There is no doubt that many people across New Jersey have made a New Year’s resolution to make this the year that they get their finances organized and under control. For the past year, many residents have struggled with mortgage payments, medical bills and credit card debt. People have been harassed by creditors and phone calls demanding payments, stressed out by the mounting debt and concerned about their financial futures. However, the start of a new year offers people the chance to get a fresh start.
Although the idea of dealing with finances and tackling mounting debt levels may not sound like fun, it could make a world of difference in a person’s life. Take, for example, popular fashion designer Betsey Johnson who filed for bankruptcy just last year. According to sources, Johnson has a very different financial outlook for this year.
In April of last year, 70-year-old Johnson was reportedly millions of dollars in debt and decided to file for bankruptcy. Unfortunately, she had to close down more than 60 stores she opened to carry her quirky, popular line of clothing. Despite this financial obstacle, Johnson did not dwell on the past but continued looking to the future.
This year looks to be much better for the outgoing and colorful designer. She has taken this opportunity to expand her line into other areas and is now working on a less expensive collection to be sold in various department stores nationwide. She has also signed on to star in a reality show with her daughter and will also be releasing a Betsey Johnson fragrance in the coming year.
This is a good example of how positive it can be to take the steps necessary to get out from under unmanageable debt, even though it can also be difficult. With the help of an experienced attorney, filing for bankruptcy protection can be an effective way of eliminating debt and making a fresh financial start in a new year.
Source: TIME, “Comeback Queen: After Bankruptcy, Betsey Johnson Plans 2013 Return,” Erin Skarda, Jan. 2, 2013
- Our Cherry Hill, New Jersey, firm works with people who are looking for debt relief assistance. For more information on this subject, please visit our page on personal bankruptcy.
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