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Mercer County Legal Blog

Minor disadvantages of Chapter 13 bankruptcy

Even though there are many benefits to a Chapter 13 bankruptcy filing, including the ability to pay back many of your debts through a repayment plan, there are also some potential disadvantages that could get in the way.

It's important to understand both the pros and cons before filingt, as this will help you make an informed and confident decision.

4 injuries, 1 death in bus crash in New Jersey

No matter what time of day it is, there's a possibility for a serious crash to occur. All it takes is a medical emergency, distraction or drowsiness, and there's a high risk that two or more people will be impacted by a collision.

In this case, a bus and car collided. One person was killed and four others were hurt in the crash involving a car and the New Jersey Transit bus. The May 16 report indicated that the bus and car struck when passing each other on South Orange Avenue in Livingston.

How will you become debt-free as quickly as possible?

No matter who you are, there's a good chance that you have some debt in your life. From credit cards to personal loans, from car loans to your mortgage, there is debt that you think about often.

Although you have the opportunity to pay down your debt over time, you don't want it to linger for too long. Here are some tips you can follow to become debt free as quickly as possible:

  • List debts by interest rate: With this approach, you can tackle the debts that are costing you the most money first.
  • Save for a future emergency: An emergency fund is a must, as this ensures that you have money in the bank should an unexpected expense move to the forefront.
  • Create a budget: With a budget in hand, you know how much you're earning and how much you're spending. This will allow you to adjust your financial approach accordingly.
  • Consider a balance transfer: Can you transfer high interest credit card debt onto a card with a zero percent introductory rate?

What are the biggest benefits of Chapter 13 bankruptcy?

It's hard to imagine a situation in which you see bankruptcy as a good thing, but there may come a point when you find yourself in this position.

As you learn more about Chapter 13 bankruptcy, you'll come to find that there are many benefits. Here are just a few to consider:

  • Prevent foreclosure. If you're unable to make your mortgage payments and foreclosure seems imminent, a Chapter 13 bankruptcy filing could be just what you need to stop the process dead in its tracks.
  • It only stays on your credit report for seven years. While this sounds like a lot, a Chapter 7 filing will remain on your credit report for ten years.
  • Reschedule secured debts. With the ability to do this, you may be able to lower your payments. Subsequently, you'll find it much easier to make your payments in the future, thus lessening the likelihood of more trouble.
  • Automatic stay. Once you file for Chapter 13 bankruptcy, creditors must cease collection activity. This will give you some room to breathe, allowing you to implement a plan of action without creditors making your life miserable.

You can get out of debt with these solutions

If you're in debt, you may be hoping that there is a way to get out. You might not be able to increase your income, or you could be doing your best to limit expenses and have little left you can do. Lots of people have been in your position.

Debt relief is something you should look into. With the right types of relief, it's possible to change the terms of your debt, so you can manage it better. There are a few kinds of debt relief to consider including debt settlement, debt consolidation and bankruptcy.

How to drive safely in a traffic jam

Regardless of how many cars are on the road, it can be a challenge to drive safely at all times. Even if you aren't making any mistakes, it's not out of the question that another driver may do something that puts you in harm's way.

Driving safely in a traffic jam can be a challenge, since there are so many vehicles in close proximity. If you find yourself in this position, here are some tips you'll want to follow:

  • Keep a safe distance between your vehicle and the one ahead of you
  • Don't jump from lane to lane, but instead stay where you are until you reach your destination
  • Don't become aggressive because you are frustrated with the traffic (this doesn't make things any better)
  • Stay focused on the task at hand
  • Use turn signals when you need to change lanes
  • Use your mirrors to your advantage, as you always want to know what's going on around you
  • Travel at off peak times (when possible)

Do you know how to drive safely in heavy springtime rain?

As winter gives way to spring, it goes without saying that most people will enjoy the warmer weather. However, there's something you need to know: Rainstorms are extremely common during this time of the year.

If you find yourself on the road as the rain begins to fall, you have two basic options:

  • Continue to drive until you reach your destination
  • Pull over and wait for the rain to subside

A Chapter 7 bankruptcy could help you balance your finances

Chapter 7 bankruptcy is among the most common types of bankruptcy and is probably what you think of if you imagine going through one. By liquidating your assets, you can use a Chapter 7 bankruptcy to discharge your debts completely without making payments on them. Many of your assets may be sold to pay back creditors in this kind of bankruptcy.

When you're preparing to apply for a Chapter 7 bankruptcy, you should collect your bank statements, credit or loan documents and pay stubs. You will want to show where your money is going and how much you have coming in. You need this information before you can fill out the bankruptcy petition.

There are easy ways to avoid common driving distractions

When you get behind the wheel of your car, you may have one goal and one goal only: making it to your destination in a timely manner. While there is nothing wrong with this, you need to realize that there are many steps you can take to remain safe.

For example, you never want to become distracted. A minor distraction, even one that takes your eyes off the road for a second, can lead to a serious accident.

Do you know how to get a loan modification?

There could come a point when you find that you are no longer able to afford your mortgage payment. While this can be a difficult realization, you don't want to panic. Instead, you need to learn more about your many options.

To start, learn more about a loan modification. This is exactly what it sounds like: The lender agrees to modify the terms of your loan as to make it more affordable.

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