Bankruptcy Statistics

Posted by Kevin on January 9, 2012 under Bankruptcy Blog | Be the First to Comment

It appears that the economy is getting better.  On a national level, bankruptcy filings went from 132,173 in October, 2010 to 106,255 in October 2011.  This is a reduction of 19.6%.  In New Jersey, bankruptcy filings went from 3,511 to 2,995 over the same period of time.  That is a reduction of 14.7%.  Not as good as the national numbers, but still pretty good.

Now, does that mean the economy is getting better, or does it mean that people are so bad off that they don’t have enough money to file bankruptcy?

Well, lets crosscheck the bankruptcy statistics in New Jersey to the unemployment statistics over a comparable time.  As of December of 2010, the unemployment rate in New Jersey was 10.1%.  As of December of 2011, the rate went down to 9.1%.  So it looks like things are getting better here in New Jersey.

That’s the good news.  The bad news is that almost 3,000 New Jersey residents file bankruptcy in October 2011.  That amounts to 36,000 filings a year.  That is still a considerable amount and it means that some New Jersey residents are still having a tough go of it.

Bankruptcy gives you a chance to discharge your debts and get a fresh start.  It is a right that you have under the United States constitution.  If you find yourself overwhelmed with debt and harassed by bill collectors, you may want to consider bankruptcy.  Although you can file bankruptcy on your own, it might be more prudent to deal with a professional in the field.  Many competent bankruptcy attorneys in New Jersey will provide a free consultation.  It may be over the phone or in the lawyer’s office.  It will not take more than 30-45 minutes.  It is time well spent if your having financial problems and want to find out your options.