As the recession slowly comes to an end, many in New Jersey have found that they still owe more on their home mortgages than what the house is worth. In some areas, this is because of overbuilding, a recent report asserts. For others it may be due to unfavorable mortgage terms. However, some homeowners in these situations are seeking an alternative to these terms, including a personal bankruptcy.
New Jersey readers may be interested to learn about the bankruptcy case of a man and his wife in another state. The initial petition for bankruptcy was filed back in 2009, and is still ongoing due to the fact it is more complicated than the average bankruptcy filing. Before the personal bankruptcy case began, the man was famed in his hometown for owning auto dealerships and other businesses.
Many people in New Jersey seek to file a personal bankruptcy when they find that they are unable to repay the debts that they owe. For most, the good news is that at the end of the process they are free from most of their debts. In fact, this freedom is one of the intents of the personal bankruptcy laws that govern the filings and process.
Finding your way in the financial world after a bankruptcy is a concern for some people in New Jersey. Those who have suffered job loss, divorce or unexpected medical costs may have found that they spent their savings and are concerned that if they seek a personal bankruptcy they will not be able to recover financially. This is not the case, says one recent article, in fact, a credit score can begin to rebuild even while to the bankruptcy is in process.