Due to the recession, many people have fallen into debt trying to make ends meet. Many New Jersey residents are in fear of losing their homes and being headed for foreclosure. Though many do not realize it, filing for personal bankruptcy may be a way for homeowners to protect their house and still find a way to deal with their debt.
Gambling is generally thought of as a time to have fun, but to others, a casino is no laughing matter. Revel AC Inc. in New Jersey has filed for bankruptcy twice since it opened in 2012. Much of the strain is being caused by patrons visiting nearby casinos in Pennsylvania, New York and Maryland. After a number of issues, the company made the decision to file for Chapter 11 bankruptcy protection for the second time.
Chapter 12 was enacted in to make the bankruptcy process easier for farmers and fisherman. While Chapter 11 can be an option, there are advantages in filing a Chapter 12. Those advantages include allowing a Plan of Reorganaization which is generally simpler than that required in a Chapter 11 case and easier to get confirmed. In addition, there are advantages relating to extending payments to secured creditors over a longer period of time.
Children with severe disabilities who did not fit into the public school system were able to turn to Somerset Hills to learn and be treated. The New Jersey center consisted of a school for disabled children and a center for treating related illnesses. The center has now been forced to close and file for Chapter 11 bankruptcy protection in order to attempt to restructure and pay down some of its debt. The school ended up with over $3 million in debt, $1 million of which is to be paid to past and present employees into their pension funds.
Many people cannot bypass getting into debt at some point in their lives. Families in New Jersey and across the United states are saddled with more than $7,000 in credit card debt on average, plus the debt from mortgages and student loans. In cases where the debt is even higher, many people turn to personal bankruptcy to help them get back on their feet again. Here are some tips to help with crawling out of the mountain of debt and getting back onto stable financial footing.