Bankruptcy Statistics: Let’s evaluate: NJ Chapter 7 Bankruptcy, Chapter 11 Bankruptcy & Chapter 13 Bankruptcy filings comparing the same 12-month period 2022 vs 2021 (through April).
Looking at comparison data for NJ Bankruptcy Statistics provides a good perspective of progress.
Bankruptcy Filings by County:
- Bergen County takes the lead with Chapter 7 and Chapter 11 Bankruptcy filings as of April 2022;
- Bergen County does not take the lead with Chapter 13 Bankruptcy Filings.
- Camden County takes the lead with Chapter 13 Bankruptcy Filings.
Chapter 7 Bankruptcies:
- Business: Bergen County in 1st place with 31: No counties had zero.
- Consumer/Personal: Hudson County in 1st place with 633; with Essex County a close 2nd at 627.
Chapter 11 Bankruptcies:
- Business: Bergen County in 1st place with 30
- Consumer/Personal: Essex County in 1st place with 9; with Monmouth County a close 2nd at 8.
Chapter 13 Bankruptcies:
- Consumer/Personal: Camden County took the lead with 386; no counties had zero.
For all of New Jersey, there were a total of 10,675 Business and Consumer Bankruptcies combined for the 12-month period ending April 2022.
However, New Jersey Bankruptcies are down by approximately 16% for the same period in 2021. When your income is lower, it is the perfect time to qualify for bankruptcy. When your income goes up, you may not qualify. I evaluate your options for filing bankruptcy including, but not limited to, your income.
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.
I review your financial statistics and provide an expert perspective for moving forward. There are times we are so involved in our daily activities and do not look at our progress or a need to make a change.
I am here to help you with your future financial successes: Call Me Today