CNJ+ July 2024

Easing the Post-Holiday Blues: How Bankruptcy Can Provide a Fresh Start from Credit Card Debt Transition to Adulthood: What Happens Legally When My Child Turns 18?

Daily, Weekly & Monthly Packages Available Community Plan Eligible Medicare/Medicaid Insurance Accepted NJ Family Plan Daily Enrichment Opportunities We are happy to have skilled activity therapists on staff to present our daily recreational and social activities in a comforting, spa-like environment. Whether you’re looking for physical activity, creativity, social interaction, or education, we’re confident we’ll have a program to fit your needs. Our activity options include the following:

As the holiday cheer fades away, the reality of credit card bills piling up can cast a shadow on our joyous memories. Many of us can relate to the rewarding experiences during the holidays, but the stress and worry that follow as credit card statements arrive are all too familiar for a person or family struggling to stay on top of their bills which were also often paid by mounting credit cards. As parents, we witness our children’s journey from infancy to adolescence, guiding them through life’s milestones along the way. Yet, one of the most significant transitions occurs when our children turn 18, marking their entry into legal adulthood. With this milestone comes a shift in rights and responsibilities, both for them and for us as parents. Not only does this happen for those who go away to college but also for those who move out or stay home under our roof. we’ll explore what happens legally when your child turns 18 and how you can navigate this transition smoothly. On your child’s 18th birthday, they legally become adults, and with that designation comes a significant change in their rights and privileges. From a legal standpoint, you no longer have the authority to make decisions on their behalf without their consent. This shift can be particularly challenging in situations where your child requires assistance, such as in medical emergencies or financial matters. going up and medical illness again on the rise, good people are struggling fin ancially. If aftermath, it’s essential you explore solutions that can provide relief and pave the way for a family struggling with today’s economy can’t handle. One such option worth considering is bankruptcy – a path that can help you regain control and start anew like many other clients. Before you dismiss it, Bankruptcy might sound like a s ti gma or a failure, but in reality, it’s a legal process designed to offer a fresh start to individualsfacingoverwhelmingdebt. Many famous people had to use this legal process to ul ti mately go on and become not only strong parents and family members but also successful scientists, inventors and business people who mak e society a better place. Let’s delve into two common types: Chapter 7 To prepare for this transition, consider discussing the importance of legal documents such as Powers of Attorney with your child. A General Durable Power of Attorney allows them to appoint someone to manage their financial affairs if they become incapacitated, ensuring that you can continue to assist them with financial matters. depending on y our situation. Chapter 7 Bankruptcy: If expenses have l eft you drowning in debt, Chapter 7, ofte n known as “liquida ti on bankruptcy,” can provide relief by offer ing a

clean slate. This process discharges eligible credit card debt, allev iati ng the burden that has been causing you sleepless nights. What sets Chapter 7 apart is its swift resolu tio n, offering a relati vely speedy way out of the never-ending Similarly, a Power of Attorney for Healthcare grants someone the authority to make medical decisions on their behalf if they are unable to do so. Encouraging your child to create these legal documents is a proactive step in ensuring their well-being and your ability to assist them when needed. Another crucial document to consider is a HIPAA waiver, which permits healthcare providers to share medical information with specified individuals, such as parents or trusted family members. Having a HIPAA waiver in place can be invaluable during medical emergencies, ensuring swift access to critical information. While legal documents are essential, open and honest communication with your child is equally important. Discuss their healthcare preferences, financial decisions, and expectations from you as a parent. Encourage them to consider creating these legal documents not only for your peace of mind but also for their own protection. As your child approaches adulthood, ensure they have the legal support and protection they need by discussing these matters openly and collaboratively. Our firm is here to help you navigate this transition with compassion and expertise, so don’t hesitate to reach out for assistance. There is nothing more jarring then getting a 911 call and not have the capability to act on their behalf. By preparing for the legal implications of your child’s 18th birthday, you can ensure a smooth transition to adulthood and provide them with the support they need to thrive independently. stress behind sooner. Chapter 13 Bankruptcy: For those seeking to retain their assets and embark on a journey to gradually sett le their debts, Chapter 13 provides a structured capacity. If the fear of losing your home or other valuable assets is causing you distress, Chapter 13 becomes a crucial tool, allowing you to catch up on payments and safeguard what matte rs most. Moreover, Chapter 13 empowers you to reimagine the narr ati ve of credit card debt by incorpor ati ng it into a manageable repayment plan, o ff ering a more op ti mis tic outlook on your How Bankruptcy Helps with Credit Card Debt: Experience immediate relief by hi tting the pause bu tt on on relentless creditor calls and collec ti on eff orts the moment you file for bankruptcy, thanks to the automa ti c stay in itiated by the process. Turn the page on credit card debt, providing a fresh start and the opportunity to begin a new chapter with peace of mind. Find breathing room through Chapter 13’s structured repayment plan, offe ring a method to gradually pay off debts without feeling su ffoc atedbymo unting interest. Whether you opt for Chapter 7 or Chapter 13, both avenues provide varying degrees of asset protectio n, ensuring you keep essentia l items and can move The after math of piling debt shouldn’t be a source of ongoing stress and worry. Bankruptcy provides a way out, a fresh start, and the chance As you face the dau nting credit card bills or medical bills, remember that you have options to ease the burden and pave the way for a more

AGELESS MOMENTS ADULT SOCIAL DAYCARE

Ageless moments is where a new journey begins and more memories are created. Services to any adult aged 60 years or older needing assistance based on admission criteria. We help you discover the joys of life through socialization

• Arts and Crafts • Music Therapy • Read Aloud • Show and Tell • Daily Exercise Classes

• Cultural Events • Yoga • Zumba

• Educational, Nutritional, and Medical Presentations

CONTACT US FOR DETAILS Earl Pollard, MD Delia Pollard, MSW 609.642.8950 209 Applegarth Road, MonroeTwp.,NJ 08831 AgelessMomentsAdultSocialDaycare.com

YOUR TRUSTED SOURCE FOR HIGH QUALITY FLOORING

Bankruptcy Tax Audit and Resolution Estate Planning and Wills Business Startup and Growth 17 Broad Street, Suite 3 Freehold, NJ 07728 Telephone: (732) 333-0681 Fax: (732) 333-0682

520 Rt 9 Manalapan NJ 732.536.3131 Hours: Mon-Fr 10-5 | Sat 10-3 Greatway carpetsandflooring .com

www.tomeslaw.com

Carpets, Area Rugs and Runners, Hardwood, Waterproof vinyl, Sand and Refinish, Step Remolding

$500 OFF Any Flooring Purchase of $5,000 & up (with coupon.cannot be combined with any other o ers or prior pur chase) CNJ+ Greatwa y Flooring 732.526.3131

$250 off orders between $2500 and $4999 (with coupon.cannot be combined with any other o ers or prior pur chases) CNJ+ Greatwa y Flooring 732.526.3131

16

CNJ+ | FORMERLY THE MILLSTONE TIMES

JULY 2024