Bankruptcy offers relief and protection to people who have unsuccessfully exhausted all avenues to get out from under their debt. It is fortunate that these legal options exist, as the non-stop efforts of aggressive debt collectors, repossession attempts, and the threat of foreclosure can take an incredible psychological toll. If you are facing a financial crisis, your should speak with a bankruptcy attorney to learn about your options.
If you are struggling to make ends meet, the thought of filing for bankruptcy has probably crossed your mind. It is likely a scary thought, but it shouldn't be. The media consistently reports on businesses and celebrities that seek debt relief and makes it sound like it is the end of the world. What the media never reports is how most people emerge from their Chapter 7 or Chapter 13 with little or no remaining debt.
With the student loan crisis facing thousands of millennials, companies are taking note and starting to offer debt relief options as a recruitment perk. Most graduates do not care about gym memberships and free snacks as much as they want help with their student loan debt. In fact, debt relief options are more important than retirement for many of them.
If you are living paycheck to paycheck and still unable to make ends meet, it is time to consider the different debt relief options available to you. Two of the most common ways people obtain relief from burdensome debt is debt consolidation and bankruptcy. The skilled legal team at Levitt and Slafkes can review your individual finances and help you decide which options will benefit you and your family the most.
If you are like many adults, your role with your parents has shifted. You are now the caretaker and they are in need of your assistance. When you have a parent that is struggling financially, it is natural to want to help them. In today's economy, many grown children provide their parents with financial assistance. However, if you cannot afford to support them financially, you may want to explore their options for obtaining debt relief.
When opening the newspaper or turning on the television, New Jersey residents are likely to find reports detailing signs of the U.S. economic recovery. While the financial positions of many Americans have improved since 2008, for an estimated 2.3 million Americans impacted by long-term unemployment, times remain tough.
When contemplating retirement, many New Jersey residents likely look forward to traveling, playing golf and spending winters in a more temperate climate. Retirement has long been considered a time when, after years spent working, individuals are finally able to relax and take time to enjoy their golden years. However, for a growing number of Americans the financial security previously enjoyed by retirees of past generations appears to be less certain or attainable.
Many New Jersey residents who are now in their 30s and 40s grew up in families that were considered to be middle to upper class. As such, many likely enjoyed taking family vacations, owned one or more cars and were able to attend and pay for college without accruing massive amounts of debt. Today, however, many of these same individuals are facing a very different reality as they attempt to provide the same standard of living they enjoyed to their own children.
According to the Kaiser Family Foundation, an estimated 33 percent of Americans struggle to pay medical bills. No one is immune to medical debt and many of those who report having difficulty paying medical bills are insured through job-based group plans. However, even with health insurance coverage, individuals often fall victim to the unknown and high costs associated with out-of-network charges.
Most New Jersey residents have at least one credit card and likely receive many more credit card offers in the mail each week. Through flashy marketing materials, banks and credit card companies aggressively market to American consumers, promising 0 percent interest rates and appealing debt transfer options. In recent years, these financial institutions also began offering other so-called "add-on" products promising consumers debt cancellation protection in the event of job loss or identity theft