The decision to file for bankruptcy is seldom an easy one. Even after the process is initiated, there is a chance that an individual will run into a few bumps in the road, making an already difficult time more challenging. With regards to business bankruptcy, these difficulties often occur due to the complex nature of the filing. Before the process is completed, several steps are required. In most cases, this is the liquidation of assets and even the sale of the business.
Many New Jersey residents are aware of the bankruptcy filing of the failed Atlantic City casino, Revel. The $2.4 billion casino filed for a Chapter 11 bankruptcy months ago and is currently dealing with the issues surrounding the sale of the casino. After a Canadian company won the bid at a court auction sale, the casino requested that the bankruptcy court void the proposed sale.