New Jersey readers who are in debt know how easily debt balances can accumulate, leaving an individual facing personal bankruptcy or other difficult financial decisions. While a personal bankruptcy filing can be a viable option, it may be important to understand why it is common for many Americans to struggle with overwhelming debt. Sometimes, the reasons behind this are related to socioeconomic circumstances.
In recent years, the recession in the United States has been particularly tough on consumers and businesses alike. In fact, times have been so difficult that 23 percent of American households thought about filing for personal bankruptcy in recent years. Further, 18 percent of households actually did file for bankruptcy. Those who are most likely to think about bankruptcy are those in the income bracket of less than $40,000 per year.
An art gallery that is located in another state is at the center of a case that may be of interest to readers in New Jersey. The gallery owners recently file a personal bankruptcy petition after discovering that their business, though culturally important to their community, was unable to bring a profit. This could have occurred in part due to the recent recession that has affected many across the land.
For some people in New Jersey, making the decision to file for bankruptcy is a stressful event. In many cases, folks in our state have spent months or even years working to repay the debts that they have accumulated. However, sometimes the best choice for an individual is to file for a personal bankruptcy.
The results of a new study show whether or not an apology matters when it is included with a bankruptcy filing in New Jersey or elsewhere. The study looked at several personal bankruptcy filings that differed only in the inclusion of an apology. The outcome of each case was determined by whether or not a court approved of the repayment plan offered by the individual filing the personal bankruptcy.
Financial woes can affect people from all walks of life, as many in New Jersey know very well. During the recent recession, many have found that businesses that were once successful have fallen on hard times or even been forced to close. This has led some business owners in our state to seek the protections offered by bankruptcy filings like Chapter 13.
Radisson is a large hotel chain that may be familiar to our readers in New Jersey and Pennsylvania. Recently one of the members of an ownership group that invested in one of the chain's properties filed for a Chapter 7 bankruptcy. This filing occurred after the hotel began to suffer losses that led to financial difficulties for its investors.
A123 was once a prominent business in the green world. The startup lithium-ion battery maker was launched in 2001 and went public nine years later. Then, it was valued at over $2 billion. Now, however, A123 is in a very different place.
A large church with a successful television show that may be familiar to many in New Jersey is embroiled in a lawsuit that has slowed the progress of the church's bankruptcy. The Crystal Cathedral, which once was the filming location for the 'Hour of Power' television series, filed for a commercial bankruptcy in 2010. Since that time, the church has been the subject of claims by its founder, Robert Schuller, and his family members.
Filing for a personal bankruptcy can lead many in New Jersey to have various questions. Among the most important to some in our state is what property can be retained and what income must be disclosed to the bankruptcy court. In a Chapter 13 bankruptcy filing, the pertinent questions may also include the amount and duration of the proposed payment plan.