Many people file for bankruptcy protection as a responsible means of getting their financial lives back on track. In New Jersey and across the United States, over 1.1 businesses and individuals filed for personal bankruptcy in 2013. The good news is that filing for protection is often successful. By making some proactive steps, bouncing back after filing may be faster than expected.
The most common type of debt that people seem to be trapped under involves home loans and credit card debt, but medical debt issue is a significantly growing concern. According to a recent survey, 1.7 million people in New Jersey and across the United States filed for personal bankruptcy because of unpaid medical bills in 2013. During the recession, many people earned less while the cost of healthcare steadily increased.
After a troubled past, Freefall Adventures has made the decision to file for bankruptcy. The New Jersey-based skydiving business is going to be reorganizing, with court supervision, through the Chapter 11 bankruptcy process. The company's co-owner reported that the company does not plan on shutting its doors for good. In New Jersey, the Chapter 11 process generally allows businesses to continue operating as they go through the organizational process.
A person can feel an overwhelming sense of doom when he or she can't make financial ends meet. There comes a point when the debt may become so deep that one may need a helping hand to get out. If a New Jersey resident feels that he or she may never make it out of debt, filing for Chapter 7 bankruptcy could be the perfect solution to get one's financial life back on the right track.