In recent years, the recession in the United States has been particularly tough on consumers and businesses alike. In fact, times have been so difficult that 23 percent of American households thought about filing for personal bankruptcy in recent years. Further, 18 percent of households actually did file for bankruptcy. Those who are most likely to think about bankruptcy are those in the income bracket of less than $40,000 per year.
Bankruptcy can be employed by New Jersey residents to successfully cancel out credit card debt, personal loans and medical bills. Bankruptcy can also help Americans get a fresh start on a new life free of large debts that they were formerly unable to pay. Indeed, for many, bankruptcy can be immeasurably helpful and positively affect all areas of their lives.