If you’re still beating yourself up over your financial woes and thinking that bankruptcy is only reserved for the poor and financially irresponsible, consider the fact that a top executive in state government who was charged with managing the state’s finances is now, himself, filing for personal bankruptcy. Former Arkansas Lieutenant Governor Mark Darr, along with his wife Kimberly, recently filed for Chapter 13 Bankruptcy protection, according to court documents. Though Darr resigned from office amid rampant financial scandal, including allegations of misappropriation of state funds, his situation proves that no matter how “successful” you seem to be, you’re still vulnerable to financial hardship and subsequent bankruptcy.
You’re Not Alone: New Jersey Bankruptcy by the Numbers
According to the New Jersey Bankruptcy Court, 26,956 Garden State residents have already filed for some form of bankruptcy protection so far this year. This is actually a slight uptick from the 29,286 residents who had filed at the same point last year, proving that financial struggle is a pervasive issue for both businesses and residents alike in New Jersey. Additionally, consumer bankruptcy filings continue to vastly outnumber those of businesses, many of which close down before ever getting to the point of filing for bankruptcy. Chapter 7 continues to be the most common form of bankruptcy, accounting for 19,028 cases this year.
Don’t Worry about What Others Think and Stop the Financial Bleeding Now
In most cases of financial hardship, inaction is the biggest impediment to resolution. The longer you sit on the fence contemplating what bankruptcy will mean for your future, the more vulnerable your assets and property become to seizure and the more you generally stand to lose in the here and now. The last thing you want to do is worry about how people will perceive you when your financial future hangs in the balance. Rather than try to come to this decision on your own, speak to a credit counselor and bankruptcy attorney to help you determine whether bankruptcy is actually the right move for you.
The Law Offices of Joel R. Spivack has decades of experience helping clients to meet the challenges of bankruptcy head-on. We will provide sound legal guidance every step of the way during the bankruptcy process. And we will advise you about re-establishing your credit and focusing on your fresh financial start.