Chapters 7, 11 and 13
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Bankruptcy Court
The emotional turmoil a divorce inflicts can be substantial. You go from a being someone’s partner to being on your own. The same is true for all your financial obligations. Suddenly, you must pay the cable bill and the mortgage.
It is a lot take on, and it can feel overwhelming. You may get in over your head. Here are some reasons getting a divorce can lead to bankruptcy.
When you make financial plans for yourself, one of the last things that you would expect to drag you under are surcharges for motor vehicle violations. Sadly, it is a reality for many New Jersey drivers to experience the wrath of the point system administered by the New Jersey Surcharge Violation System (NJSVS).
Lawsuits are a tool used by creditors to collect their debts. Often, they file many of these lawsuits at one time against numerous debtors, counting on an outsize percentage of these defendants to ignore the lawsuit. These defendants may be overwhelmed by the lawsuit or simply believe it doesn't matter since they have no money left to give. When this occurs, the creditors are able to obtain easy "default" debt judgments against these debtors. In New Jersey, defendants who have had debt judgments entered against them should next expect to receive an "information subpoena" from the creditor's attorney.
No one has ever accused a creditor of being patient and understanding. To the contrary, stories of aggression, harassment, or hostility are the norm. If you have been trying to pay your debts, but continue to be on the receiving end of notices, threats, and collection efforts, you need a break. In fact, if you are reading this, it is because you are looking for solutions to this very real problem.
If you are struggling with debt, you are not alone. As bankruptcy attorneys who have guided clients through the bankruptcy process for three decades, we have seen a great many people find themselves unable to keep up with debt and interest payments. Unfortunately, many people choose to allow these struggles to continue for far too long, unaware of the benefits and relief that bankruptcy offers. We want you to be aware that there are legitimate reasons to file bankruptcy now.
Creditors can be relentless and ruthless when it comes to collecting on debts. They use every tool at their disposal, including letters, phone calls, and social media harassment. This takes a great mental toll on people struggling to repay their debts. Unfortunately, some debtors find themselves in the difficult situation of seeing their wages garnished for the benefit of a creditor.
If you look at your ongoing monthly expenses, you vehicle loan is probably up there as one of the big ones. Unfortunately, while your high, fixed car loan payment remains the same for the term of your loan, depreciation causes the value of the vehicle to decrease over time. After a few years, many people find themselves in a situation where they owe far more than their car is actually worth. When coupled with other financial strains, unforeseen circumstances, and debt problems, a bad car loan can be a person's real breaking point.
There isn't a person in this country who wants to have a serious medical condition, suffer a traumatic injury, or require ongoing medical treatment. Beyond the physical and emotional tolls that come with medical ailments, medical care is expensive. In fact, medicine and medical treatment is routinely more expensive in America than anywhere else. Even with insurance, medical debt can quickly spiral out of control for anyone and can become completely unaffordable.
When you make the wise choice to seek bankruptcy protection from creditors, you do so because you need relief
People often believe that if they were rich and famous, they could live a happy life free of financial worries. Unfortunately, life is rarely worry-free for anyone. In fact, just like the rest of us, some of the most rich and famous people in the world have struggled with money. This can be due to over-spending, massive debt, bad investments, bad loans, unexpected medical expenses, dwindling job opportunities, and changes to the economy.
Our bankruptcy attorneys will help you escape debt and
face the future with optimism.
Levitt & Slafkes, P.C.
515 Valley Street, Suite 140
Maplewood,
NJ
07040
Phone: 973-323-2953
Fax: 973-313-1240
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