New Jersey readers may be interested to learn about a man who was once the co-owner of a successful paper company in another state recently filed for a personal bankruptcy. The Chapter 13 filing came after the business was sold. Reports indicate that the company sale happened at a loss to those who had owned it, including the man who filed for the personal bankruptcy protection.
People in New Jersey who are suffering from a high level of debt may not know that there are several different Chapters of the Bankruptcy Code. In fact, there are two that are commonly used when people in our state file for a personal bankruptcy: Chapters 7 and 13. There are differences between the chapters, including what it takes to be able to use them and how they can protect a person's property when they decide to enter into the bankruptcy process.
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.
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.
The number of bankruptcy filings occurring in New Jersey and across the nation is down over the past year, according to a recent report. This includes Chapter 13 bankruptcy filings that seek to have a debtor repay much of what is owed to their creditors through a multi-year payment program. This type of bankruptcy is most often filed by those who are employed, thus it is sometimes called the wage-earner's bankruptcy.
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.
The tough economy that has plagued recent years has led many in New Jersey to decide that bankruptcy is the best choice to recover financially. One of the most preferred forms of filing is Chapter 13. As consumers consider filing for bankruptcy, some hesitate due to the potential reduction in their credit rating that will occur once the bankruptcy is complete. However, at least one authority notes that the damage to a credit rating may be short lived in some instances.
For the past few weeks people in New Jersey and across the U.S. have watched stunning performances by some of the best athletes in the world. The Olympic Games have offered a chance for many young people to gain fame, and to win one of the most coveted sporting events in existence. However, getting to the Olympics is not only hard work for the young athlete, it is also hard financially on their family. For one Olympic gold medalist and her family, the costs were such that her mother was forced to file a personal bankruptcy petition recently.
When personal finances become unmanageable, there are several options available to ease the load. A debt reduction strategy can help you to restructure your monthly income and debt payments in a way that will reduce your overall level of debt over time. However, it is not always a quick fix, and it can take many years to see a significant improvement. Another option for New Jersey residents is a personal bankruptcy filing, which can reduce or eliminate the majority of your debt in a very short timeframe.