Bankruptcy

If you're facing mounting debt, endless calls from creditors, or the threat of lawsuits, bankruptcy may be your only way out. But for many people in New Jersey, filing for bankruptcy isn’t about giving up—it’s about getting back on track. The process might seem intimidating at first, but understanding each step can bring clarity and peace of mind.

Here’s what you can expect from start to finish when filing for bankruptcy in New Jersey, including how a Read more . . .

A credit score is a numerical rating that represents your creditworthiness based on your credit history, debt levels, and payment behavior. Bankruptcy is a legal process that allows you to eliminate or restructure debts if you cannot repay them. Bankruptcy lowers your credit score because it signals that you were unable to repay debts. 

Credit scoring models consider bankruptcy one of the most negative marks that can appear on a credit report. Lenders see bankruptcy as a significant risk factor, which means it will likely be harder to get approved for new credit if you file for bankruptcy.
Read more . . .

It has been a rough few years for our country and the rest of the world. The pandemic put a strain on us as few could have predicted. Among other burdens many of us have carried during this time, financial pressure may be among the biggest and heaviest. If you have found yourself in a place where you are struggling to pay the bills and keep up with minimum payments on outstanding debt obligations,

Sometimes, we find ourselves with financial problems that seem insurmountable. Minimum payments become impossible to make, creditor actions loom in the distance or are currently taking place, and all that is wanted is a way out, a lifeline. Read more . . .

Have you hesitated to file bankruptcy because you have heard dire rumors that your credit will be irreparably destroyed? Bankruptcy can provide a much needed lifeline when confronted with seemingly insurmountable financial trouble. It can provide a fresh start and before you dispel bankruptcy as a possibility based on things you have heard; you should get the facts.
Read more . . .

Student loan debt has been a pervasive presence in the news in recent years. Students take on crushing amounts of debts to try and get the education they need to fulfill their professional and personal goals. After graduation, the high-interest rates and substantial monthly payments can become a financial burden with no end in sight. It should therefore come as no surprise that many are curious as to whether student loan debt can be erased, or “discharged,” in Read more . . .

One pervasive myth surrounding bankruptcy is that your credit will sustain irreparable damage. While your credit will take a hit due to bankruptcy, it is by no means something that you cannot come back from. By taking certain measured steps, you can rebuild your credit over time. A bankruptcy will stay on your credit report for about 7 to 10 years, but the impacts of bankruptcy will lessen as time passes when you are proactive. Here, we discuss several ways you can rebuild your credit after filing Read more . . .

There are many misconceptions about bankruptcy and the consequences of filing for bankruptcy. Bankruptcy can provide substantial financial relief to those who are struggling to keep up with minimum debt payments and experiencing financial difficulty. Read more . . .