Hours after the business leaders and officials pushed to redevelop the old Wonderland Pier , the mayor of Ocean City, New Jersey, filed for bankruptcy.

In a letter posted to Ocean City residents Wednesday, Mayor Jay Gillian announced he made an "extraordinarily difficult decision" to file for bankruptcy "after a series of financial challenges that I could no longer manage."

"Over the past several years, a combination of personal financial obligations, business decisions I've made, unforeseen events, and circumstances outside of my control gradually created serious financial strain on me and my family," Gillian said. "Like many individuals and families across our nation who encounter unexpected hardship, I found myself in a position where traditional methods were no longer viable."

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