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Personal bankruptcy in New Jersey means disclosing assets

New Jersey readers may be interested to learn about the bankruptcy case of a man and his wife in another state. The initial petition for bankruptcy was filed back in 2009, and is still ongoing due to the fact it is more complicated than the average bankruptcy filing. Before the personal bankruptcy case began, the man was famed in his hometown for owning auto dealerships and other businesses.

According to a report about the bankruptcy case, the man eventually ended up in prison after being accused of bankruptcy fraud and other crimes. However, before that occurred, he had to file a disclosure in the bankruptcy case noting his income, assets and debts. The petition here asserted that the man owed some $767 million to creditors. This included debts stemming from the automobile businesses that the man owned.

Recently, the man's ex-wife made a claim to the court that she was owed $15 million from the bankruptcy estate. She claimed that this came as a result of a post-nuptial agreement between the spouses. However, she agreed to a settlement of $100,000 from the court recently, leaving the door open for the case to be finalized in the near future.

Filing for a personal bankruptcy in New Jersey can lead people to ask many questions. Among them may be how to be paid for money that they feel they are owed by the bankruptcy estate of an ex-spouse. To make such a determination and to ensure that an acceptable outcome is achieved, some may find it helpful to review the Code and seek information from experienced professionals familiar with such issues.

Source: TwinCities.com, Denny Hecker's former wife settles with bankruptcy trustee, MaryJo Webster, Oct. 17, 2013

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