The poll, which surveyed 120 bankers in the state of New Jersey and surrounding areas, found that just under half of them rated the current economy as “fair” or “poor.” Nevertheless, one-quarter of the bankers surveyed said that they also believe the economy’s health is no longer declining, and that in fact, the nation’s and New Jersey’s economies should begin improving again shortly, with interest rates holding still or even going down in the near future.

Although banks are ready to make loans to qualified customers, most of the bankers surveyed predicted that demand for commercial loans and for refinancing of homes would not increase any time soon. With the unemployment rate in New Jersey stuck at nine percent, most of the bankers surveyed believe that, in the short term, consumers will be filing for bankruptcy more often and also facing more foreclosures.

In a precarious financial situation, loans or refinancing may make your situation worse than it already is. If you’re thinking about filing for bankruptcy in New Jersey or want to know more about how bankruptcy works, please don’t hesitate to contact the experienced New Jersey bankruptcy attorneys at The Law Offices of Robert Manchel. Our experienced lawyers will examine your situation carefully and help you understand your legal rights and options. Call 1-866-503-5655 to learn more.

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It can be very tempting to start charging everything to your credit card during this time, but you should avoid the temptation as much as possible.

If you are considering filing for bankruptcy in New Jersey, and use your credit card to survive the holidays, depending on when you file for bankruptcy, creditors may challenge your right to a bankruptcy discharge of your debts. Running up your credit card bill in anticipation of filing for bankruptcy is never a good idea and can pose many problems. If you manage your finances wisely, you could avoid having to file for New Jersey bankruptcy and/or foreclosure.

Try to avoid purchasing extravagant gifts for friends and family. Also, use cash as much as possible when buying presents. If you don’t have the money, don’t spend the money. Talk with your family about doing a gift exchange so you only need to purchase one present this year, instead of many. If you need to buy multiple gifts, make something homemade, which can save you a lot of money.

According to the U.S. Department of Energy, the average home in America uses about six times as much electricity as a home did 20 years ago. Lighting costs account for approximately 10 percent of your electric bill, which is sure to increase during the holiday season, with the addition of outdoor and indoor Christmas lights. Set your lights on a timer to make sure you don’t forget to turn the lights off, when you leave the house or go to bed. You can also purchase LED lights to save on your electrical bill. LED lights only use about 10 percent of the amount of energy of regular lights.

Another money saving tactic during the holidays is to purchase a fake Christmas tree instead of the real thing. Real trees can be exorbitantly priced and last just a few weeks, whereas an artificial tree can last for many years. Or, you can forego purchasing a tree, real or fake, completely. In 2002, about 32 percent of Americans did not have a Christmas tree. This percentage is sure to increase due to our country’s current economy.

You can also start planning ahead for next years’ holiday by setting aside money now. If you set aside just $20 a week, you will have $1,040 to spend during the Christmas season next year. Furthermore, seasonal holiday paraphernalia may be purchased at a deep discount, for next year, after the holiday has passed.

Practicing good management of your money cannot only relieve you of financial stress, it can also potentially help you avoid having to file for bankruptcy in New Jersey. However, every financial situation is different, and in many cases, it could be in a person’s best interest to file for bankruptcy. Talking with a New Jersey bankruptcy attorney can help you determine whether bankruptcy is the best course of action for your particular circumstances. The lawyers at The Law Offices of Robert Manchel have helped guide many people through the bankruptcy process in New Jersey. We can answer your questions and help you during this difficult time. Call us today at 866-503-5655.

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Non-business filings for bankruptcy totaled about 1.53 million, which is up an estimated 14.4 percent from 2009, and is the highest number of non-business bankruptcy filings for a fiscal year since 2005. However, business bankruptcy filings somewhat dropped, the first time there has been a decrease since 2006. There was a total of 58,322 business bankruptcies filed during the 2010 fiscal year, which is down seven percent from 2009.

