Readers in New Jersey know well that financial difficulties can come to people regardless of their career aspirations or social status. That is why they may find the recent personal bankruptcy of a woman seeking political office in another state interesting. The woman hopes to win a seat as a City Clerk in her hometown. She is said to have tried to gain political office several times over the past few years.
A personal bankruptcy in New Jersey often helps people protect assets that they own from creditors. In addition, a filing can limit the efforts of those creditors to collect. This includes a stay on foreclosures and the stoppage of phone calls and emails form collection agents. Such stoppages offers those in financial distress to be free from many of the stresses caused by creditors.
In the recent case, a personal bankruptcy was filed last summer. In that case, the woman asserted to the court that she had more than $626,000 in debts. The debts included a home that was worth significantly less than what she owed and $42,000 in credit card debts.
When people find that they are unable to repay the debts that they have accumulated, they often look for solutions. A personal bankruptcy is most often a good choice because of the ability of individuals to discharge many, if not all, of their debts. The discharge means that people can begin to focus on building businesses and new careers rather than having to struggle to repay debts that came to them, often due to financial stresses like job loss that happened through no fault of their own.
Source: Detroit Free Press, City clerk candidate says personal bankruptcy won’t affect ability to do the job, Joe Guillen, Sept. 17, 2013