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filing for NJ bankruptcy

Signs that Filing for NJ Bankruptcy Might be Right for You

On Behalf of Veitengruber Law | Jan 20,2022

Deciding to proceed with filing for NJ bankruptcy is a deeply personal choice. It is never anyone’s first choice, but that doesn’t mean it can’t be a great option for you. There are some circumstances—like foreclosure or unmanageable credit card debt—where filing for bankruptcy just makes good sense. Bankruptcy can be an excellent tool to set you up for future financial success. If you are wondering whether or not your circumstances might be helped by filing for bankruptcy, here are some common reasons people file.

1.   Sickness or Injury

Medical debt is one of the leading causes of bankruptcy nationwide. Whether you have insurance or not, your medical debts can quickly get out of control. Especially if your sickness or injury puts you out of work for a significant amount of time, bankruptcy can be a tool to overcome crushing medical debt.

2.   Divorce

Separation from a spouse can have extreme financial consequences on one or both spouses. A substantial decrease in household income, spousal support, child support, and legal fees can all drastically change your financial circumstances in a short period of time. If you are having trouble carrying the cost of running a household on your own, bankruptcy can help you restructure your finances.

3.   Eviction or Foreclosure

If you are facing eviction or foreclosure, bankruptcy will provide an automatic stay to those legal proceedings. Filing for bankruptcy can many times provide a lifeline through which you can maintain residence in your property. In these situations, bankruptcy can be the legal tool you need to ensure you have a say in the legal proceedings concerning your income, debts, and property.

4.   Job Loss

Job loss and chronic unemployment is something many have been dealing with in the last two years. Long-term unemployment can lead to major credit card debt in an attempt to make ends meet, missed payments, late fees, repossession of property, and other legal and financial issues. If you cannot make ends meet until you find new employment, bankruptcy may help you bridge the gap.

5.   You Simply Cannot Make Ends Meet

Sometimes it is not one big life event that leads to bankruptcy; the snowball effect of many little financial mistakes or issues can add up over time. If you find yourself constantly weighing which bills to pay this month, or consistently worried about how you will keep the roof over your head and food on the table, it might be time to think about bankruptcy. Don’t spend years struggling with unmanageable debts weighing you down. The sooner you file for bankruptcy when you need it, the better your outcome is likely to be.

Bankruptcy does not have to be a scary process. George Veitengruber and Veitengruber Law provide compassionate, knowledgeable New Jersey bankruptcy representation. If bankruptcy is the best choice for you, we can help you get through the process smoothly and as stress-free as possible. Want to explore other options to manage debt? We can do that too.


Wall Township

1720 Highway 34 Suite 10 Wall Township, NJ 07727

Phone: (732) 894-4909

Fax: (732) 695-3917

Bordentown Office

33 Third Street 2nd Floor Suite 3 Bordentown, NJ 08505

Phone: (609) 542-2339

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(By Appointment Only)

247 Main Street Metuchen, NJ 08840

Phone: (908) 386-4767

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