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Art gallery owners face personal bankruptcy

An art gallery that is located in another state is at the center of a case that may be of interest to readers in New Jersey. The gallery owners recently file a personal bankruptcy petition after discovering that their business, though culturally important to their community, was unable to bring a profit. This could have occurred in part due to the recent recession that has affected many across the land.

In their personal bankruptcy filing, the couple that owns the gallery asserts that they owe some $768,783.89 in debts. It is unclear of any of these debts are due to the business of running an art gallery or if they are personal in nature. What is known is that the pair says that they have just $619,790.81 in assets.

The trustee who has been assigned to the case of the personal bankruptcy must consider if and how creditors of the couple will be repaid. This decision will center around the Chapter of the Bankruptcy Code used by the couple when they sought the protections offered. Regardless of the Chapter chosen, the pair, as would be the case of those in similar situations in Massachusetts, will find that their property is subject to sale if it is not protected by exemptions.

The good news for many that file a personal bankruptcy in New Jersey is that much of the property that they own when they file can be kept, depending of exemptions as provided under the laws of each state. This fact offers relief to those concerned about the details of a bankruptcy filing and the affects that it has on ownership. To ensure that the best possible outcome is achieved in a filing, a person seeking debt relief may wish to review the Bankruptcy Code to retain as much of their property as possible.

Source: CapeCodOnline.com, "Artists caught in bankruptcy fight in Chatham," Robert Gold, May 8, 2013

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