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Russell G. Small

Determining if bankruptcy is the right choice

New Jersey consumers who are in debt have several options to reduce or eliminate it. There are many factors that may influence which tools they use to reduce the amount that they owe to creditors. For instance, those who make $100,000 a year may be able to commit to paying creditors in full without the need for a debt settlement or bankruptcy. Those who have a limited income may want to pursue a Chapter 7 bankruptcy.

One primary advantage of Chapter 7 bankruptcy compared to a debt settlement is that any amounts that are forgiven in bankruptcy will not be considered taxable income. It is also important to consider that there is no guarantee that creditors will work with debtors to forgive some or all of their debts. Even if a deal can be reached, the terms of the deal will likely be slanted in favor of a creditor.

Individuals who file for bankruptcy will typically have the ability to obtain credit after their cases are closed. In many cases, it only takes a couple of years to rebuild a credit score after a bankruptcy. Creditors may be more inclined to offer consumers credit after a bankruptcy because they have less debt. Therefore, it is more likely that they will stay current on their payments.

Debtors who qualify for Chapter 7 bankruptcy could put a stop to creditor collection activities when they file for protection. An automatic stay may also put a stop to creditor contact by mail or phone. An attorney may be able to help a person learn about other benefits to bankruptcy such as the potential to keep certain types of property.

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When you are overwhelmed by debt, we can help you explore your options and find relief. Should you choose to file for bankruptcy, calls from creditors and debt collectors come to a stop almost immediately, allowing you to get back to living your life.

Call us today at 800-261-3275 or contact us online to schedule a consultation. Our firm offers evening and weekend appointments and home visits. Credit cards and payment plans are accepted. Se habla Español.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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