If you are someone saddled with debt, including tax debt, it is common to wonder what options are available for relief. Bankruptcy is often a good solution for those suffering under the weight of insurmountable debt, but what if your debt is related to taxes owed?
If you find that you are drowning in debt you can't pay and can't see a way out, bankruptcy may be a valuable option for you to consider to stabilize your financial future. Bankruptcy can provide you with a fresh start and clean slate after things outside of your control have spiraled, dragging you down.
New Jersey has one of the highest foreclosure rates in the country. It also has the highest number of "zombie foreclosures," according to the Second Quarter 2016 Vacancy & Zombie Foreclosure Report from RealtyTrac, a housing firm based out of California. The number of zombie foreclosures in New Jersey -- which are properties in the foreclosure process that are currently vacant -- stands a little over 4,000. Within New Jersey, Camden County has the most zombie foreclosures. Five hundred and sixty-three of its distressed properties are currently vacant, as of April. One of the reasons for this ranking is New Jersey's lengthy foreclosure process which sometimes results in homeowners abandoning their homes before the process has been completed.
When you get to the point where you are facing foreclosure, it can be a stressful time for you and your family. The thought of losing your home can be overwhelming. On top of everything else, having a foreclosure on your credit may make it hard to own a home in the future, and can even make it difficult to rent a place to live. However, there are alternatives available to avoid foreclosure that might appeal to you. One option is a short sale. But, the question is, is it a good option?
Special or unforeseen circumstances may leave you unable to pay your debts, and anyone can file for bankruptcy. However, changes made to bankruptcy laws in 2005 require debtors to pass a means test in order to qualify. Because Chapter 7 bankruptcy discharges your debts, you must first prove you are unable to pay them by passing a means test.
People find themselves in debt for a variety of reasons. When hit with unexpected bills due to an illness, or unable to pay daily bills due to job loss, credit cards may be the only way to make ends meet. It may be the best short-term solution, but debt can rack up very quickly, especially with high interest credit cards. Suddenly, you may be faced with an amount of debt that seems insurmountable. When that happens, there are different debt relief options to consider and which option is best for you will depend on your specific situation.
If you have been having financial difficulties, you have most likely been feeling fear, uncertainty and even shame. At a certain point, it seems like the problem has gotten so bad that you can't see a way out of it and are faced with an overwhelming amount of stress and questions you can't answer. It doesn't have to be that way. The truth is that many Americans have found themselves with large amounts of debt for a variety of reasons. Whatever the reason, there are options for you and there is a way out of your current situation.
For people already experiencing the stress of having high credit card debt, the holiday season can be a nightmare instead of magical. The pressure of buying gifts for family and friends can only add to the stress of how to pay for all of those presents on top of credit card bills you already have trouble paying.