Many of our readers in New Jersey may have spent at least a part of their week running to the grocery store to snap up the remaining inventory of Hostess snacks such as Twinkies and Ho-Hos. Stores here and across the nation have reported an increase in snack sales since the company who manufactures the products announced that it intended to file for a commercial bankruptcy and liquidate. The liquidation could mean an end to the once-popular snack line.
A large church with a successful television show that may be familiar to many in New Jersey is embroiled in a lawsuit that has slowed the progress of the church's bankruptcy. The Crystal Cathedral, which once was the filming location for the 'Hour of Power' television series, filed for a commercial bankruptcy in 2010. Since that time, the church has been the subject of claims by its founder, Robert Schuller, and his family members.
Many people seeking the protections offered by a bankruptcy in New Jersey hope to keep as many of their assets as they can during the process. For many who file for Chapter 7 liquidation, the exemptions permitted under our laws may be able to allow them to keep some property. However, in some cases, the assets are marshaled by the bankruptcy trustee for sale for the benefit of the creditors.
Filing for a personal bankruptcy can lead many in New Jersey to have various questions. Among the most important to some in our state is what property can be retained and what income must be disclosed to the bankruptcy court. In a Chapter 13 bankruptcy filing, the pertinent questions may also include the amount and duration of the proposed payment plan.
A businessman has filed for a personal Chapter 11 bankruptcy after losing money during the recent economic downturn, a situation familiar to many in New Jersey. The businessman is the president of a company that controls interest in apartment buildings across the nation. The man asserts in his Chapter 11 bankruptcy that, since 1991, he has been a part of the purchase of at least 125 apartment communities in 20 different states.