Jump to Navigation

New Jersey man avoids business bankruptcy with personal filing

Readers in New Jersey may be interested to learn about the bankruptcy of a local man. The man is the owner of an oil company, Norton Oil Company, which recently had some difficulty making the oil deliveries that it contracted to make to people in our state. The Chapter 7 bankruptcy filing came in part due to the personal guarantees made by the owner of the oil company for his business. This filing may help him to avoid a business bankruptcy for his personally owned oil company.

In the New Jersey Chapter 7 bankruptcy case, Norton disclosed that he had some 50 to 99 creditors to whom he owed money. Some $704,000 of the money owed was to unsecured creditors. In total, he asserted that he owes $1.25 million in debts to various creditors, including those that hold the mortgage on his home.

In a Chapter 7 bankruptcy case, a person filing seeks to have as many of their debts discharged as possible. This discharge comes at the end of the case, after a trustee reviews available assets for repayment of the debts listed. Once discharged, the debts are no longer owed. This is a similar result that can occur when a business bankruptcy is filed, though the owner of the oil company did not file a commercial action.

The personal Chapter 7 bankruptcy process may appear to be complicated to some people in Massachusetts. Because of this, it is often a good idea to complete a review of the available chapters and options. This effort can pay off when people are able to relieve themselves of much of the debts that they are struggling to pay and are able to restart their financial lives. This is likely the outcome hoped for in the most recent case of the owner of the oil company -- who first considered a business bankruptcy before filing this personal case.

Source: cnbc.com, Bankruptcy no friend to struggling U.S. retailers, Nick Brown, Dec. 19, 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