Even after hard times fall upon a community, some businesses will do whatever they can to keep their doors open. This is especially true for companies that have been in business for a long time and want to hold onto their legacy. One way for a company in New Jersey that is struggling financially to keep operating is by filing for Chapter 11 bankruptcy protection.
Although business owners may have great ideas, their desired outcomes do not always come to fruition. Dendreon Corporation, the creator of Provenge, the first immunotherapy drug for people suffering from prostate cancer, has filed for Chapter 11 bankruptcy. This filing comes after the company downsized in 2012 and 2013 by reducing its Seattle and New Jersey workforce to nearly half its size after selling off a New Jersey plant.
Any company can be prone to the effects of a declining economy. Many New Jersey businesses have been feeling the economic pressure and are behind on payments to their creditors. Filing for Chapter 11 bankruptcy can allow a struggling business to get back on its feet by reorganizing its debt and discovering more efficient ways to operate.
Although it doesn't happen usually overnight, a person can wake up and realize that he or she is too far in debt to be able to financially recover without help. While many consumers rush to file for Chapter 7 bankruptcy after realizing the truth of their financial situations, some New Jersey residents try to avoid bankruptcy because they fear that they will lose all of their possessions by filing. However, that is not the case. There are certain assets that are considered exempt from the liquidation process.