At William H. Oliver, Jr. & Associates, many of our bankruptcy clients are what you would call successful businesspeople. Their companies are growing and profitable. If you are new to the concept of declaring chapter 11 bankruptcy in New Jersey, you might think of it as the mark of a dying business — but that is rarely the case.
Foreclosure can happen to pretty much anyone. All it takes is a financial emergency and you get behind on your mortgage. If you are facing foreclosure and see no way to stop it, you may wonder how this is going to affect your credit. To begin with, creditors do not look favorable on foreclosures, according to Financial Samurai. It shows you did not live up to end of the contract with your mortgage lender.