New Jersey politician in personal bankruptcy

| Aug 23, 2013 | Chapter 11 |

Some readers n New Jersey may be familiar with the name of state Assemblyman Robert Schroeder. He is at the center of a personal bankruptcy cases here in our state. The Chapter 7 case was an involuntary bankruptcy filed by several of the assemblyman’s creditors.

According to a report, the federal court recently denied a petition by three creditors to dismiss the personal bankruptcy case. It is unclear exactly why the dismissal was sought, though likely the alleged failure of the Assemblyman to produce documents may have played a part. The request to dismiss the personal bankruptcy was opposed by other of the creditors of the man.

The assemblyman, like all who file a personal bankruptcy here in new Jersey, must produce financial documents at the request of the court. In each case, individuals in a bankruptcy must disclose all of their assets and income. This information is used to determine what, if any, money is available to repay what is owed to creditors. If the assets are not disclosed, a case can be thrown out of court, an action that was sought in this recent matter.

The personal bankruptcy came after the assemblyman was alleged to have written millions of dollars in bad checks to local banks. In addition, he was in arrears on his mortgage and wed money to several creditors. Now, the case, as is the case with all such matters in our state, is in the hands of the Trustee and may be decided in the coming weeks.

Source: northjersey.com, “Bankruptcy case continues for Assemblyman Robert Schroeder,” Rebecca D. O’Brien, Aug. 12, 2013

Archives