Of the many reasons that people in New Jersey decide to file for a personal bankruptcy, one of the best is to repair their finances. In fact, by seeking a Chapter 7 bankruptcy, many find that they are able to rebuild fallen credit ratings and restart businesses. This happens when debts are discharged after the successful completion of the bankruptcy process.
Repairing credit is one of the reasons given by a man in another state recently when he discussed his Chapter 7 bankruptcy. The man, like many people here in New Jersey, found that he was unable to make the payments on debts that he had accumulated when the recession hit. In his filing, he claimed some $88,741 in liabilities.
The man in the Chapter 7 bankruptcy is interesting due to the fact that he is running for political office in his home state. The bankruptcy occurred in 2009, though it was discharged more than a year later. The filing has become an issue in the political race, though the candidate has found that many people support him because they can relate to his past financial difficulties.
There are many varied reasons that people in New Jersey seek to file a Chapter 7 bankruptcy. The good news is that when the action is taken, the process begins and in most cases, it ends with the total discharge of all included, unsecured debts. This discharge allows people to be free of what they owed that stopped them from pursuing financial opportunities, thus helping not only individuals but also the national and state economies.
Source: azcentral.com, "Surprise Council hopeful filed for bankruptcy in 2009," Jen Lebron Kuhney, Aug. 1, 2013