While the foreclosure picture nationally appears to be improving, New Jersey is not yet joining the party. Our state is lagging behind others, in part due to foreclosure proceedings grinding to a halt after New Jersey Chief Justice Stuart Rabner directed mortgage lenders in December 2010 to prove they were not engaging in a practice known as robo-signing, or executing documents without verifying them.
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.
The Great Recession began in December of 2007, and its effect on business operations led to increased cash flow problems for commercial entities. In turn, that led many companies to file for bankruptcy protection to either weather the storm or cease operations in an orderly and realistic manner. Now, for the second straight year, business bankruptcy filings in New Jersey have fallen, this time to the lowest levels since 2008. But that still represents an increase of about 50 percent over the figures for 2007. What does it all mean?
New Jersey residents will be interested to learn that TH Properties is set to successfully emerge from bankruptcy after its reorganization plan was approved by a judge. It will allow the company to continue its development of Barton Ridge in Camden County, along with a number of other pending developments for the long-standing business.