Some readers n New Jersey may be familiar with the name of state Assemblyman Robert Schroeder. He is at the center of a personal bankruptcy cases here in our state. The Chapter 7 case was an involuntary bankruptcy filed by several of the assemblyman's creditors.
Of the many reasons that people in New Jersey decide to file for a personal bankruptcy, one of the best is to repair their finances. In fact, by seeking a Chapter 7 bankruptcy, many find that they are able to rebuild fallen credit ratings and restart businesses. This happens when debts are discharged after the successful completion of the bankruptcy process.
Readers in New Jersey have likely heard of the recent filing of a bankruptcy by a major city in our nation. What they may not have considered is that there are many similarities between that filing and those of individuals in our state filing a personal bankruptcy. In fact, the similarities are in both the situations that got the city to the brink of financial collapse and strategies on how to repair a financial life.
Many readers in New Jersey are aware that the filing of a bankruptcy requires disclosure of financial materials. In fact, in each personal bankruptcy that is filed, an individual must offer information as to their income, assets and debts. Unfortunately, one recent report notes that a large creditor, Citibank, may have inadvertently disclosed even more personal information than is necessary in many bankruptcy cases.