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Life After Bankruptcy: What to Expect After Your Bankruptcy in New Jersey

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If you are considering bankruptcy, you are not alone. 

Did you know that in 2016, nearly 800,000 people   filed bankruptcy   in the United States? And that over 24,000 businesses filed bankruptcy that year? 

This means that you are far from alone if you have considered filing bankruptcy, either personally or for your small business.

Leading Causes of Debt in New Jersey

Unsecured-Debt

Americans currently exceed $13 trillion dollars of outstanding household debt. Within that amount, $9 trillion is related to mortgage balances, $1.5 trillion is related to educational loans, and $2 trillion is split evenly between both auto loans and credit card debt. Very few households around the world utilize debt as freely as the United States' households do. When household debt is measured against GDP, the United States' 77.30% ranks as the 11th highest percentage in the world.

How does all of this relate to New Jersey and its residents' habits?

How Do I Sue a Public Agency If I’ve Been Injured on Public Transport in New Jersey?

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Accidents that involve public transportation can be severe because of the number of people that they affect. Public bus accidents, for example, can impact a great deal more people than the average passenger car accident. If you have been injured on public transportation, you will likely need to start negotiations, and potentially a lawsuit, against a governmental entity.

Statute of Limitations against Port Authority of New Jersey and New York

port_authority_george_washington_bridge In cases involving personal injury claims against the Port Authority of New York and New Jersey (Port Authority), the statute of limitations is shorter than with a case involving private parties or even other governmental agencies, such as the state or municipalities. A case against the Port Authority must be brought within one year or you will lose your right to file a personal injury claim. In addition, to add to this extra procedural hurdle, a notice of claim has to be filed 60 days prior to filing suit. The relevant statute in New Jersey, N.J.S.A. 32:1-163 provides:

Statutes of Limitations In New Jersey Personal Injury Lawsuits

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Be Careful to Bring A Lawsuit in Time For Personal Injuries

A person has a limited amount of time to sue for personal injuries. The Statute of Limitations is a law that sets forth the time period by which a lawsuit must be filed. If a plaintiff (the person filing the suit) fails to file the lawsuit within the defined period of time, then the plaintiff will likely be barred from pursuing the case further.

New Jersey law has various statutes that govern how long you have to file a lawsuit. The time limits within which one must file a lawsuit can be found in various statutes, including, but not limited to, the New Jersey Statutes Annotated (N.J.S.A.) at N.J.S.A. 2A:14 and N.J.S.A. 2A:31 (wrongful death actions).

Navigating a Chapter 11 Bankruptcy in New Jersey

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Dealing with any type of financial challenges could be overwhelming, emotional and in some cases, embarrassing. With regards to business debt, our firm understands that business owners in New Jersey might find it difficult to navigate complex financial matters regarding their business. For many, they seek to understand the best way to keep their business operating, but in some matters, business owners should note that some debt relief options might result in the sale or liquidation of their business.

Whether it is a small business or large corporation, dealing with financial challenges can sometimes be debilitating. The steps required and the debt relief options can be very complex, and those considering business bankruptcy should become knowledgeable about the process.

Do You Want to Become Debt Free? Try This First.

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We have created one of the quickest and easiest tools that will help you pay off your debt and obtain the financial freedom you deserve.  The worst thing about being in debt is finding a resource you can trust. Fortunately, after reading this blog, you can find some relief in a solution that can work for you! ScuraSmart - our completely free tool, pinpoints your exact issue and type of debt you currently have and offers you a solution based on your unique situation in under a minute. 

Why You Shouldn't File Bankruptcy Without the Help of a NJ Attorney

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Filing for bankruptcy is never an easy decision. Nonetheless, beginning the bankruptcy process is one of the most effective ways to stop harassing phone calls from your creditors so that you can regain control of your finances. If you or a loved one has been seriously thinking about declaring bankruptcy under Chapter 7 or Chapter 13, you may have thought about beginning the process on your own. Bankruptcies are notorious for being expensive and the thought of having to pay NJ attorney fees can seem impossible. That shouldn't mean you have to make a risky decision. 

Exempt vs. Non-Exempt Property in an NJ Bankruptcy Case

Exempt vs Non Exempt

When you file for bankruptcy in New Jersey, there are myriad different aspects of your life that will be affected. While most should be positive, there may be some things that come along with bankruptcy that you weren’t expecting. As your trusted local NJ bankruptcy attorneys, we at Scura are here to help you determine which assets will be affected during bankruptcy filing and set your mind at ease.

6 Bad Financial Habits That Are Signs You Should Consider Bankruptcy

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In many circumstances, you take on debt because something unexpected happens. You or a loved one may lose a job or face long-term health problems. In other situations, however, the need to file bankruptcy may arise because you have developed some poor financial habits that trap you in a cycle of taking on more and more debt.

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