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Toms River Bankruptcy And Tax Law Blog

Preventing foreclosure with bankruptcy

You may be one of many people struggling to keep up with their mortgages. Your mortgage can often be one of your largest monthly bills. With all the other bills you must pay, you may not always have enough for your mortgage.

When your financial situation threatens your home, you may need a way to slow things down so you can get your finances under control. Depending on your situation, a bankruptcy may be able to slow or stop a foreclosure.

Top reasons most Americans file for bankruptcy

In the United States, debt citizens face continues to grow. According to the Federal Reserve, nearly 80% of Americans are in debt or have been in debt at some point in their lives. Are American’s simply overspending or is there more to the debt crisis?

Here are the most common debts causing Americans to file for bankruptcy.

IRS reports tax refund amounts down from a year ago

Did you receive a tax return this year? If so, how did it compare to last year? You’re not alone if you saw a reduced tax refund this year. Millions of Americans felt the same disappointment as you did preparing your tax return this spring.

The IRS reported paying out over $260 billion in tax refunds this year and while that’s a lot of money, it’s $5 billion less than a year ago. From the week of April 19, 2018, to April 19 of this year, return amounts were down 2 percent.

Top 3 reasons people stay trapped in debt

The debt trap is real, and it has many Americans in its snare. More and more people are becoming victims to the consequences of instant gratification or the lack of an emergency fund. However, these aspects are avoidable for those with the determination to make their lives change for the better.

It’s not hard to understand what caused your massive amounts of debt, but it might be harder to see what’s keeping you stuck. Besides medical debt caused from accidents that have wiped out your savings, most of debt causes are avoidable. If you can overcome the habits that are keeping you under the weight of debt, you have a chance at living a financially free life. It starts with facing the sobering truth, taking responsibility of your decisions and committing to change.

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