Overall, for the 2010 fiscal year, bankruptcy filings rose in most chapters. Chapter 7 bankruptcy filings totaled approximately 1.14 million, which is up about 15.9 percent from 2009. Chapter 13 bankruptcy filings rose about 9.2; with over 430,000 filings made.

In New Jersey, there were 40,775 total filings for bankruptcy in the 2010 fiscal year. It was a 19.7 percent increase from 2009, when 34,070 bankruptcy filings were made.

Filing for bankruptcy can be a difficult decision and one that shouldn’t be taken lightly. The New Jersey bankruptcy attorneys at the Law Offices of Robert Manchel have experience in dealing with the bankruptcy process in New Jersey. Our lawyers will examine your particular situation and help you determine whether filing for New Jersey bankruptcy is the right course of action. Call us today at 866-503-5655.

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The article also discussed several other money managing tips. They caution against falling into “the minimum trap,” which is when you only pay the minimum amount on your credit card bill. Paying your bill in this manner will hardly cover the interest charges and will take you months, if not years, to pay off your total balance. In the end, if you only pay the minimum, you will spend much more than the original amount you charged to your credit card.

You should also be aware of where you borrow your money to pay off debt. While it could be convenient to borrow against your 401(k) or your house, doing so can be very risky. You could potentially lose your home in a New Jersey foreclosure.

One of the most important recommendations the article makes is to plan for the unexpected. Start creating a safety net of a few months of living expenses in case of any emergency. Not having a disaster fund can seriously cripple your finances, if you suddenly have an expensive car repair or something of that nature that requires immediate action.

If you have a mortgage, one shouldn’t be so quick to pay down the mortgage instead of paying down the credit card debt, as a mortgage is likely to have a lower interest rate. Also, one is able to deduct the interest paid on the first $1 million of a mortgage loan, which can be very helpful. However, if your mortgage happens to have a high interest rate and you need to lower your monthly payments, you may want to consider refinancing your home.

If you find that you are still struggling with your debts, you should get help as soon as you realize the necessity. There are many debt counseling agencies with a good reputation that could help you consolidate your debts and help you manage your finances better. But be careful—there are also many disreputable debt counseling agencies.

Being smart about your finances can save you from many headaches and improve your quality of life. However, depending on your situation, it may be a good idea to file for bankruptcy in New Jersey. Every bankruptcy case is different, so you might want to consult with a New Jersey bankruptcy attorney to learn about your options. At the Law Offices of Robert Manchel, our lawyers have helped countless individuals navigate through the New Jersey bankruptcy process. If you have questions about filing for bankruptcy in New Jersey, please contact our office to talk with one of our knowledgeable and experienced bankruptcy lawyers. Call us today at 866-503-5655.

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CNN Money has a list of top things Americans need to know about handling their finances. First, they acknowledge that some debt can actually be good—such as borrowing money to pay for college or a home, but that you should be cautious not to borrow more money than you can pay back. They also advise shopping around to find the best interest rates. However, there is bad debt, such as using a credit card to purchase things like vacations that can’t be paid off in full within a few months. Using a credit card for expensive items that can’t be paid off timely is a fast way to find yourself in serious debt. They recommend putting cash aside each month to save for a big ticket item before charging your credit card, so you can pay the full amount when it is due and avoid paying high interest charges.

The article also urges Americans to think about what it is they’re purchasing. They suggest making a list of your typical monthly spending habits and then cut out the items you don’t really need. Save the money you would have spent or use it to try to reduce your debt faster.

When paying off your debts, first pay off the highest- interest rated debts, which CNN Money says is the solution to efficiently getting out of debt. Pay the balances of credit cards or loans that charge the highest interest, while you pay the minimum balance due on other debts. Once the high interest debts are paid off, pay off the next highest, and so forth. Soon you will find your debts greatly reduced.

