In New Jersey, individuals or companies that offer debt adjustment services must be licensed as Debt Adjusters by the New Jersey Department of Banking and Insurance (DOBI). Debt adjustment services typically involve negotiating with creditors on behalf of a debtor to create a debt management plan or arrange for the repayment of debt.

If you’re considering working with a debt adjuster in New Jersey, it’s essential to ensure they are properly licensed and regulated. Here’s how to verify their licensing status:

1. Check the New Jersey Department of Banking and Insurance: You can visit the official website of the New Jersey Department of Banking and Insurance and find licensed debt adjusters. Scroll down past the mortgage-oriented ones to find the organizations that help with non-mortgage debt.
2. Ask for the License Number: If you are in doubt as to whether a debt consolidation or debt adjuster company is licensed, ask for their New Jersey Debt Adjuster license number. This number can be used to verify their status with the DOBI.
3. Verify Their Credentials: Contact the New Jersey Department of Banking and Insurance directly to confirm the status of the debt adjuster’s license. You can do this through the contact information provided on the department’s official website.

It’s important to work with a licensed debt adjuster in New Jersey to ensure that you are protected and that the individual or company is operating within the bounds of the law. Be cautious of any debt adjustment services that operate without the required license or that make promises that sound too good to be true. Always research and consider all your options carefully before entering into any agreement related to debt management or adjustment.

If debt adjusters tell you that you cannot afford to settle your debts, you might consider bankruptcy. Schedule a free bankruptcy consultation with Jennifer Weil, a New Jersey bankruptcy attorney, to discuss your options.