Readers in New Jersey know that the recent recession was tough on people in the home building industry. As home values fell and construction rates slowed, many found that they were unable to repay the debts that they owed. This led some to seek the protections offered by a personal bankruptcy.
That is also what happened to one former builder who filed for a personal bankruptcy in another state. His situations may seem familiar to some people her en New Jersey. The man ran a successful development company for many years. In fact, the business had been in operation since 1967 at the time that it closed last year.
As the economy slowed, the man at the center of this personal bankruptcy case used some of his own funds to help the struggling business. In addition, he says that he guaranteed personally many loans that were taken out. When the business could no longer be sustained, it closed, leaving the man personally liable for the debts. That is what led to his personal bankruptcy filing.
The man hopes that he will be able to retain some of his assets. In addition he hopes to buy back his personal home from the Trustee as the personal bankruptcy process continues. The good news for him, and others in New Jersey in similar situations, is that once the process is complete, he will be able to return to the economic life that he once lived, free form many of the debts that had overwhelmed him in the past.
Source: indystar.com, “Estridge files personal bankruptcy,” Jeff Swiatek, June 14, 2013