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Camden NJ Bankruptcy Law Blog

Can filing for personal bankruptcy help prevent foreclosure?

Due to the recession, many people have fallen into debt trying to make ends meet. Many New Jersey residents are in fear of losing their homes and being headed for foreclosure. Though many do not realize it, filing for personal bankruptcy may be a way for homeowners to protect their house and still find a way to deal with their debt.

According to a study by the University of North Carolina Center for Community Capital, homeowners have a 70 percent chance of hanging onto their home when they file for bankruptcy. According to the research director, homeowners have had the ability to try to save their homes by filing for protection for a long time. He continued to say that people retaining their homes is important, which is why the law has a means for people to keep their house out of foreclosure.

Revel Casino files a second time for Chapter 11 bankruptcy

Gambling is generally thought of as a time to have fun, but to others, a casino is no laughing matter. Revel AC Inc. in New Jersey has filed for bankruptcy twice since it opened in 2012. Much of the strain is being caused by patrons visiting nearby casinos in Pennsylvania, New York and Maryland. After a number of issues, the company made the decision to file for Chapter 11 bankruptcy protection for the second time.

Revel has had a number of issues since it first opened in April of 2012. The revenue for Atlantic City casinos has taken a huge hit and has gone down 40 percent from its high point back in 2006. Several months after the $2.4 billion casino opened, it was forced to close its doors for five days in light of Hurricane Sandy. One month later, the company filed for bankruptcy the first time, and then several months later it filed a second time.

New Jersey Chapter 12 Bankruptcy for Family Farmers and Fisherman

Chapter 12 was enacted in to make the bankruptcy process easier for farmers and fisherman.  While Chapter 11 can be an option, there are advantages in filing a Chapter 12. Those advantages include allowing a Plan of Reorganaization which is generally simpler than that required in a Chapter 11 case and easier to get confirmed. In addition, there are advantages relating to extending payments to secured creditors over a longer period of time.

Somerset Hills works on restructure after filing for Chapter 11

Children with severe disabilities who did not fit into the public school system were able to turn to Somerset Hills to learn and be treated. The New Jersey center consisted of a school for disabled children and a center for treating related illnesses. The center has now been forced to close and file for Chapter 11 bankruptcy protection in order to attempt to restructure and pay down some of its debt. The school ended up with over $3 million in debt, $1 million of which is to be paid to past and present employees into their pension funds.

An investigation looked into the alleged spending of taxpayer-funding as well as accusations that children were being put into restraints without just cause. After the Department of Children and Families found out about the investigation, they disconnected themselves from the treatment center and forced it to shut down. With the center closed, court documents revealed that the center's debts far outweighed its income, and the drop in enrollment equated to a large drop in revenue.

Simple steps for debtors to avoid filing for personal bankruptcy

Many people cannot bypass getting into debt at some point in their lives. Families in New Jersey and across the United states are saddled with more than $7,000 in credit card debt on average, plus the debt from mortgages and student loans. In cases where the debt is even higher, many people turn to personal bankruptcy to help them get back on their feet again. Here are some tips to help with crawling out of the mountain of debt and getting back onto stable financial footing.

Oftentimes, people fall into the credit card debt trap because they do not have a budget to manage what they are spending versus their income. The snowball method is a great way to begin paying down the debt. A person places as much money as he or she possibly can onto the smallest debt to pay it off, and then he or she continues onto the next smallest debt until all the debt has been cleared.

What is Chapter 13 and how does it work?

Throughout the United States, a significant number of people have fallen into the credit card debt and feel that they have no way out. Creditor harassment can pile additional stress onto New Jersey families, only making matters worse. There are several different bankruptcy options for people who are confronting unmanageable financial obligations. Chapter 7 is one option, though it may not be the right option for everyone because it is not as effective at protecting property. Filing for Chapter 13 is another option that potentially allows more flexibility in maintaining certain assets.

Once a bankruptcy petition is filed, creditors are prohibited from continuing attempts to collect a debt from the filer. Under a Chapter 13 reorganization, a plan is created for approval by the Bankruptcy Court. If approved, the person makes regularly scheduled payments which are managed by a court appointed trustee. The trustee then remits payments to the creditors. Under this plan, some of the creditors will get all of the money they are owed, and others will only receive partial payment.

Crumbs Bake Shop files for Chapter 11 with a sweet ending

When crazes happen, smart business owners jump on board and capitalize on the new fad. As the fad slowly begins to fade or the industry changes, the companies that were part of the fad may begin to feel the effects and lose money in their business. New Jersey businesses that suffer heavy losses may find some comfort in filing for Chapter 11 bankruptcy, in an effort to restructure and get back on their feet.

At the height of the cupcake craze, Crumbs Bake Shop Inc. was in its heyday and called a breakout company by Inc. magazine. The company was known for its gigantic 1,090 calorie cupcakes that served six to eight people and cost $42. As the craze came to an end, however, the cupcake giant noticed that restaurants were reducing their cake offerings by 1 percent, compared to three years prior when the need raised by 8 percent.

When is filing for Chapter 7 bankruptcy a good choice?

During hard times, many people are faced with the decision as to what they should do when the bills are piling up and there is not enough money to pay them. The harassment from collectors may soon prove to be too much and may cause someone to begin to consider other options. Which type of bankruptcy protection is the right choice for people in New Jersey, and how will they know? There are some indicators as to whether filing for Chapter 7 may be the best option.

The Chapter 7 process is reminiscent of a business closing down shop and liquidating all of its assets. When a person files for Chapter 7, all of one's assets that are considered non-exempt will be sold. All of the money that comes from the sales will be given to the creditors to work on paying down the debt.

Quiznos surfaces from Chapter 11 bankruptcy protection

Many people associate filing for Chapter 11 bankruptcy protection with negative connotations; however, it can be a great way for a company to survive the recession. Due to the economy and a lack of discretionary income, many New Jersey businesses may have taken a hit to their revenue and were forced to restructure to stay in business. Although it can be a difficult decision to make initially, it is possible to turn the situation around and emerge from Chapter 11 successfully.

Quiznos, the second largest sandwich chain in the United States, surfaced from a Chapter 11 in under four months. Many of the franchises sued the company, claiming that their ingredients were not competitively priced enough for them to make a profit. This helped to contribute to the $400 million in debt that the company had to overcome to stay in business.

Famous New Jersey casino filing for Chapter 11 bankruptcy

A famous New Jersey casino has been affected by Chapter 11 bankruptcy for a second time. The troubled Revel Casino is up for sale after the parent company has been forced to file for Chapter 11 bankruptcy. The bankruptcy petition was filed with the plan, citing the intent to sell most of the assets owned by the parent company, Revel AC Inc.

As the bankruptcy process proceeds, the casino will remain in operation. This is possible through a certain part of the bankruptcy agreement, which is known as a debtor-in-possession loan. Several years ago, the financial giant Morgan Stanley bought the New Jersey casino with the intention of improvement and expansion. However, just four years later, the investor sold its share of the casino and claimed that it took a loss amounting to over one billion dollars.

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