Three former executives at a New Jersey-based company that is now in bankruptcy are facing charges related to illegally obtaining a credit line for $400 million. The men worked for Transmar Commodity Group Ltd., which was a cocoa trading company headquartered in Morristown. It sold to leading chocolate companies including Hershey and Nestle.
You've made the difficult decision to file for Chapter 7 bankruptcy. You know that your financial life will change after this and won't be the same for awhile.
If you find that your alimony payments are more than you can handle financially, it may be tempting to consider bankruptcy as a way to avoid them. However, that's probably not the best choice.
Chapter 7 is often thought of as a way to wipe the slate clean and erase all debts. While it can in some cases, it's important to know that every single debt isn't discharged in every case. Some debt can remain. That doesn't mean you should not use Chapter 7, but just that it's crucial to really understand what it can do for you and how beneficial it can be.
To a small business owner who is facing a debt spiral that does not seem to have a solution, it can be difficult to know just what to do. Bankruptcy is always there as an option, but the way that it works can cause distress to many people, especially when they do not understand the process ahead of time. Questions about losing homes and other property are quite common, and when bankruptcy is complicated by business ownership it gets to be even more stressful. Here is what a person needs to understand about it.
In one year during this decade, one tech provider estimated that as many as 1.25 million Americans filed bankruptcy petitions. That number was actually a decrease from the 1.38 million the prior year.
It's a new year, and for some, it's a good time to file for bankruptcy to get out from under unmanageable debts. The type of slate-clearing bankruptcy many debtors seek is Chapter 7.
Many consumers who are struggling with debt hesitate to file for bankruptcy because they dread tanking their credit rating and not being able to buy a home, a new car or even open a credit card account in the future.
There's a common misconception that a Chapter 7 bankruptcy will totally wipe a debtor's slate clean. While that would make many filers very happy, unfortunately, some debts are not discharged via bankruptcy.
With mortgage rates so low right now, New Jersey residents who struggled through the recent recession and took hits to their credit ratings are in recovery mode and ready to purchase homes.