Jump to Navigation

New Jersey personal bankruptcy an option when jobs aren't

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.

In one recent case from another state, a company came to a town promising that they would bring some 400 jobs. To get the company to relocate, the town offered monetary incentives. Unfortunately, the jobs never materialized and the company closed its doors in 2011.

The former owner of the company at the heart of this matter recently filed for a personal bankruptcy. In his filing, he noted that he had obtained an estimated $1 to $10 million in debts. This was opposed to his $100,000 to $500,000 in assets that were disclosed.

Those who hoped to obtain jobs from his venture may also have accumulated debts, even if they were not as high as those of the former company owner. They, like the man here, may find it helpful to file for a personal bankruptcy. As is the case for similar folks in New Jersey, the filing can offer protections to those that need it and allow them to begin a fresh financial start -- an important opportunity during tough economic times when the search for a new job can take time.

Source: wjhg.com, "Former Redpine Owner Files for Personal Bankruptcy," Cameron Taylor, May 21, 2013

No Comments

Leave a comment
Comment Information

Contact Us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Subscribe to This Blog's Feed Visit Our
Bankruptcy Law Website

Office Location

Law Office of Robert Braverman, LLC

South Jersey
1060 North Kings Highway, Suite 333
Cherry Hill, NJ 08034
Phone: 856-254-2196 
Toll Free: 800-759-0767
Fax: 856-414-1230
Map & Directions

Willingboro Area Office
Law Office of Robert Braverman, LLC

1848 Burlington Mount Holly Rd (Route 541)
Mount Holly, NJ 08060
Phone: 856-254-2196
Toll Free: 800-759-0767
Willingboro Area Office

Center City, Philadelphia
15th Floor
1515 Market Street
Philadelphia, PA 19102
Map & Directions

Northeast Philadelphia
7909 Bustleton Avenue
Philadelphia, PA 19152
Map & Directions

FindLaw Network