It may seem like a far-fetched possibility for New Jersey residents, but it is possible that credit scores could affect other issues, such as the possible need for personal bankruptcy. Much of a person's financial situation depends on credit scores and other factors. It is important to understand credit, finances and personal bankruptcy and how they affect average consumers.
The downturn in the economy has continued to cause New Jersey residents financial difficulties. Unemployment is higher in some areas than others. Previously, in an effort to help certain struggling towns, New Jersey created Urban Enterprise Zones. Mount Holly, New Jersey and Pemberton Township, New Jersey, are two of the thirty-one New Jersey towns qualified as Urban Enterprise Zones. Businesses located in the zone pay no state sales tax on building materials, services and certain personal properties. Businesses can charge half of the usual 7% sales tax. Tax credits are provided for hiring previously unemployed workers and companies receive unemployment tax rebates. Despite the effort to create employment opportunities and growth in places like Mount Holly, it can still be difficult. Even if employment is found, the debt that has been built up becomes unmanageable. Various options including the filing of a personal bankruptcy often can provide relief and a fresh start to residents of Mount Holly, Pemberton, and other towns.
New Jersey was among the states where the recovery from the recent real estate crisis was slower than in some other states, a recent report notes. In fact, our state increased the number of foreclosure cases some 44 percent since 2012. This is opposed to a drop in this type of matter that has occurred in other states across the nation.
There is some interesting information for the people in New Jersey. According to a recent report, there were fewer people in our state and across the nation who sought the protections of a personal bankruptcy during 2013 than in the recent past. This was, at least in part, due to the slow economic recovery being experienced by many localities.
Readers in New Jersey may be familiar with the music of the country group, Montgomery Gentry. The group has appeared at shows such as the 2013 Taste of country Music and has gained fame with their music. Now, one of its members has filed for a personal bankruptcy under Chapter 7.
Among the reason that people in New Jersey seek a personal bankruptcy is the discovery that the business that they own is suffering financially. This may have been, at least in part, what also led one woman from another state to seek a Chapter 7 bankruptcy recently. That case is moving forward in her home state and, when completed, could leave the woman with little of the debts that once plagued her.