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Camden NJ Bankruptcy Law Blog

Caesars intends to file for Chapter 11 bankruptcy

It has been a tough year for the gambling industry. Many of the largest casinos in New Jersey,and others across the country, have been struggling to keep their doors open. With many people having less discretionary income, it has been increasingly difficult for many casinos to stay in operation due to the lack of revenue. It was recently announced that Caesars Entertainment Corp. is planning to file for Chapter 11 bankruptcy protection in order to stay in business.

Caesars, known for being the leader in the gambling industry, has been dealing with debt since 2008 and has accumulated an industry-high of $22.8 billion. The company triggered a default when it was not able to make its $225 million bond interest payment. Things became worse when the company's stock began to drop the day before the restructuring announcement was made.

Another teen clothing retailer may file for Chapter 11 bankruptcy

During the holidays, most New Jersey businesses are having their highest revenue months of the year. While most businesses are prospering, others, especially those focused on teen fashion, are failing to see increased sales. Changes in teen shopping habits have resulted in several retailers filing for Chapter 11 bankruptcy, and the trend seems to be continuing. 

Another teen clothing retailer may be joining the others who recently announced bankruptcy filings. Wet Seal has stated that if its liquidity issues are not resolved very soon, the company will go forward with filing for bankruptcy. Like the other teen clothiers, Wet Seal is having a difficult time keeping up with more fashion-forward competition. This has caused to company to seek the aid of outside advisers.

Teen and women's clothier Deb files for Chapter 11 bankruptcy

Teen retailers that do not keep up with fashion trends are very likely to have a hard time generating the revenue necessary to stay in business. Many teen clothiers are noticing a steady decline in sales due to new competitors in the market. Many shops in New Jersey, and across the United States, are feeling the impact and are being forced to take action to avoid shutting their doors. These businesses may make the important decision to file for Chapter 11 bankruptcy in an effort to save their companies.

Deb Shops, which focuses primarily on young women's and teen fashion, has announced that it will be filing for Chapter 11 bankruptcy. This is the second time in four years that the clothier has reached out to file for bankruptcy. The first time was in 2011 when the company was sold. A large goal of this bankruptcy is to attempt to find a buyer. If no buyers step forward, the company may be forced to liquidate its assets.

Teen retailer Delia's announces filing for Chapter 11 bankruptcy

A teenager's shopping habits, as well as changing fashion trends, can directly impact which stores will be frequented. Today, many teens are not going to the mall as often and are choosing to spend their dollars in stores that are considered more fashion-forward. This can adversely affect many teen-centric clothing companies. New Jersey businesses who are feeling the effects of shoppers' changing habits may turn to Chapter 11 as a way to get the debt relief they need.

Delia's, a teen clothing retailer, has announced that it will be filing for Chapter 11 bankruptcy protection. The company will be closing down all of its stores and distribution centers. During the weeks leading up to the closure, Delia's will be hosting going out of business sales in an attempt to liquidate assets in order to pay down the company's debts.

Credit card mistakes that often lead to personal bankruptcy

During the holiday season, consumers regularly pull out their credit cards to pay for their purchases. After the holiday season is over, those same consumers will be forced to face the reality of their spending. Overspending during the holidays often pushes residents in New Jersey, and all across the United States, into a debt situation from with they cannot escape. Fortunately, personal bankruptcy is an option for those who are facing insurmountable debt, but, as there are limits on how often bankruptcy can filed, it is important for consumers to know what to do after their bankruptcies are discharged.

Part of recovering from a financial disaster is realizing what happened and how to avoid it in the future. Many of the problems modern consumers face start with credit cards. Those who file for bankruptcy must understand how credit card debt led to their situations and how to keep their credit card debt from spiralling out of control in the future. 

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.

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