Consumers spend billions of dollars on Black Friday and Cyber Monday every year. Most people in New Jersey participate in these sales that offer great deals in advance of the holiday season. To avoid overspending on these popular shopping days, consumers should consider these tips.
Many individuals in New Jersey and around the country who had some of their mortgage debt cancelled or forgiven after losing their homes due to a foreclosure or short sale now find themselves owing tens of thousands of dollars in taxes. For the last 10 years, up to $2 million in forgiven or cancelled mortgage debt was deductible thanks to provisions introduced in the wake of the 2008 financial crisis, but those tax breaks expired at the end of 2017.
One of the more common questions that those seeking Chapter 7 bankruptcy protection in Hackettstown have is whether o not filing for bankruptcy will force them to forfeit their personal assets. For those facing seemingly insurmountable debts, the appeal of bankruptcy comes from not having to worry about creditors continuing to seek action against them (thus driving them further and further into debt). Yet when faced with the prospect of potentially losing their homes and/or other valuable assets, many might choose to abandon the idea of bankruptcy altogether.
The holiday season will be here before you know it. Overspending during the holidays is a real problem for many people, especially if you're already on a tight budget. Fortunately, it's possible to enjoy the holidays without ruining your finances, as illustrated by these tips from Moneycrashers.com.
Creditor harassment is hard to deal with when faced with massive debt. Some practices are not actually lawful, which many consumers don't know when they're actively being pursued for money that remains unpaid. The Balance recommends taking the following steps if you're currently experiencing creditor harassment.
Bankruptcy can help a person clear outstanding debt to work towards a brighter financial future. Most people claim that student loan debt, which is a burden on the finances of many graduates well into adulthood, can't be discharged via bankruptcy. While this is generally the case, Nerdwallet explains what steps you can take to get a handle on massive student loan debt.
Hackettstown residents who feel as though they are drowning in debt may find a Chapter 7 bankruptcy to be their best option at getting back to enjoying a comfortable financial position. Indeed, the benefit of having certain debts discharged is likely one of the primary reason why Chapter 7 is the most popular form of personal bankruptcy (as evidenced by the fact that the American Bankruptcy Institute reports that an average of over 62 percent of all cases in 2018 were filed under this chapter). Yet one question that those considering a Chapter 7 bankruptcy should ponder is how long such an action might prevent them from securing a traditional loan again (specifically a mortgage).
If you are plagued by medical expenses, bills, credit card debt, mortgages and other expenses, you may feel overwhelmed by the monthly payments required just to stay afloat. It may get to the point where you are unable to keep your head above water, and the chances of paying off your expenses may seem impossible. Chapter 7 bankruptcy allows people in this situation to wipe away much of their debt and start again with a clean financial slate.
As a New Jersey resident who has watched your debt spiral out of control, you may be feeling the pressure from your creditors as they attempt to collect what you owe them. Often, this seemingly constant barrage of phone calls can prove immensely stressful, but you may be able to put a stop to the communications by filing for bankruptcy. How?
Whether you have recently filed for bankruptcy or you have already had your bankruptcy discharged, you may be feeling the effects of bankruptcy on your credit score. There are methods you can take to rebuild your credit and get a fresh financial start. If credit card debt was a contributing factor to your initial need to file for bankruptcy, you are not alone. Yet, even after your bankruptcy is discharged, you may get invitations from credit card companies as a way to rebuild your credit and get back on your feet. It is important to stay on the alert for subprime credit card companies, as they can cause you to become stuck in debt once again.