When facing dire financial circumstances, it's critical to consider all your options. For example, there are many benefits of filing for Chapter 7 bankruptcy, including the ability to discharge some — or even all — of your debts.
Most people in Morristown can sympathize with those struggling with debt. At the same time, however, there may still be a stigma associated with personal bankruptcy. Many might believe that it is simply a way for people to escape from having to pay their debts. The fact that (according to information compiled by the American Bankruptcy Institute) over 63 percent of non-business bankruptcy filings in 2018 were made under Chapter 7 (which allows debts to be discharged) might be seen as affirming this assumption.
Debt is often overwhelming and frightening, especially if you are not sure how to recover. There are several possible paths that may help you overcome debt and return to financial stability, and one of them is filing for Chapter 7 bankruptcy. Understanding the essentials of Chapter 7 and how to file for it in New Jersey may help you determine whether it is the best option for your circumstances.
If you are considering filing for Chapter 7 bankruptcy in the state of New Jersey, it is helpful to understand the different terms associated with a bankruptcy case. One of those terms involves the kind of debts creditors claim against you, known as unsecured claims. These kinds of claims involve no collateral and may end up being discharged in bankruptcy, although some unsecured claims will have to be paid in any case.
As healthcare policy continues to be a political controversy in the United States, it may help our readers to get a little perspective on the cost of medical treatment in this country. In 2017, Americans spent $3.7 trillion on healthcare – or exactly $10,739 for each man, woman and child.
From Chapter 11 to Chapter 13, there are different options on the table for those who are considering bankruptcy. In this blog, we will examine some of the reasons why Chapter 7 can be advantageous for some people in Morristown and across the state of New Jersey. Even though a number of benefits may come with taking this route, it is pivotal to carefully assess all of your options and make sure that you have found the best direction forward given your personal circumstances.