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Union New Jersey Family And Bankruptcy Law Blog

Bankruptcy filing can help get rid of medical debt

Many people in New Jersey may not want to apply for a loan because of the penalties that may arise if they default. Sometimes, a debt obligation is unavoidable, like those that are incurred in a medical emergency. Considering the troublesome nature of medical expenses, the law also protects people from being harmed by the consequences of medical debt.

According to research done by the American Cancer Society, there are more than 137 million people in the United States struggling to pay their healthcare bills. The study further confirms that around 42 percent of Americans who undergo cancer treatment use up their life savings within two years of treatment.

Federal tax changes and how they affect alimony

Divorce settlements are never straightforward, and this year, they became even more intricate. The federal government's sweeping overhaul of the tax code reformed many of the calculations that influence divorce. Many New Jersey couples learned this year how tax code changes affected their return, with some people owing more than they had expected. Many divorce experts believe that the amendment will make negotiations tougher.

According to the new law, alimony and separate maintenance payments are no longer deductible for any divorce or separation agreement executed or modified after December 31, 2018. For divorces after this date, the spouse paying alimony can't use the payments as a tax deduction, and the spouse receiving the payments no longer has to pay taxes on it.

Bankruptcy is one remedy to get rid of debt

New Jersey residents who have credit card debt may be interested to know that the credit card debt rate in the United States has risen significantly. People often fail to realize the risks associated with uncontrolled borrowing and those who do not plan well may soon find themselves facing financial obstacles. Those people should understand that debt may seriously affect their economic and social life.

According to a recent report released by the U.S. Federal Reserve, consumer debt has reached a new record of $4.05 trillion. The figure shows that credit card debt rose by $2.95 billion, the biggest increase since November 2018. Household borrowing accounts for 70 percent of the country's economic activity and it usually indicates how secure consumers are in taking on more debt to finance their expenses. Consumer spending is likely to pick up this quarter following a slowdown during the winter.

What happens to credit card debt in a New Jersey divorce?

If you are considering filing for divorce in New Jersey, it is a good idea to sort out your finances as soon as possible so that you can ensure an equitable division of both your assets and liabilities. Most couples are so concerned about dividing their assets/property that the latter gets overlooked, and such a lack of concern about debts can lead to financial disaster for one or both spouses following their divorce. Here's what you should know about how credit card debt is treated in a New Jersey divorce case.

Chapter 13 filing may help save your home from foreclosure

A number of debtors lose their houses in New Jersey by failing to pay off debt. Unscrupulous creditors may manipulate borrowers, get an order of foreclosure and dispossess the distressed debtors from their homes. It quickly becomes very necessary for debtors to avoid foreclosure in order to save their houses.

Foreclosure is an inevitable phenomenon of financial market. Rates of foreclosure may go up or down due to changing circumstances, but one thing is sure: it causes detriment to the helpless debtors.

Most Americans see no end to their debt problems

America runs on debt. It is something that most of us have, yet people rarely feel comfortable discussing it with people they know. If you are feeling overwhelmed by your own debt, the comforting news is that you’re not alone.

According to a recent survey, more than 65 percent of American adults who have debt say they don’t know when they will be debt-free. In fact, 25 percent believe that they will die in debt. Statistics like this suggest that bankruptcy is still a very necessary legal tool in the United States.

Five things you should know before you buy a house

Ever since you watched your first episode of House Hunters, you have been dying to buy your first home. Now that you and your partner have saved for some time, it is finally time to take that step. All those HGTV shows prepared you for this moment, or so you think. Here are five things you should know before you buy your first home.

What should your do to prepare for a divorce?

Going through a divorce is never easy, but there are ways you can make the process simpler. Getting organized and being prepared can help you navigate your divorce more successfully. Taking these few steps can help you reduce the stress of the process and start a new chapter of your life.

Be informed

When holiday debt can lead to bankruptcy

It is easy to let the consumerism of the holidays reel you into its trap. Also, it feels good to give loved ones expensive gifts. But while making big purchases during the holiday season may make sense at the time, it can leave you in debt once the new year arrives. According to a recent survey, Americans accumulated an average of around $1,000 over the 2017 holiday period. This amount of debt alone can take months to years to pay off, especially for those who can only make minimum payments with high interest rates.

If you are struggling with your finances because of holiday spending, you may not know where to turn for help. The burden may be even worse if you had existing financial struggles before the holidays. Here are some reasons you may want to consider filing for bankruptcy to wipe out your credit card debt.

Can stepchildren be adopted without consent?

Marriage, especially later in life, means that you are getting a new spouse, but you may also be acquiring relationships with the children he or she already had before meeting you. This creates myriad issues and may also make you wonder if you should legally adopt this new child or children in your life.

If the child's biological parents are both actively involved in the child's life and have not given up their parental rights, you will not be adopting the stepchild. However, if the other parent has relinquished or lost their legal parental rights, or if the other parent consents, then adoption may be a possibility. If you choose to adopt a stepchild, this creates permanent legal obligations for your parent-child relationship. The adoption also means that the child will be treated by law as if the stepchild is your biological child.

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