Throughout the United States, a significant number of people have fallen into the credit card debt and feel that they have no way out. Creditor harassment can pile additional stress onto New Jersey families, only making matters worse. There are several different bankruptcy options for people who are confronting unmanageable financial obligations. Chapter 7 is one option, though it may not be the right option for everyone because it is not as effective at protecting property. Filing for Chapter 13 is another option that potentially allows more flexibility in maintaining certain assets.
When crazes happen, smart business owners jump on board and capitalize on the new fad. As the fad slowly begins to fade or the industry changes, the companies that were part of the fad may begin to feel the effects and lose money in their business. New Jersey businesses that suffer heavy losses may find some comfort in filing for Chapter 11 bankruptcy, in an effort to restructure and get back on their feet.
During hard times, many people are faced with the decision as to what they should do when the bills are piling up and there is not enough money to pay them. The harassment from collectors may soon prove to be too much and may cause someone to begin to consider other options. Which type of bankruptcy protection is the right choice for people in New Jersey, and how will they know? There are some indicators as to whether filing for Chapter 7 may be the best option.
Many people associate filing for Chapter 11 bankruptcy protection with negative connotations; however, it can be a great way for a company to survive the recession. Due to the economy and a lack of discretionary income, many New Jersey businesses may have taken a hit to their revenue and were forced to restructure to stay in business. Although it can be a difficult decision to make initially, it is possible to turn the situation around and emerge from Chapter 11 successfully.
A famous New Jersey casino has been affected by Chapter 11 bankruptcy for a second time. The troubled Revel Casino is up for sale after the parent company has been forced to file for Chapter 11 bankruptcy. The bankruptcy petition was filed with the plan, citing the intent to sell most of the assets owned by the parent company, Revel AC Inc.