The economy has been tough. Let’s look at Bankruptcy Stats for NJ for the 12 month period ending November 2022 vs 2021. This includes Chapter 7 Bankruptcy, Chapter 11 Bankruptcy & Chapter 13 Bankruptcy filings.
Looking at comparison data for NJ Bankruptcy Statistics provides a good perspective where we are. Bankruptcies continue to go down.
Bankruptcy Filings by County:
- Bergen County takes the lead with Chapter 7 and Chapter 11 Bankruptcy filings as of November 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 39: No counties had zero.
- Consumer/Personal: Bergen County in 1st place with 591; with Hudson County a close 2nd at 554.
Chapter 11 Bankruptcies:
- Business: Hudson County in 1st place with 145; Bergen held second place at 55.
- Consumer/Personal: Monmouth in 1st place with 7; with Bergen County a close 2nd at 6.
Chapter 13 Bankruptcies:
- Consumer/Personal: Camden County took the lead with 505; no counties had zero.
Bankruptcy Stats NJ:
- For all of New Jersey, there were a total of 11,014 Business and Consumer Bankruptcies combined for the 12-month period ending November 2022.
- However, New Jersey Bankruptcies are down approximately 0.42% for November 2022 vs. November 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.
Data from: NJ Bankruptcy Courts
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.
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