Filing for personal bankruptcy can lead to debt discharge

Readers in New Jersey now that when debts become overwhelming, a person often seeks solutions. For many, this solution means a filing for a personal bankruptcy. The good news with such an action is that there are many protections offered by a bankruptcy, including limiting creditors' ability to contact an individual.

Though details as to what led to her personal bankruptcy are few, our New Jersey readers may be interest to learn about the filing by a former super-model. The woman, Janice Dickinson, is also famed for her appearances on television, including as a judge on the reality show, America's Next Top Model. She is seeking a personal bankruptcy in her home state.

In her filings, the former model lists debts that total as much as $1 million. These come from creditors such as a medical facility, a celebrity dermatologist and taxing authorities. In addition, she, like those of us in New Jersey, also had to disclose her income and the assets that she owns.

A filing for a personal bankruptcy can lead to the discharge of debts when completed. In most cases, the debts that are discharged are those that are not barred by the bankruptcy code and are unsecured. Because there are many different types of personal bankruptcy cases and requirements for each, a person may find it helpful to seek information about the chapters available under the bankruptcy code to determine how to achieve the best results from the process and the ability to retain as much of their property as possible.

Source: sfgate.com, "Janice Dickinson files for bankruptcy," April 22, 2103

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