The foreclosure mill could be back in business in New Jersey after a state Supreme Court ruling on Feb. 27. The 5-0 decision clarified what is required to be included in a so-called "notice of intent" to initiate a foreclosure action.
The recession that began in 2008 continues to claim business victims in Camden and throughout New Jersey. While some say there are signs of an economic recovery on the horizon, those companies that continue to struggle sometimes find it in their best interests to seek the protection of a bankruptcy filing. Much like Chapter 13 for individuals, a Chapter 11 bankruptcy allows a business to submit a proposed plan to reorganize its entity and create a payment plan. If approved, the result can be a company that emerges from bankruptcy leaner and more competitive.
The recession has impacted many business entities in New Jersey over the past few years, including those providing medical services. One area of concern up in Hudson County is what is perceived as a glut of hospital space that has left three hospitals seeking financial relief. One of them, Christ Hospital, filed for Chapter 11 bankruptcy protection during the week of Feb. 6.