December 29, 2013
New Jersey Case Filings by County for 12 months Ending January 2013 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 32,052 Bankruptcy Cases Filed.
- 30,949 or 96.5% of all Bankruptcies filed in NJ for this time period were filed by Consumers under Chapters 7 or 13.
This clearly demonstrates that consumers are more often faced with difficult financial situations than businesses as they relate to bankruptcy.
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 the expiration of unemployment benefits is affecting you, I suggest you at least come in for a free consultation to see how I might be able to help you.