June 30, 2014
New Jersey Case Filings by County for 12 months Ending May 2014 are available in detail at the courts website: www.njb.uscourts.gov/content/statistics
However, I would like to point out the following:
- There were a total of 29,286 Bankruptcy Cases Filed.
- 28,359 or 97% of all Bankruptcies filed in NJ for this time period were filed by Consumers under Chapters 7 or 13.
Consumers remain more likely to have difficult financial situations than businesses as they relate to bankruptcy.
Total Bankruptcies in New Jersey for all Chapters are down by 4% and down 7% from May 2013.
I believe that there will be many more consumer bankruptcies on the rise given that the Government has failed to extend unemployment benefits past 2013.
These statistics are based on actual filed bankruptcy petitions in the State of New Jersey. These Stats do not include individuals that are deeply in debt and that have not yet filed for one reason or another. The hidden numbers behind these stats are that there are individuals who continue to struggle and hesitate to evaluate how bankruptcy can help them.
If you are facing financial difficulties, come in for a free consultation to see how I might be able to help you.