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."

Gillian said in the announcement that his financial situation won't impact Ocean City's finances, credit rating or operations. 

"Our city's fiscal position remains strong, and all municipal services, programs and commitments continue uninterrupted and fully funded," he said. "Safeguards, oversight, and the structure of municipal government ensure that personal finances and public finances remain entirely separate."

Gillian said that he's committed to learning from the experience and serving the residents of Ocean City after filing for bankruptcy. 

"Despite this personal challenge, my dedication to this job, and to the people of Ocean City, remains unwavering," Gillian said. "My focus remains on continuing the work you elected me to do: invest wisely, support responsible economic development, improve public safety and ensuring the overall success of our city for every resident. This moment, while personally humbling, does not distract from that mission."

Gillian has been the mayor of Ocean City since July 2010.