Readers in New Jersey know well that financial difficulties can come to people regardless of their career aspirations or social status. That is why they may find the recent personal bankruptcy of a woman seeking political office in another state interesting. The woman hopes to win a seat as a City Clerk in her hometown. She is said to have tried to gain political office several times over the past few years.
Many people in New Jersey love to spend warm summer days playing tennis. For years, the equipment of choice for these people was manufactured by a local company named, Prince. That was until the mid-2000's when the company began to fall from favor in part due to multiple ownership changes. That led to the commercial bankruptcy of the business last year.
Builders of new homes were among the most damaged by the recent economic recession. Those with loans that were intended to finance the construction process found that they were unable to continue to make payments when the homes tat they built didn't sell. This led some to consider filing a personal bankruptcy, such as a Chapter 7, for both themselves personally and for their companies.
The good news for readers in New Jersey and elsewhere is that the amount that most families owe in overall debt has fallen in recent years. The height of credit card debt came in 2008 when American owed some $1 trillion. However, the number of people who have found that they are unable to repay their credit card debts has risen, leading some to file for a personal bankruptcy when they cant pay what they owe.