The economic landscape is bleak across the entire nation, and not just for consumers. Many businesses are finding it necessary to file for commercial bankruptcy protection when expenses outweigh revenue. One commercial bankruptcy to have hit the news recently is that of MF Global, led by a former governor of New Jersey. The company first had trouble back in October in the wake of investor panic related to its exposure to European sovereign debt.
As many in New Jersey know, the faltering American economy has altered the lives of countless consumers, as people struggle to manage their debt load and readjust their spending. The economic downturn also affects businesses, causing them to make similar adjustments. Financial woes, combined with a society steadily moving toward greater technological advancement, have led longstanding photography company Ritz Camera & Image to seek bankruptcy protection with their second Chapter 11 filing.
New Jersey readers may be interested to learn about a former executive of an entertainment venture called the Mob Experience and his experience with personal bankruptcy. In his Chapter 7 filing, the man detailed many more liabilities than his assets could cover. In fact, he reported to the court that he held only $48,778 in assets available to pay for his $20.7 million in debts.
As many in New Jersey have learned during the most recent recession, filing for bankruptcy is not an easy choice, but it is often the only choice for some who are struggling with debt. In these difficult economic times, especially, many found themselves victims of the real estate bust or having lost jobs and savings. Filing for personal bankruptcy may offer some the chance to start over finically and to even seek new careers.
For many in New Jersey, the choice to file for bankruptcy is not easy, but it is often necessary. Faced with overwhelming amounts of debts that cannot be repaid, a person may seek a Chapter 7 bankruptcy in order to get a fresh financial start. This new start can offer relief to those drowning in personal debt.
When debt becomes overwhelming, it can feel like you are drowning. An inability to pay all of the bills that are coming in can leave you searching for some kind of debt relief. Often, a good choice when obligations have spiraled out of control is filing for personal bankruptcy protection.
Anyone in New Jersey who has recently paid for college knows that the cost can be very high. Many times when students are unable to fund their education, they seek loans to help. After graduation, repaying those loans can become a burden for many, especially with the rapidly rising cost of tuition.
When debt levels reach an overwhelming amount it can be stressful for anyone. Filing personal bankruptcy may be the best choice in these situations, as some New Jersey residents likely know. The debt relief offered under the bankruptcy law can assist people as they work to make fresh financial starts.
Yesterday was tax day, and many people in New Jersey and across the United States are certainly looking forward to receiving their tax refunds. While everyone probably has different plans for how to use it, some may be planning to use their tax refunds to pay for a personal bankruptcy filing. According to a new study conducted by the National Bureau of Economic Research, this may hold true for more than 200,000 households nationwide.
As the Great Recession has continued to affect people and businesses in New Jersey and elsewhere, foreclosures are increasing in not only personal residences, but also for commercial property as well. Just like many home mortgage holders who increased their loans during the boom years for home improvements, businesses took on increased burdens to expand or pay for property renovations. Now, much like some homeowners, some companies are forced to consider the difficult choice of commercial bankruptcy to stop foreclosure.