Recovering From Debt After Recovering From Addiction

People wind up facing bankruptcy for any number of different reasons. Sometimes, job loss forces a family to rely on credit cards to make ends meet. In other cases, an unexpected illness or injury leads to unmanageable medical debt. In an increasing number of New Jersey bankruptcies, drug addiction is the underlying cause.

Addiction doesn’t just damage a person’s physical and emotional heath; it can also have long-term financial consequences. As a result, most recovering drug and alcohol abusers have an additional hurdle to overcome as they work to break the chains of addition – they must also try to recover financial stability after years of doing whatever it took to afford their drug of choice.

It is not unusual for addicts to use every option at their disposal to pay for their habit. Maxed-out credit cards, overdrawn bank accounts and payday and car-title loans are the norm. Many people also owe significant sums of money to friends and family.

The problem can be even worse if the person’s addiction prevented them from holding down a job.

Often, this overwhelming debt can be a major roadblock on the path to recovery. The stress of trying to start over with few assets, little income and almost no credit is more than many people can handle.

If you are in this situation, know that there is hope. Filing for bankruptcy can help you discharge your unmanageable debt and get your finances in order. A New Jersey bankruptcy attorney can help you understand your options.

Source:, “The debilitating descent into drug-related debt,” Erica Sandberg, July 5, 2012.

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Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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