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Chapter 7 Archives

Despite growth, Konarka files for Chapter 7 bankruptcy

Residents of New Jersey may be familiar with the growth that the solar power industry, as well as other "green" industries, has been seeing across the country. However, a disparity apparently exists in the industry between the installation companies, where business is said to be robust, and the manufacturing end, which is seen as challenged by falling prices. One such business, solar panel developer Konarka Technologies Inc., announced June 1 that it had filed for Chapter 7 bankruptcy.

38 Studios may be facing a Chapter 7 bankruptcy filing

Recently, 38 Studios, a video game design company, laid off a staff of nearly 400 employees. The company, as some New Jersey residents may be aware, is headed up by former ace pitcher Curt Schilling and has been facing financial difficulty for some time. Though it is not confirmed, it appears a Chapter 7 bankruptcy filing may very well be in the company's near future.

'Octomom' files for Chapter 7 bankruptcy, seeks fresh start

Nadya Suleman, likely better known to most New Jersey residents as the Octomom, has recently filed for bankruptcy. The mother of 14 has a mountain of debt to deal with -- about 20 times the amount of her assets -- that her Chapter 7 bankruptcy filing will work to cut down. For Suleman, the bankruptcy will hopefully provide a fresh start for herself and her family.

Chapter 7 upends Jersey City children's gym

The ongoing recession that began in 2008 continues to hit our communities hard. Small businesses in New Jersey, especially those offering so-called nonessential products and services, have had their share of struggles trying to survive in a down economy. These types of commercial entities that rely on people with expendable incomes have understandably had a difficult time trying to balance their own budgets and pay their own obligations. The result is that some, like one small operation in Jersey City, have turned to Chapter 7 bankruptcy protection as a means of confronting their financial problems and planning for a fresh start.

Chapter 7 bankruptcy protection sought by Hollywood star

If anyone needs any more proof that the Great Recession has affected all income levels across New Jersey and throughout the country, perhaps it came this past week with news that Hollywood star Gary Busey has filed for bankruptcy protection.

Sports agent who inspired "Jerry Maguire" files for Chapter 7

The sports agent who inspired the movie "Jerry Maguire" has filed for bankruptcy, chronicling a slow descent into financial turmoil fueled by alcohol and divorce. Leigh Steinberg may no longer be a poster boy for the movie's catchphrase "show me the money," but he is now working to reconstruct his life, starting with filing for bankruptcy.

Does the poor economy mean less air hockey?

From time to time, everyone enjoys a good recreational game of air hockey, ping-pong or horseshoe. However, as the economy continues to suffer, the need to invest in a good table game for your basement is just not that important. Recently, the financial woes have hampered more than just unemployed individuals - local businesses, too. Sportcraft, a company that is based in the Budd Lake section of Mount Olive, New Jersey, and maintains an office China, is a maker of recreational sports equipment. Recently, this local business filed for bankruptcy in the United States Bankruptcy Court of New Jersey.

Even reality TV stars file for bankruptcy

With the national economy still ailing and so many people out of work, West Caldwell residents have been hearing a lot about bankruptcy recently. But it is not just your friends and neighbors who are filing - the economic woes of the past few years have hit people of all economic stripes, including reality TV stars.

Chapter 7 bankruptcy filed for New Jersey yacht company

Post Marine Company, a yacht manufacturing company based out of Mays Landing, New Jersey, claimed $5.4 million in debt, and only $1.4 million worth of assets during a recent appearance in bankruptcy court. The company filed for Chapter 7 bankruptcy and will soon be pursuing liquidation.

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