Consumer Law

Where will Snooki dance?

Karma, the Seaside Heights nightspot and regular “Jersey Shore” location, is bankrupt, listing debts of about $500,000 to the borough, the state and the IRS, plus another $2 million owed to private lenders.

The Feb. 28 Chapter 11 filing, entered in U.S. Bankruptcy Court in New Jersey by Karma’s owner, the Saddy Family, LLC of Port Saint Lucie, Florida, lists public debts of $123,150 to the Borough of Seaside Heights for property taxes and water bills; $371,266 to the New Jersey Economic Development Authority for an unpaid development loan; and $2,585 in civil penalties to the Internal Revenue Service.

Read the source article at nj.com

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