#banklevy

A bank levy takes place when you owe money to a creditor and don’t pay them back. Here is everything you need to know about bank levies.

Whenever I meet a new bankruptcy client they are usually distraught over the fact that they are sitting in front of me about to file bankruptcy. Most of the time, clients that I meet are ashamed and embarrassed that they are in this situation. They usually begin the conversation  by trying to justify why they are filing bankruptcy and want me reassure them that they are making the right decision. I always try to tell my bankruptcy clients that they are not the only ones in this position. I have seen hundreds of bankruptcy clients for all different reasons. Sometimes unexpected things happen in life that are out of ones control, people deserve second chances.  I try to explain that bankruptcy is a tool that should be used to help you start fresh and get back on your feet, filing for bankruptcy doesn't mean that your life is over.  So what are the most common reasons that people file bankruptcy in New Jersey? 1. Medical Bills: Many times people file bankruptcy because they have unexpected medical bills. Hospital stays are extremely expensive and some insurance companies don't fully cover hospital stays. I have seen people with medical bills from: injuries from work, diseases, cancer, and  child birth. Many times these types of medical bills have caused either one or both spouses to be out of work resulting in loss of income. Thus, leaving people with large amounts of medical debt that cannot be paid. 2. Divorce: Many bankruptcy clients who come to me in New Jersey are  filing bankruptcy because they are either going through or just finished a divorce. Many times spouses who know they are going to get a divorce file bankruptcy together so that they can get rid of each others debt. At the same time there are times when only one spouse files for bankruptcy because they have lost half of their income. 3. Job Loss: Many times bankruptcy clients come to me because they have lost their job. Losing a job can not only put someone in a financial deficit but, it can also cause someone to become mentally depressed. It can sometimes take months to find a new job. Fortunately, some types of bankruptcy can help eliminate all of your debt and help you start fresh. 4. Uncontrollable Spending: Sometimes people just can't stop spending. I have seen times where people just don't know how to live within their budget but I have also seen people who spend on necessities on their credit cards but just can't afford to live. 5. Natural Disaster: Sometimes people who file for bankruptcy are faced with uncontrollable events. Recently, over the last few years I have seen and helped many bankruptcy clients who lost their homes due to Hurricane Sandy. Many of these people fell into debt because they lost all of their belongings and were not given enough money to be able to get back on their feet. Although, I have listed the common reasons people file for bankruptcy there is many other reasons that people come to me to file bankruptcy. Some of those reasons may include   a loss of a business, drugs, bank levies, and wage garnishments. If you are thinking about filing bankruptcy it is important to speak with an experienced bankruptcy attorney. Karra Kingston and William Bonomo are leading New Jersey Bankruptcy attorneys. They offer free consultations and will work with you to ensure you are getting the right information. Give them a call today, so they can help you get back on the right path. Read the full article