The year 2020 is behind us. Now is a good time to review 2020 NJ Bankruptcy filings. Bergen County takes the lead with Chapter 7 and Chapter 11 Bankruptcy filings for 2020; but not Chapter 13 Bankruptcy.
It is interesting to note, Bergen County was the leader for 2019 Chapter 7 and 11 Bankruptcies.
Chapter 7 Bankruptcies:
- Business: Bergen County in 1st place with 37: Cape May had zero
- Consumer/Personal: Bergen County in 1st place with 1,029 with Ocean County a close 2nd at 925
Chapter 11 Bankruptcies:
- Business: Bergen County in 1st place with 42
- Consumer/Personal: Bergen County and Monmouth County had 5
Chapter 13 Bankruptcies:
- Business: Atlantic and Mercer tied for first place with 4; Cumberland, Salem, Essex, Burlington, Morris, Union, Middlesex, Warren and Somerset had zero
- Consumer/Personal: Camden County took the lead with 528; no counties had zero.
For all of New Jersey, there were a total of 15,204 business and Consumer Bankruptcies combined filed in 2020.
Bankruptcies in general are down by approximately 60% for New Jersey for 2021. Loan forbearance and stimulus checks are allowing individuals to wait to file bankruptcy. However, if your income is lower, it is the perfect time to qualify for filing bankruptcy. When your income goes up, you may not qualify.
Filing Chapter 7, 11 or 13 Bankruptcy
If you are considering bankruptcy, call me: Ralph A. Ferro, Jr., Esq. (201) 446-5904 for a free bankruptcy consultation – Board Certified Bankruptcy Lawyer.
You look for Board Certification for a Doctor. You should look for your bankruptcy lawyer to be Board Certified, too.
Winds of Change Can Lead You to a Better Place….https://njbankruptcylawfirms.com/winds-of-change-can-bring-us-to-a-better-place/