When should I consider bankruptcy in New Jersey?

Making the decision to file for bankruptcy isn’t necessarily an easy one to make. It should not be made lightly. However, it is important to look at bankruptcy as a tool that can allow a person or business facing significant debt to relieve some of the financial burdens they are struggling with and obtain a clean slate to rebuild their finances for a successful future. When an individual is considering bankruptcy, it is important that they meet with a bankruptcy attorney to discuss the particulars of their situation and decide whether bankruptcy is the best option for them. Many people are nervous about filing for bankruptcy because it does stay on the individual’s credit score for a few years but it doesn’t mean that they are doomed from ever rebuilding credit again. A lot of people are even able to obtain a mortgage just three years after filing for bankruptcy.

There are a few indicators that may signal it is time to seriously consider filing for bankruptcy. These include the following:

  • The debtor’s bank account has been frozen
  • The debtor’s wages are being garnished by creditors
  • Creditors have started to bring lawsuits against the individual

If you are faced with one or more of these financial issues, contact our firm today to schedule a consultation where we can assess whether bankruptcy is right for you or your business. The Radol Law Firm is comprised of experienced bankruptcy attorneys that have the skill necessary to guide you through this difficult time.

Our firm understands that so much of your future is on the line in matters of divorce, family law, bankruptcy, and estate planning. Before taking any sort of legal action, it is important to discuss your legal matter with an experienced attorney. Contact The Radol Law Firm to discuss any divorce and family law matters you may be faced with.