Stimulus is Helping or Delaying Bankruptcies?
There is a 63% Decrease in NJ Bankruptcy Filings for the period May 2019 Vs May 2020
New Jersey Bankruptcy filings for all bankruptcy: Chapter 7, Chapter 11 and Chapter 13 Bankruptcies are continually decreasing.
Chapters 7, 11, 13, and adversary proceedings are down:
- May 1 – May 29, 2019 Total filings = 2,577
- May 1 – May 29, 2020 Total filings = 946
- Decrease: 1,631 or 63%
Time will only tell…..
It appears that Debtors are delaying filing bankruptcies. However, this may be the best time for NJ Debtors to file and be eligibility for bankruptcy. The stimulus is temporary. You should look down the road to determine if your financial situation will benefit from bankruptcy.
I am here to help you and meet with you. Call me for a free bankruptcy consultation: Ralph A. Ferro, Jr., Esq. (201) 446-5904 https://njbankruptcylawfirms.com/