The grace periods for utility payment moratoriums in New Jersey are coming to an end, leaving many homeowners and renters feeling hopeless when it comes to getting caught up on their bills.
While it’s true that there are going to be fewer restrictions against debt collection going forward, there are still options remaining for those who are afraid they’ll be left taking a cold, dark shower.
In fact, Gov. Phil Murphy has stated, “No one will face disconnection of their gas, electric or water services before the end of the grace period on Dec 31, 2021.” He went on to say, “Households with residential internet service accounts currently being used by school-aged children for educational purposes will also be protected from disconnection.”
It’s vital that you reach out to your utility company as soon as possible and be honest about your household’s financial situation and educational needs. Each utility has been instructed to set up anyone who continues to face financial hardship with an easy-to-manage repayment plan.
In the unlikely event that you are not able to find assistance through your utility provider, please do not hesitate to contact us. As proud as I am of our credit repair services, it’s always easier to get ahead of a hit to one’s credit than backtrack and undo damage.
Ideally, every household would have an emergency fund to depend on in periods of financial strain. Essential bills like mortgage and utilities would be paid from this fund, groceries purchased, and there would be time to get caught up before anything got too dire.
As we all know, though, many hardworking Americans are in less-than-ideal financial situations under normal circumstances—and life since the pandemic began in early 2020 has been anything but normal.
However, your long-term financial planning will ideally begin with debt repayment, graduate to expense management through budgeting, and culminate in your ability to save for your future.
At the beginning, you may only have a goal of working up to a 3-month's salary reserve. Once you’ve achieved that, and avoided taking on further debt, the satisfaction and sense of safety you’ll feel as you watch your nest egg grow month after month is immeasurable.
When you hear that it’s our goal to see you continuing to contribute to your savings, does it sound ridiculous? Unachievable? I want you to know that we’ve helped so many individuals and families in New Jersey achieve this life-altering goal—and we would love to do the same for you.
It’s possible that your solution may include bankruptcy, especially if you were already experiencing struggles before 2020. Don’t let the idea of starting over frighten you. Bankruptcy is an available option precisely because it’s not at all uncommon for people to need to wipe the slate clean and get their lives back on track.
Call today to arrange a free consultation with Veitengruber Law. Our team will listen to your concerns, analyze your unique situation, and give you sound legal advice for the best course for your finances going forward.