Nobody wants to file for bankruptcy. However, thanks to the recent recession, many hard-working New Jersey residents have been forced to file for bankruptcy this year.
Reasons people file for bankruptcy
- One night in a hospital can cost tens of thousands of dollars. Even with insurance, the deductible can be more than many people can afford.
- Job losses often occur because of a bad economy or poor planning by the employer. They’re rarely because the debtor did a poor job.
- The downturn in the economy caused many people to lose the equity in their home. They lost equity because the value of the home decreased while the amount due stayed the same.
- A divorce means two people have to have: two homes, two cars, two insurance policies and two of many things. It’s simply cheaper to live as a couple than separately.
- Bad financial decisions including poor investments
Reasons you shouldn’t be embarrassed
Other than creditors, few people will learn of your bankruptcy. Bankruptcy notices are not often filed in the newspaper. Even when the notices are filed, few people will read them. There are no signs posted on your lawn. Most debtors do not appear before a judge. They just appear before a trustee, and that’s a very private proceeding.
You’re not the only one. Millions of people file for bankruptcy every year. The main reason the framers of the US Constitution mentioned bankruptcy is because they understood there are sometimes circumstances when people need a fresh start.
Bankruptcy is an accepted financial planning tool. Many reputable people and businesses file bankruptcy. Many celebrities have filed for bankruptcy. Many corporations have also filed. You should not feel embarrassed about trying to solve your financial problems with this accepted option.
Contact bankruptcy lawyer Gary Mason
Garland & Mason, L.L.C. has advised New Jersey consumers and debtors on bankruptcy law for over 20 years. They compassionately represent debtors in Monmouth County, NJ and in the surrounding New Jersey counties. Contact him today for a free consultation at (732) 358-2028.