Readers in New Jersey know that the recent recession was tough on people in the home building industry. As home values fell and construction rates slowed, many found that they were unable to repay the debts that they owed. This led some to seek the protections offered by a personal bankruptcy.
New Jersey readers may be interested to learn about a man who was once the co-owner of a successful paper company in another state recently filed for a personal bankruptcy. The Chapter 13 filing came after the business was sold. Reports indicate that the company sale happened at a loss to those who had owned it, including the man who filed for the personal bankruptcy protection.
Readers in New Jersey may be familiar with the name of Internet entrepreneur, Halsey Minor. Minor gained fame when he sold CNET Networks, Inc to CBS Corp for some $1.8 billion in 2008. Now he is in the news for his filing of a Chapter 7 bankruptcy petition in his home state.
Communities in New Jersey, especially small and rural ones, often seek to have companies relocate to their region in an effort to create jobs and economic success for their communities. In many cases, the companies promise a great number of jobs for those who live in the town. When the promises are kept, towns are able to build and grow. When that does not happen, some find that they cannot repay the debts that they have accumulated while waiting to obtain new employment. This leads to a filing of a personal bankruptcy for some.