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Mr Zimmerman was helpful and kind and prompt . He always answers his phone and that is refreshing . I will be using him for my bankruptcy in the future. He is one of the good ones . He is an outstanding attorney who truley care . He made ev...
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Mr. Zimmermann is a fantastic bankruptcy attorney who handled my case with care, efficiency and urgency. We were able to beat a judgement against me in the nick of time, and I truly feel a sense of relief due to the services of Mr. Zimmerma...
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This Lawyer will go above and beyond for you. As well as show tremendous empathy for those who are vulnerable and scared. His compassion to help civilian's shows through his actions and with his word. When he says he is going to call he cal...
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I’ve worked with Mr.Zimmerman on two different legal issues. In both instances he was fantastic! He is extremely knowledgeable and compassionate and able to breakdown a course of action into language anyone can understand. I would highly re...
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I highly recommend Mr. Zimmermann as an attorny. I recently purchased an investment property and boy was he helpful. He was easily available, very clear in explaining various concepts, laws and regulations, and provided very helpful tips o...
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- posted: Jul. 29, 2024
For many people, rising credit-card balances are a sign that they might require bankruptcy at some point to relieve their debt burden. In most cases, serious financial problems aren’t caused by excessive spending, but by efforts to meet daily needs in the wake of an unexpected event, such as a job loss, divorce or medical crisis.
In recent years, there has a simultaneous increase in credit card balances and personal bankruptcies. This phenomenon reflects broader economic shifts and individual financial challenges that many people face. As economic conditions fluctuate, individuals often turn to credit cards to maintain their standard of living or cover necessary expenses. Easy access to credit and enticing rewards programs also contribute to higher card usage. Moreover, the steep price inflation that followed the COVID-19 pandemic compelled many individuals to rely on credit cards to bridge financial gaps.
With minimal initial costs and the ability to defer payments, credit cards offer what might seem like immediate financial relief without much effort or embarrassment. However, without proper financial planning and discipline, these balances can quickly accumulate, leading to debt spirals. In total, Americans are carrying more than $1 trillion in credit card debt. Concurrently, personal bankruptcies have been on the rise.
The correlation between rising credit card balances and personal bankruptcies is clear. Higher credit card debt is accelerated by double-digit interest charges, and possibly penalties for late payments, pushing individuals closer to an unsustainable financial situation. Bankruptcy can provide relief to individuals facing insurmountable debt, offering a chance to start afresh financially.
If you’re having trouble keeping up with your credit-card payments, medical bills or other financial obligations, Chapter 7 bankruptcy might be the best way to regain the peace of mind that you deserve. In this process, qualified individuals can have their non-exempt debts, including credit-card balances, discharged. However, this requires the completion of a legal process that includes a meeting of creditors and could involve the liquidation of personal assets.
Consulting with an experienced attorney is the first step you should take when seeking a lasting debt-relief solution. The Law Offices of James C. Zimmermann has a long track record of successfully handling Chapter 7, 11 and 13 bankruptcies for New Jersey clients. For a free consultation regarding your options, please call 973-764-1633 or contact us online. We have locations in Vernon, Wayne, Pompton Lakes, Hackensack and Nutley.
