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You may have been trying to hold everything together for a long time. Maybe you are paying the minimum on your credit cards, but the balances never seem to go down. Maybe you are behind on your mortgage or car payment. You may be afraid to answer the phone because it could be another creditor. … Continued
A simple guide for New Jersey individual and families facing financial strugges Bankruptcy is a legal tool that may help people who cannot keep up with their debts. It can stop many collection actions, help protect property, and give you a path toward a fresh financial start. The right choice depends on your income, property, … Continued
A New Jersey report releases this summer indicates that house foreclosures are on the rise again with Somerset County seeing a 54% increase in first time foreclosures and Monmouth County seeing a 44% rise in first time foreclosures. Due to massive layoffs and business closures in the State and the rising cost of everyday items, … Continued
Budgeting is a very useful tool when it comes to managing your income. It can be a real trial to wrap one’s head around the usefulness, so here’s some ideas of its benefits. To start, budgeting gets you to become aware of where your money is going. You might think that you already understand it … Continued
For Money Savings Monday, we are talking about budgeting. Keeping an eye on your budget is very important for the sake of your future! If you lose sight of it you could end up spending too much for what you have, or end up worrying yourself about if you can afford various expenses! The 50/30/20 … Continued
Now that it is tax time, today I got a call from a panicked client who is getting a 1099 on a credit card. Have you received a Form 1099-C Cancellation of Debt after your bankruptcy discharge? Don’t panic! Here’s a quick guide: Why did you get it? Normally, if a creditor cancels a debt … Continued
As the year comes to a close, it’s the perfect time to reflect on your financial goals and the steps you’ve taken towards achieving them. Year- End can serve as a reminder to prioritize your financial well-being. . By setting clear goals, it provides you with a sense of purpose and direction. It helps you … Continued
As the cost of living continues to rise, Americans are increasingly relying on credit cards to cover basic expenses like food and gas. This shift in credit card usage has led to growing concerns as the nation’s credit card debt surpassed $1 trillion. It is not only the increased card usage that is a problem, … Continued
An estimated 23% of Americans have medical debt they cant pay and an estimated 41% are trying to pay off medical debt. Medical debt is the leading cause of individual bankruptcy filings and the stigma behind filing bankruptcy no longer exists as more and more Americans turn to bankruptcy protection to get a fresh start. … Continued
Bankruptcy often does affect your credit score, but let’s face it if you owe debt, it was probably low to begin with. Filing for bankruptcy does provide relief and a fresh start, but it it important to remember it is just a tool to get you that fresh start. That is why at Tomes Law … Continued