NJ Foreclosure Firm, Nearing Bankruptcy, Furloughs Staff

New Jersey foreclosure firm Zucker, Goldberg & Ackerman, as it prepares to file for bankruptcy and ultimately close its doors in late August, has already turned away more than one-third of its employees and suspended benefits.
According to internal documents and the firm’s outside counsel, the Mountainside-based firm on July 17 told 115 employees that they had been indefinitely furloughed—suspended without pay for budgetary reasons. Health benefits for those employees are likely to terminate at the end of the month, and payouts for unused vacation time also are in jeopardy.
Zucker Goldberg, through its bankruptcy counsel, attributed the move to more of the same issues the firm has been experiencing for years now: mortgage-servicer clients refusing to pay.
“We had done projections based on normal rates of payment,” said Daniel Stolz of Wasserman, Jurista & Stolz in Basking Ridge. “That allowed us to get through the Aug. 24 [projected closing] date.”

Read more: http://www.njlawjournal.com/id=1202732716892/NJ-Foreclosure-Firm-Nearing-Bankruptcy-Furloughs-Staff#ixzz3geMT4GXe

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