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Debt relief New Jersey

No-Asset Chapter 7 Bankruptcy Cases

What if I have no assets?  Are you considering bankruptcy? Refer to the bankruptcy code to find out which of the different types of bankruptcy you should file. For personal bankruptcy, the bankruptcy chapters you should pay attention to are either 7 or 13. 7 is the bankruptcy chapter involving liquidation while 13 is all about debt reorganization. A Chapter [...]

Automatic Stay in New Jersey Bankruptcy

Debtors get protection from persistent debt collection efforts when they file for bankruptcy under Chapters 7, 11, or 13. These types of bankruptcy trigger “automatic stay”, an injunction that halts all debt collection activities. With an automatic stay in place, creditors and collection agencies must immediately stop all collection efforts. When you file for bankruptcy, you are spared from the [...]

Get Those Numbers Up: Understanding Credit Repair

Your credit scores may be low due to bankruptcy, years of bad spending habits, or accounts in default. You can start taking steps today to repair your credit and improve your financial health. The first thing is to gain an understanding of credit repair. Start With Copies of Your Credit Reports Before you can start working on your credit, you [...]

What comes to mind when you hear “Universal Based Income (UBI)?”

For some, Universal Based Income sounds like a great plan. For others, it just doesn't make sense. After a lot of research, I would say it is not a bad idea. Based on data, as a country, the United States (US) would thrive. Alaska and New York have shown through actual implementation and/or experimentation that UBI can work. Other countries [...]

Understanding Student Loan Debt

Student loan debt is growing exponentially. Many students with student loans may not be able to pay them back when the time comes. Student loan debt alone can force someone into bankruptcy. In addition, it can also easily compound on other debt such that a health crisis or job loss. Hence, sending your entire structure toppling down. It is not [...]

4 Ways You Can Recover After Bankruptcy

Many consumers who are drowning in debt fail to file for bankruptcy even through they need the relief desperately. We have met with people who are terrified at the thought of going bankrupt. They claim that the filing will stay on their credit report for the rest of their life. They fear that they will never be able to get [...]

How Credit Card Balance Can Impact Your Future in New Jersey

Credit card companies love to offer low interest rates in exchange for cash funds. Or, they offer low interest rates to transfer a credit card balance. The low interest rates can sometimes be as low as 0%. It may seem like you aren’t paying for your purchases for a while by using these amazing offers. These promotional offers are credit [...]

Improve Your Financial Literacy: 5 Podcasts to Listen To

Doing what you’ve been doing is going to get what you’ve been getting. —Seth Godin Remember that classic definition of insanity—doing the same thing over and over while expecting different results? Filing for individual Chapter 11 bankruptcy represents only one step of your journey to financial wellbeing. Your goal should not simply be to reset financially, but rather to recover—and [...]

Processing Negative Emotions Surrounding Debt

If your rising debts have caused increased stress or depression in your life, you’re not alone. In fact, studies by the American Psychological Association suggest that financial-related stress affects as many as 72 percent of Americans. Twenty-two percent report “extreme stress” because of their finances. While filing for bankruptcy relief can help you regain control of your finances, leaving these [...]

What is a Reorganization Chapter 11?

In contrast to the liquidation approach, when you opt for a reorganization Chapter 11, you’re not selling off assets. You're just restructuring your debt in a way that’s more favorable to you. In many ways, a reorganization Chapter 11 “rhymes” with a Chapter 13. For instance, you get the ability to make payments to creditors. This tool is particularly useful for [...]

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