As many in New Jersey have learned during the most recent recession, filing for bankruptcy is not an easy choice, but it is often the only choice for some who are struggling with debt. In these difficult economic times, especially, many found themselves victims of the real estate bust or having lost jobs and savings. Filing for personal bankruptcy may offer some the chance to start over finically and to even seek new careers.
In fact, people in New Jersey may be interested to learn that in this election year, some of those who have filed bankruptcy in the past are now seeking public office. In one state, several candidates recently answered reporters’ questions regarding their past personal bankruptcy filings. The reasons for seeking the protections were numerous, but may be familiar to some suffering financial difficulties.
Some of the politicians lost their financial way after small-business ventures failed. Others were involved in divorce or investments that went badly. Not all of the responding candidates had filed for bankruptcy recently, as some had sought the protection in other economic downturns.
What many of the politicians noted was that, having filed for personal bankruptcy, they felt that they were closer to understanding what many are currently experiencing than some other candidates for office. Certainly, they noted, they knew what it was like to suffer hard times.
Regardless of the reason that a person in New Jersey seeks the protections of personal bankruptcy, it can offer a solution in many instances. The discharge of debt can free an individual from the crushing stress of having bills that they simply cannot pay.
Source: LoanSafe, “Some Candidates Running in Shadow of Bankruptcy,” Alex Ferreras, June 4, 2012
