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Legendary Renault Winery files for Chapter 11 bankruptcy

Even after hard times fall upon a community, some businesses will do whatever they can to keep their doors open. This is especially true for companies that have been in business for a long time and want to hold onto their legacy. One way for a company in New Jersey that is struggling financially to keep operating is by filing for Chapter 11 bankruptcy protection.

To hold onto its 150-year legacy, Renault Winery Resort and Golf recently announced that it would be filing for Chapter 11. According to the company's CEO, Renault will not be closing its doors while undergoing the process. The beautiful resort is also recognized in New Jersey as a historic landmark. Through this bankruptcy protection, he believes that the company will be ensuring its future.

Makers of the drug Provenge file for Chapter 11 bankruptcy

Although business owners may have great ideas, their desired outcomes do not always come to fruition. Dendreon Corporation, the creator of Provenge, the first immunotherapy drug for people suffering from prostate cancer, has filed for Chapter 11 bankruptcy. This filing comes after the company downsized in 2012 and 2013 by reducing its Seattle and New Jersey workforce to nearly half its size after selling off a New Jersey plant.

Provenge was not as successful as was projected by analysts, who thought the treatment would generate $4.3 billion in sales by 2020. That figure has now drastically dropped to only $378 million. Two of the issues with the drug that affected profitability were that it was costly and difficult to administer.

UniTek announces that it is filing for Chapter 11 bankruptcy

Any company can be prone to the effects of a declining economy. Many New Jersey businesses have been feeling the economic pressure and are behind on payments to their creditors. Filing for Chapter 11 bankruptcy can allow a struggling business to get back on its feet by reorganizing its debt and discovering more efficient ways to operate.

UniTek, a company that acts as an installer for many of the major cable companies, has recently filed for Chapter 11 bankruptcy. The company's CEO informed investors and the SEC that the company would go through a debt restructuring process. He also stated that going forward, UniTek would need to diversify its customer portfolio beyond the large companies that it works with now. Its largest customer, DirecTV is among other giants, such as Comcast and AT&T.

What are exempt vs non-exempt items when filing for Chapter 7?

Although it doesn't happen usually overnight, a person can wake up and realize that he or she is too far in debt to be able to financially recover without help. While many consumers rush to file for Chapter 7 bankruptcy after realizing the truth of their financial situations, some New Jersey residents try to avoid bankruptcy because they fear that they will lose all of their possessions by filing. However, that is not the case. There are certain assets that are considered exempt from the liquidation process.

According to the U.S. Bankruptcy Code, there are items that are considered exempt and there are items that are considered non-exempt. Items that are exempt are those that are considered to be basic necessities that a person needs to be able to live and work, such as a car, clothing and household appliances. Items that are non-exempt are those that are unnecessary for working and everyday life. Examples of non-exempt items include second homes and multiple vehicles, art collections and investments.

How fast can credit be re-established after personal bankruptcy?

Many people file for bankruptcy protection as a responsible means of getting their financial lives back on track. In New Jersey and across the United States, over 1.1 businesses and individuals filed for personal bankruptcy in 2013. The good news is that filing for protection is often successful. By making some proactive steps, bouncing back after filing may be faster than expected.

Initially, a bankruptcy typically lowers a filer's credit score. How far the score drops is dependent upon what the person's credit rating was initially. The higher the score, the higher it is after filing.

Is high medical debt the main source of personal bankruptcy?

The most common type of debt that people seem to be trapped under involves home loans and credit card debt, but medical debt issue is a significantly growing concern. According to a recent survey, 1.7 million people in New Jersey and across the United States filed for personal bankruptcy because of unpaid medical bills in 2013. During the recession, many people earned less while the cost of healthcare steadily increased.

Part of the medical debt issue can be attributed to billing errors. As part of the survey, respondents noted that the bills they received were all higher than they had projected. An analysis completed by Medicare Compliance Reviews for 2013 found that nearly half of the claims that were audited had errors and that none of the hospitals were in complete compliance. The prices for services vary by region and by hospital. Hospitals in New Jersey and California reportedly have the highest prices.

Freefall Adventures files for Chapter 11 bankruptcy protection

After a troubled past, Freefall Adventures has made the decision to file for bankruptcy. The New Jersey-based skydiving business is going to be reorganizing, with court supervision, through the Chapter 11 bankruptcy process. The company's co-owner reported that the company does not plan on shutting its doors for good. In New Jersey, the Chapter 11 process generally allows businesses to continue operating as they go through the organizational process.

According to court records, the company has outstanding debts with Toyota and Ford Motor Credit as well as Fulton Bank. In the filing, Freefall Adventures also lists that it has unsecured funds with National Aerotech for $50,000. The co-owner also said there were some costly repairs that had to be made to an aircraft that would make it unusable for a year, along with another aircraft that is being repaired.

Trapped under debt? Filing for Chapter 7 bankruptcy may help

A person can feel an overwhelming sense of doom when he or she can't make financial ends meet. There comes a point when the debt may become so deep that one may need a helping hand to get out. If a New Jersey resident feels that he or she may never make it out of debt, filing for Chapter 7 bankruptcy could be the perfect solution to get one's financial life back on the right track.

Filing for Chapter 7 bankruptcy is a way to wipe out nearly all of the debt clean and start again, but there are some disadvantages. The person's credit score will drop significantly for up to 10 years, and he or she will have to wait quite a while before getting a good interest rate or qualifying for a loan. The good news is that an automatic stay will go into effect, which means that the creditors can no longer harass or threaten the debtor.

Munire Furniture files for Chapter 11 bankruptcy protection

Despite a tremendous effort, some businesses are simply not able to withstand the financial challenges of the current economy. Many New Jersey businesses have suffered from decreased revenue and have felt the pressure of rising costs and increased competition. Fortunately, many companies can still achieve a bright future by filing for Chapter 11 bankruptcy protection. This type of proceeding can allow the business to restructure, clean up business operations and prepare for a new buyer or otherwise continue development of the brand going forward.

Munire Furniture recently closed its nursery furniture plant in Echelon. The company decided to file for Chapter 11 bankruptcy protection due to large amounts of debt. According to court documentation, the company owes approximately $29.2 million in liabilities and retains $7.6 million in assets.

AWI finds a bidder as it enters into filing for Chapter 11

Even companies that are in the largest industries can fall prey to the recession. With stronger competition and people being more frugal with their money, a lot of companies have suffered from decreased sales and have fallen into debt with their creditors. Businesses in New Jersey can have hope for the future by filing for Chapter 11 as an opportunity to restructure and cut away some excess processes so that they may peek a new buyer's interest.

Associated Wholesalers Inc. (AWI) had made an announcement earlier this year that it would be interested in selling off its subsidiary, White Rose, but now it wants to sell the entire company. Recently, AWI agreed to have C&S Wholesale Grocers as the stalking horse bidder to set the bar for the upcoming sale. The company may receive better offers as the bidding process continues.

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