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Camden NJ Bankruptcy Law Blog

Heartbleed virus threatens those considering personal bankruptcy

Many New Jersey residents have heard of the Heartbleed Virus and the need to change their passwords, but they might not realize what it is all about, how it works and why it is so dangerous. The fact is, the Heartbleed Virus could be putting many individuals' credit cards at risk of being hacked by thieves. For those who are struggling with credit issues, and perhaps even contemplating personal bankruptcy, the last thing one needs is an extra charge on a credit card that one might be having a hard time paying off.

How does the Heartbleed Virus work? According to researchers, the data encryption technology that keeps our passwords and credit cards safe could have a hole in it. Essentially, it is a backdoor that hackers can exploit without leaving a trace that they were there. They can take a peak into secure servers, steal credit card numbers and start using the information they find for identity theft purposes.

2 TV stars suffer complications in personal bankruptcy filing

New Jersey residents who are struggling to pay their bills while making modest salaries may be surprised every time they hear that a TV or movie star is experiencing debt troubles. The fact is, however, that anyone can find themselves in a debt bind that requires bankruptcy to resolve. That said, one TV star couple's recent experience highlights the fact that personal bankruptcy is a serious matter that must be handled honestly and appropriately.

In a recent case, two stars from the Real Housewives of New Jersey, Teresa and Joe Giudice, were involved in legal complications surrounding their personal bankruptcy filing. The couple faced allegations that they tried to use the bankruptcy process to hide their fortune after exaggerating their income during a loan application. They were also accused of fabricating their W-2 forms and tax returns.

Brookstone files for Chapter 11 after recession hit

Business bankruptcy proceedings can be utilized by New Jersey companies to get back on sound financial footing following difficult financial times. In fact, one well-known corporation, Brookstone, has announced that it is trying to do just that after filing for Chapter 11. The company, which most New Jersey shoppers know after visiting malls and airports throughout the nation, is currently trying to sell itself to Spencer Spirit Holdings for $147 million.

Brookstone is famous for selling iPad keyboards, personal massagers and other gadgets to consumers across the country. The company claims that all of its 240 locations will stay in operation, and business will proceed as it always has. The company will, however, be purchased by the company known as Spencer. The acquisition announcement was made public following Brookstone's bankruptcy filing on a recent Thursday.

Shipping company plans to file for Chapter 11

The shipping company, Genco, plans to file for bankruptcy by the end of March. The company operates ships that transport grain, coal, iron ore and soybeans. The Chapter 11 filing will be completed in order to protect the company from a $50 million debt obligation that is coming due. Companies in New Jersey and other parts of the country often utilize bankruptcy in this fashion to protect themselves from an impending debt payment that they cannot afford to pay.

This company, which owns and operates 53 tanker ships, recently made a late debt payment of $3.1 million in order to buy some additional time to complete a prepackaged bankruptcy plan. Also, shares of the shipping company, which once traded at $80, fell to $1.24 after news of the impending bankruptcy went public. The company is said to owe $1.1 billion in debt to bank lenders, and it owes $125 million to bondholders.

Quiznos enters Chapter 11 bankruptcy proceedings

When a New Jersey corporation enters business bankruptcy proceedings, it does not mean the end of the world for the company. In fact, in many cases, business bankruptcy can represent an extremely positive new beginning. Quiznos, the world-famous fast food sandwich chain, for example, recently initiated the Chapter 11 process in the hopes of reducing its debt and coming out stronger in the end.

Quiznos does not plan on ending its business operations. In fact, its file has been referred to as a prepackaged bankruptcy plan. The company recently stated that it wants to reduce its current outstanding debt of $600 million down to $200 million. The company further stated that the bankruptcy proceedings will increase the corporation's flexibility, improve its strength and performance and revitalize its brand.

International pizza chain enters Chapter 11 process

A pizza restaurant chain, which many New Jersey residents know from area malls, has recently entered Chapter 11 proceedings. The Chapter 11 commercial bankruptcy represents the second time that the pizza restaurant has initiated the bankruptcy process in the last three years. According to one restaurant consultant, the biggest problem faced by the chain is that it is operating under an out-of-date business model.

The chief financial officer for Sbarro cites another explanation for declining sales. According to him, the company is suffering because fewer people are shopping at malls. He also says that, with the decline in sales, the balance sheet has been unsustainable. As a result, the company was forced to close over 180 unprofitable restaurants. Nevertheless, it still operates 799 locations throughout the world.

Personal bankruptcy statistics and the recession

In recent years, the recession in the United States has been particularly tough on consumers and businesses alike. In fact, times have been so difficult that 23 percent of American households thought about filing for personal bankruptcy in recent years. Further, 18 percent of households actually did file for bankruptcy. Those who are most likely to think about bankruptcy are those in the income bracket of less than $40,000 per year.

Bankruptcy can be employed by New Jersey residents to successfully cancel out credit card debt, personal loans and medical bills. Bankruptcy can also help Americans get a fresh start on a new life free of large debts that they were formerly unable to pay. Indeed, for many, bankruptcy can be immeasurably helpful and positively affect all areas of their lives.

Personal bankruptcy may help people with student loans

At this time, student loan debt in the United States has reached $1.08 trillion. Some of those student loan holders are living right here in Cherry Hill, and they are struggling to pay their bills. Unfortunately, while personal bankruptcy can help these individuals if they have outstanding credit card debt and mortgage loans, if cannot help them resolve their student loan debt issues.

The cost of education in this country has skyrocketed over the last couple decades. Those who wish to have the promise of reliable employment have shouldered the burden of those costs by taking out government-funded education loans to pay for their schooling. The problem is that many of these individuals are finding it extremely hard to make their student loan payments on time.

Party and event rental company files for Chapter 11 bankruptcy

Event Rentals Inc., a company that provides tables, tents and napkins to events of all sizes, recently submitted a filing for bankruptcy. The Chapter 11 filing was submitted on a recent Thursday. So far, the company has not found a suitable buyer to keep its operations running; however, negotiations with lenders are underway to garner financing that will support operations until the sale process is complete.

Event Rentals is hoping to sell its assets quickly, within 105 days of its Chapter 11 filing date. In so many words, the company is attempting to describe itself as an extremely viable business that just needs to a bit of deleveraging and capital investment. The company is blaming its current liquidity issues on the same poor economic conditions that sent many New Jersey businesses into turmoil. It also blamed its debt problems on a growth spurt that did not happen at the right time.

Facing personal bankruptcy? Try negotiating medical bills

The price of almost anything a person in New Jersey purchases can be negotiated. This is true of cars, real estate and jewelry as well as many, many other items. Sometimes, however, people forget that services can be negotiated as well. Since excessive medical bills are one of the leading causes of personal bankruptcy, it only makes sense to attempt to have them reduced before taking that step.

Knowledge is one of the best weapons a person can have in his or her arsenal when attempting to negotiate pricing. Determining the average cost for the area in which they live should be one of the first things someone does in this process. They should also investigate how much government agencies pay for similar services. Most of that information should be available online.

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