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Navigating a Chapter 11 Bankruptcy in New Jersey

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Dealing with any type of financial challenges could be overwhelming, emotional and in some cases, embarrassing. With regards to business debt, our firm understands that business owners in New Jersey might find it difficult to navigate complex financial matters regarding their business. For many, they seek to understand the best way to keep their business operating, but in some matters, business owners should note that some debt relief options might result in the sale or liquidation of their business.

Whether it is a small business or large corporation, dealing with financial challenges can sometimes be debilitating. The steps required and the debt relief options can be very complex, and those considering business bankruptcy should become knowledgeable about the process.

Do You Want to Become Debt Free? Try This First.

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We have created one of the quickest and easiest tools that will help you pay off your debt and obtain the financial freedom you deserve.  The worst thing about being in debt is finding a resource you can trust. Fortunately, after reading this blog, you can find some relief in a solution that can work for you! ScuraSmart - our completely free tool, pinpoints your exact issue and type of debt you currently have and offers you a solution based on your unique situation in under a minute. 

Exempt vs. Non-Exempt Property in an NJ Bankruptcy Case

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When you file for bankruptcy in New Jersey, there are myriad different aspects of your life that will be affected. While most should be positive, there may be some things that come along with bankruptcy that you weren’t expecting. As your trusted local NJ bankruptcy attorneys, we at Scura are here to help you determine which assets will be affected during bankruptcy filing and set your mind at ease.

6 Bad Financial Habits That Are Signs You Should Consider Bankruptcy

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In many circumstances, you take on debt because something unexpected happens. You or a loved one may lose a job or face long-term health problems. In other situations, however, the need to file bankruptcy may arise because you have developed some poor financial habits that trap you in a cycle of taking on more and more debt.

Overwhelmed by Credit Card Debt? What You Can Do Now

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Did you know that 34 million Americans admit to paying their credit card bills late? Credit cards can be extremely useful when trying to establish credit or to use in case of an emergency. However, when they are used improperly, credit cards can plunge you further into debt than you had ever imagined. And as your debt builds up over time, it can become increasingly difficult to get your finances back on track.

Types of New Jersey Bankruptcy Exemptions

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New Jersey is one of the wealthiest states in the U.S. However, all of that income comes at a price—New Jersey also has high property taxes and even higher rent prices. It is in the top five most expensive locations to purchase a home in the United States. The U.S. average credit card debt is $6,304.26, but it is $8,406.60 for those in New Jersey.

How Are Medical Bills Treated in Chapter 13 Bankruptcy?

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Medical bills are one of the biggest financial burdens that Americans worry about each year. Different from your monthly credit card bills or mortgage payments, medical bills can often be so large threat they become a scary afterthought that most people simply don’t want to deal with. For this reason, medical bills are also one of the most common reasons that Americans seek debt relief through Chapter 13 bankruptcy.

How Common is Debt in America?

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The Federal Reserve Bank of New York reports that as of the second quarter of 2017, the American household debt load has reached nearly $13 trillion. Approximately 80% of Americans are in debt today.

Unfortunately, many Americans also have very low savings balances as well. The combination of high debt and little savings can spell disaster for many Americans. However, the type of debt that you have may determine whether bankruptcy or some other financial workout with your creditors is the right option for you if your debts become unbearable.

Things to Consider Before Filing Chapter 13 Bankruptcy in New Jersey

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If you are struggling financially and cannot find an easy way to pay off the debts you owe, filing for Chapter 13 bankruptcy in New Jersey may be the best option for regaining control of your finances. However, before you begin the bankruptcy filing process, it is important that you consider all of the pros and cons. Filing for Chapter 13 doesn’t have to be a frightening affair but it isn’t something that should be taken lightly either. The bankruptcy process can affect your future credit, your self-image and your reputation but it can also improve your short-term quality of life. Are you considering Chapter 13 to put a stop to harassing phone calls and letters from your creditors? Be sure to weigh out the benefits and drawbacks with our experienced bankruptcy attorneys before you file.

Are All Debts Dischargeable in Chapter 7 Bankruptcy?

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Chapter 7 bankruptcy can be an extremely helpful way to get back on your feet financially after you have been struggling. It allows you to “start fresh” and try again. In that process, most of your debts can be forgiven entirely, which means that those harassing phone calls and intimidating letters will stop coming. It results in significant freedom for many individuals and companies that are stressed financially.

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