When personal finances become unmanageable, there are several options available to ease the load. A debt reduction strategy can help you to restructure your monthly income and debt payments in a way that will reduce your overall level of debt over time. However, it is not always a quick fix, and it can take many years to see a significant improvement. Another option for New Jersey residents is a personal bankruptcy filing, which can reduce or eliminate the majority of your debt in a very short timeframe.
When a company files for bankruptcy in New Jersey or elsewhere in the country, there can be changes for the employees, both past and current, of that organization. In one recent commercial bankruptcy from AMR Corp. and American Airlines, the changes may come as a shock, should they be approved by the bankruptcy court. AMR Corp., the parent company of American Airlines, has filed a lawsuit as part of the bankruptcy proceedings, asking that the court allow them to stop paying for life insurance and medical care for its retirees.
People in New Jersey facing bankruptcy often have many questions regarding the process. Many worry about keeping property and how to minimize the impact of a filing on their credit score. One area of particular concern for many filing personal bankruptcy is credit card debt and payments to creditors.
The economic landscape is bleak across the entire nation, and not just for consumers. Many businesses are finding it necessary to file for commercial bankruptcy protection when expenses outweigh revenue. One commercial bankruptcy to have hit the news recently is that of MF Global, led by a former governor of New Jersey. The company first had trouble back in October in the wake of investor panic related to its exposure to European sovereign debt.