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Scura, Wigfield, Heyer & Stevens Blog

What Debts are Discharged in New Jersey Bankruptcy?

Can You Discharge Debt Through Bankruptcy?

Is bankruptcy the answer to your financial troubles? It depends on many factors, including the amount you owe, the nature of your debt and which chapter your bankruptcy is filed under. Some debts are eliminated completely, while other debts cannot be reduced at all through bankruptcy.

Is Debt Enough Reason to File for Business Bankruptcy?

For small business owners in New Jersey, even a small issue with debt can feel daunting. A lot of time and dedication have been put forth toward building the now functioning business; however, when debt becomes too challenging to handle, this can make it feel like the business is falling apart. There are several debt relief opportunities available to business owners, and it is important to take the time to understand what route is best.

New Jersey Foreclosure Attorneys Explain Tenant Rights When Evicted In Foreclosure

Many people in New Jersey prefer to rent rather than owning their home. While not owning a home means that the renter will be able to avoid facing foreclosure of that home if they fail to make payments, it does not mean that they are able to completely avoid the negative effects of foreclosure under all circumstances.

Many renters do not consider the possibility of foreclosure on the property they are renting. When a landlord is in default, the bank will most likely sell the property as soon as it can, which could result in the bank attempting to evict the tenants.

Common Myths About Bankruptcy

Bankruptcy Fact and Fiction

Some people shy away from bankruptcy or wait too long to file because of misinformation. Sadly, they needlessly suffer through hardships or forfeit hard-earned assets. At Scura, Wigfield, Heyer & Stevens, LLP, we try to spare people from unnecessary suffering by giving them the facts to make informed decisions.

We realize that you may be embarrassed about your debt problems or intimidated about talking to a lawyer. We are not here to judge you. We are here to answer your questions. We are here to help you protect what you have and make the most of a bad situation.

Can a Homeowner Own a Home Again After Foreclosure in New Jersey?

Losing a home in any situation is a tragic event for a homeowner in New Jersey. If financial troubles have led to the foreclosure of a home, many homeowners exhaust their efforts to keep their home. Filing for bankruptcy might be able to halt or prolong the process. However, in some cases a homeowner may still end up losing his or her home. This leaves the homeowner pondering many questions such as ways to rebuild his or her credit or improve his or her financial health. Additionally he or she may wonder if his or her days of owning a home are forever over.

Medical Debt Negotiation & Bankruptcy for High Medical Bills

As a previous post on this blog pointed out, medical expenses can lead to serious financial challenges. Some people who face a mountain of medical debt may consider filing for bankruptcy in order to regain financial control. The fear of medical debt and financial problems should not deter people in New Jersey from getting the medical care they need.

Homeowner Rights and Stopping New Jersey Foreclosure

Some homeowners in New Jersey might encounter issues with their mortgage loans. While in some cases these issues can quickly be corrected, a problematic mortgage loan could lead to a foreclosure. Our law firm understands that facing the possibility of losing a home to financial problems is a major event that needs to be addressed immediately and carefully. New Jersey homeowners should be aware of their rights and options so they can navigate the process to stop foreclosure.

Considering Personal Bankruptcy to Address Debt In New Jersey

Dealing with money issues is already a tough situation, but a debtor could go through more financial problems and deal with more complications when they are receiving calls from creditors. Our firm understands that addressing debt problems is difficult, but there are valid and rational options for debtors to eliminate debt for New Jersey residents. No matter what caused the individual's current financial issues, a debtor could initiate their debt relief through the bankruptcy process. By understanding the steps involved, debtors could avoid common pitfalls and better prepare themselves for the process and the possible future outcomes.

Medical Debt As a Factor In Personal Bankruptcy

As previously discussed in this blog, medical debt can cause huge burdens on individuals in New Jersey and elsewhere. When medical expenses add up and individuals or families are unable to timely pay their medical bills, they could encounter serious financial problems. Unlike other financial issues such as credit card debt, medical debt is not caused by unwise monetary choices but rather it often occurs because of unforeseen circumstances.

Taking Action to Stop Foreclosure of Your New Jersey Home

While owning a home is considered to be part of the "American dream," it could also lead to major source of financial problems for families and individuals in New Jersey. As it is the case for many homeowners, obtaining a loan through a lender is what made home ownership possible. Although this is common, it is also what leads some into financial crises, causing the fear of foreclosure. Our law firm understands that keeping a home when addressing financial problems is important. Individuals and families have options when it comes to addressing financial problems, helping them to prevent or even stop the foreclosure process.

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