Medical bills are one of the biggest financial burdens that Americans worry about each year. Different from your monthly credit card bills or mortgage payments, medical bills can often be so large threat they become a scary afterthought that most people simply don’t want to deal with. For this reason, medical bills are also one of the most common reasons that Americans seek debt relief through Chapter 13 bankruptcy.
There are several types of bankruptcy available to an individual. Your unique financial and personal situation will dictate whether one kind will work better than another. Most individuals will end up using either Chapter 7 or Chapter 13. Businesses, on the other hand, can use Chapter 7 bankruptcy and Chapter 11. Some small businesses (sole proprietorships) can also use Chapter 13 bankruptcy as well.
Getting approved for your very first credit card can be an exciting and thrilling experience. Suddenly a whole new world is open to you and the opportunity to build your credit score seems like a great possibility. But for many Americans, the excitement of a new line of credit can quickly give in to a feeling of dread and worry. While a credit card can be a great tool for building your financial future, if you don’t have the skills to manage your money, it can become a nightmare.
The Federal Reserve Bank of New York reports that as of the second quarter of 2017, the American household debt load has reached nearly $13 trillion. Approximately 80% of Americans are in debt today.
Unfortunately, many Americans also have very low savings balances as well. The combination of high debt and little savings can spell disaster for many Americans. However, the type of debt that you have may determine whether bankruptcy or some other financial workout with your creditors is the right option for you if your debts become unbearable.
If you are struggling financially and cannot find an easy way to pay off the debts you owe, filing for Chapter 13 bankruptcy in New Jersey may be the best option for regaining control of your finances. However, before you begin the bankruptcy filing process, it is important that you consider all of the pros and cons. Filing for Chapter 13 doesn’t have to be a frightening affair but it isn’t something that should be taken lightly either. The bankruptcy process can affect your future credit, your self-image and your reputation but it can also improve your short-term quality of life. Are you considering Chapter 13 to put a stop to harassing phone calls and letters from your creditors? Be sure to weigh out the benefits and drawbacks with our experienced bankruptcy attorneys before you file.
Chapter 7 bankruptcy can be an extremely helpful way to get back on your feet financially after you have been struggling. It allows you to “start fresh” and try again. In that process, most of your debts can be forgiven entirely, which means that those harassing phone calls and intimidating letters will stop coming. It results in significant freedom for many individuals and companies that are stressed financially.
People often feel embarrassed or ashamed when filing for bankruptcy. However, it's more common than you would think. High profile athletes, musicians, actors and entrepreneurs regularly file for bankruptcy, often as the result of unforeseen circumstances or an unsuccessful business venture. Serious illness, family tragedy and business deals gone bad can send your life and finances into a tailspin. Filing for bankruptcy is never an easy decision, but sometimes it's the right one.
For new credit card users or those looking to build their credit, the idea of taking out a “free” line of credit can be exciting. But if you aren’t careful, credit cards can be potentially hazardous to your financial health. In fact, maintaining a healthy credit score with one or more credit cards can also be difficult for more experienced credit card users. If you’ve recently been thinking about applying for a credit card or you’re wondering if it’s time to get rid of your current credit cards, there are a few important risks to be aware of. While there can be many benefits that come along with responsibly using credit cards, for many people the cons definitely outweigh the pros. However, if you can learn to develop better credit card habits, you'll have a better chance avoiding some of the most common financial mistakes.
The type and amount of debt that you have directly correlates with your stage in life. Older people face different debt challenges because they also have also likely accumulated more assets than a younger person as well. Your debt relief strategies may vary depending on where you are in life and your unique financial situation.
Filing Chapter 7 bankruptcy in New Jersey can be an extremely stressful and personal experience. You need to have the right person to walk you through the process. Having an experienced, compassionate, and understanding attorney will make the process easier. Your lawyer will also help you decide how you should treat specific property and which options will be the best for your family and your personal finances. However, there are so many options when it comes to lawyers. How can you tell which attorney and which firm is the right choice for you?