As many in New Jersey know, the faltering American economy has altered the lives of countless consumers, as people struggle to manage their debt load and readjust their spending. The economic downturn also affects businesses, causing them to make similar adjustments. Financial woes, combined with a society steadily moving toward greater technological advancement, have led longstanding photography company Ritz Camera & Image to seek bankruptcy protection with their second Chapter 11 filing.
New Jersey readers may be interested to learn about a former executive of an entertainment venture called the Mob Experience and his experience with personal bankruptcy. In his Chapter 7 filing, the man detailed many more liabilities than his assets could cover. In fact, he reported to the court that he held only $48,778 in assets available to pay for his $20.7 million in debts.
As many in New Jersey have learned during the most recent recession, filing for bankruptcy is not an easy choice, but it is often the only choice for some who are struggling with debt. In these difficult economic times, especially, many found themselves victims of the real estate bust or having lost jobs and savings. Filing for personal bankruptcy may offer some the chance to start over finically and to even seek new careers.
As many New Jersey business owners know, running a business is no small task, especially in a struggling economy. Owning a business is not cheap, and sometimes the expenses simply become too much. This seems to be exactly what happened with a nuclear waste storage facility when it reported debts that were five times greater than its assets.