Among the reason that people in New Jersey seek a personal bankruptcy is the discovery that the business that they own is suffering financially. This may have been, at least in part, what also led one woman from another state to seek a Chapter 7 bankruptcy recently. That case is moving forward in her home state and, when completed, could leave the woman with little of the debts that once plagued her.
The woman owned a business that sold mobile homes to customers. Apparently, earlier this year she became embroiled in a dispute with her family about that business. That, she says, led to her being locked out of the business, thus making it difficult for her to complete transactions or earn an income.
After being unemployed for a period of time, it appears that she found it difficult to repay many of the personal debts that she owed. This may be a familiar situation to some here in New Jersey. This led, at least in part, to the filing of a bankruptcy that was ultimately converted to a Chapter 7 proceeding.
A Chapter 7 bankruptcy can result in the total discharge of the unsecured debts of a person in New Jersey who seek this type of relief. That means that, once completed, people find that they are free of many, if not all, of the debts that had once overwhelmed them. This is good news for those who need the help offered by these important constitutionally guaranteed alternative. In many instances, it allows the individual to obtain a discharge of specified outstanding debts with a view toward rebuilding their financial life.
Source: brownsvilleherald.com, Park Girl faces numerous charges, Emma Perez-Trevino, Dec. 29, 2013