapter 7 bankruptcy in New Jersey. Chapter 13 exemptions are not as strict, are higher and more flexible than if you were to file for Chapter 7. However, some homeowners cannot resist filing for Chapter 7, which places their property at greater risk of being sold off. However, equity can still help save a Chapter 7 filer’s home.
Like many New Jersey residents, you may feel trapped under a heavy weight of financial debts that makes it impossible to go about your daily life without constant worry. After receiving yet another call from a debt collector, you may wish for a fresh financial start in order to live a stress-free life and be wondering how you can make this happen. At Goldman & Beslow, we have assisted many clients in reclaiming their lives while getting back on the path to financial stability.
If you are overwhelmed by debt, then a Chapter 7 bankruptcy may offer you a good chance to not only cease any activity that your creditors in East Orange have taken against you, but also allow for the chance to re-establish yourself financially. This latter benefit comes from the potential of having many of your debts discharged. Yet the price for enjoying it may be high, and that comes from the toll bankruptcy can take on your credit. Among the most common questions those looking to file for bankruptcy ask us here at Goldman & Beslow, LLC is how long after filing will they be able to qualify for a substantial loan (e.g. a mortgage).
If you have high student loan debt in New Jersey and are struggling to pay your monthly bills, you may be thinking bankruptcy is your only option. Unfortunately, bankruptcy does not discharge student loans except under extreme circumstances. However, if you have federal loans there is alternative for you to make your monthly payments more affordable.
If you are thinking about filing for Chapter 7, you could have a number of questions on your mind, especially if this is your first time filing for bankruptcy or you have not carefully reviewed the ins and outs of this route. Of course, it is crucial to explore all of your bankruptcy options and make sure that you have settled on the direction that is best for you. For many people, Chapter 7 is advantageous and can not only help them find a fresh start but get creditors off of their back. However, preparation is key, and the approach that one takes could impact the outcome of their case.
As the world becomes more technology-based and many retail sales are starting to take place online, the future of brick and mortar stores is beginning to look quite bleak. New Jersey is no exception as several retail stores have had to shutter their doors because of a significant decrease in customer traffic and sales.
Many in East Orange may make a lot of incorrect assumptions about personal bankruptcy. Chief among them may be the notion that any bankruptcy case will make one's debts simply go away. Yet the reasons for this assumption is understandable; after all, with a Chapter 7 bankruptcy, many debts can be discharged. It may be the reason why Chapter 7 is the most common form of personal bankruptcy. Indeed, per information shared by the American Bankruptcy Institute, nearly 64 percent of all non-commercial bankruptcy filings in the second quarter of 2018 were Chapter 7 cases.
Running a business can be very difficult. Whether you are just starting out or have a large company, sometimes all it takes in a downturn in sales to cause financial trouble. Recently, the news has been filled with huge, national companies filing bankruptcy due to low sales. Keeping a business afloat can be a hard job requiring a lot of work, but in some cases, no matter how hard you work, your business still may face bankruptcy. Accoridng to the United States Courts, you have two general options: Chapter 7 or Chapter 13.
If you struggle with debt in New Jersey, you may get calls from your creditors or from collection agencies trying to get payment on your debt. Sometimes these calls may begin to feel like harassment, especially if you have already explained your situation. While the company may only be trying to collect money you rightfully owe, there are some times when those collection methods are against the law.