Managing your money wisely can help you avoid filing for bankruptcy in New Jersey. However, in some cases, it may be in your best interest to file for New Jersey bankruptcy. Everyone’s situation is different, and it may be a good decision to speak with a New Jersey bankruptcy lawyer to find out your legal rights and options. The attorneys from the Law Offices of Robert Manchel have worked with many individuals, regarding their decision as to whether bankruptcy is the best solution. We can help guide you through the bankruptcy process and answer any questions you may have. If you are considering filing for bankruptcy in New Jersey, please contact our office to speak with one of our skilled and knowledgeable bankruptcy attorneys today. Call us at 866-503-5655.

Check our blog later this week for part II on how you can handle your money more wisely and potentially avoid filing for bankruptcy in New Jersey.

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Reportedly, the five-day event was aimed at individuals who are at risk of losing their homes to foreclosure. The NACA, a national mortgage company, offered assistance to individuals by restructuring their current mortgages in order to make monthly payments more manageable. This was the second year of the company’s “Save The Dream Tour”, which travels the country in hopes of helping individuals save their homes. Typically, the NACA is able to lower interest rates to 2 or 3 percent. In 2009, the NACA saw an average of 30,000 people at each of its 12 events across the country.

While lower interests rates will certainly prevent many people from losing their homes, there are still some circumstances under which decreased monthly payments may not be enough. Filing for bankruptcy is a viable option for many individuals who have accumulated debt and simply cannot afford to pay their debt on their own. Whether one chooses to file for Chapter 7 bankruptcy protection or Chapter 13, filing for New Jersey bankruptcy can be a complicated process that requires the assistance of an experienced bankruptcy attorney.

The skilled New Jersey bankruptcy attorneys at the Law Offices of Robert Manchel assist individuals in New Jersey who are thinking of filing for bankruptcy, including those who are at risk of losing their homes. In some cases, bankruptcy may help an individual save his or her home. For more information about what bankruptcy can do for you, please call an experienced New Jersey bankruptcy lawyer today at 866-503-5655.

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1. Ruined credit rating and FICO score – Individuals who fail to take effective action in a timely manner can wind up with abysmally low FICO scores and ruined credit ratings. Once you are unable to get credit, your financial leverage will be severely limited. For instance, you may not be able to find money to buy a house, lease a car, or purchase a key asset for your business. Similarly, you may not be able to get a credit card. Moreover, once you get into a bad credit situation, it can be very difficult to climb your way out. Credit repair can be a time intensive, fraught, and aggravating process.
2. Creditor harassment – Ignoring your mounting debts can ‘feel good’ in the short term; but if you ‘go numb’ to your obligations to creditors, chances are, your creditors won’t return the favor. Harassing letters, phone calls, and other kinds of contact can scare you and your family, create needless aggravation and anxiety, and can actually be precursors to lawsuits or other kinds of legal action. When you retain a bankruptcy NJ lawyer, on the other hand, you can end creditor harassment and begin down the road to financial recovery.
3. Garnishments and losses of services – If you persist in ignoring your debts and putting off retaining a NJ bankruptcy lawyer, you can suffer an array of consequences, including, but not limited to: garnishment of your wages; utility shutdown; repossession of your car or other assets; eviction; foreclosure; and, a bank account levy.
4. Anxiety, stress, and depression – The longer you delay attending to your debt situation, the more the uncertainty may annoy you, cause problems with relationships, force you to overwork, and create psychological problems. For instance, higher levels of stress and anxiety can increase cortisol levels in the body, which can result in a predisposition for more severe illnesses. So there is a very real risk that putting off dealing with your debts could physically impact your health.
5. You will likely have to get a lawyer anyway – If you delay retaining a competent attorney, chances are high that your debt problems won’t go away and that, in fact, they will snowball. Thus, you will be forced to retain an attorney after all – but now you will be saddled with even bigger problems.

To tackle your financial problems straight on and get sound, practical advice for moving forward, connect with the Law Offices of Robert Manchel today at 866-503-5655.

Please refer to our next post to learn what potential complications are likely to arise when dealing with bankruptcy and how to best handle such issues.

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