Seeking to end financial stress when amounts of debt become overwhelming is a good decision for many people in New Jersey and elsewhere, as one recent report has appropriately noted. In fact, it is said that filing for a personal bankruptcy can result in emotional as well as financial relief. This can occur due to the protections offered by the Bankruptcy Code.
The good news for readers in New Jersey is that the number of bankruptcies in our state and across the nation has dropped for the past two consecutive years. In fact, a recent report indicates that the national level of personal bankruptcy filings fell by 14 percent last year. However, not all in our state have been able to avoid making the decision to seek the protections offered by bankruptcy.
Super Storm Sandy hit many areas of New Jersey hard as it passed through our state. Many people lost property, including personal homes and businesses. For some in our state and throughout the nation, these losses ended with filing for personal or commercial bankruptcy in order to obtain help recovering from the damage caused by the storm.
Financial woes can affect people from all walks of life, as many in New Jersey know very well. During the recent recession, many have found that businesses that were once successful have fallen on hard times or even been forced to close. This has led some business owners in our state to seek the protections offered by bankruptcy filings like Chapter 13.