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
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.
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