Readers in New Jersey may remember the recent reports that appeared in the national media discussing the illnesses contracted by individuals who were given a commonly used steroid. The specialty pharmacy that distributed the steroid sold the drug to pharmacies and medical centers across the nation. Now the same organization has filed for a business bankruptcy.
Like many businesses in New Jersey, for several years a tutoring business was successful for a man in another state. However, after competition began to eat away at the market share of the business, the owner found that he was no longer able to make ends meet. This led to his seeking to first obtain private loans from friends and family and then to a filing of personal bankruptcy.
Filing a Chapter 7 bankruptcy in New Jersey can offer many protections for a person who finds that they have a large amount of debt that they cannot repay. Under Chapter 7, an individual can expect to find that creditors are no longer able to collect judgments or make harassing calls due to the stay issued when a petition is filed. In addition, the bankruptcy code can offer the opportunity to discharge many debts.
Radisson is a large hotel chain that may be familiar to our readers in New Jersey and Pennsylvania. Recently one of the members of an ownership group that invested in one of the chain's properties filed for a Chapter 7 bankruptcy. This filing occurred after the hotel began to suffer losses that led to financial difficulties for its investors.
The number of bankruptcy filings occurring in New Jersey and across the nation is down over the past year, according to a recent report. This includes Chapter 13 bankruptcy filings that seek to have a debtor repay much of what is owed to their creditors through a multi-year payment program. This type of bankruptcy is most often filed by those who are employed, thus it is sometimes called the wage-earner's bankruptcy.
A123 was once a prominent business in the green world. The startup lithium-ion battery maker was launched in 2001 and went public nine years later. Then, it was valued at over $2 billion. Now, however, A123 is in a very different place.