From the end of November 2009 to the end of November 2010, the total bankruptcy filings were up 16% year over year. The total bankruptcy filings from December 2008 to November 2009 were 35,444 as compared to 41,252 for December 2009 to November 2010. These statistics include all different types of bankruptcy filings - Chapter 7, Chapter 11 and Chapter 13.
New Jersey has experienced a higher filing rate of bankruptcy filings due to unemployment hovering to almost 10% and its high rate of foreclosures. Furthermore, NJ real estate taxes are the highest in the nation leading to further financial turmoil.
The statistics going into 2011 are expected to continue to rise.
The New Jersey Bankruptcy Court official web site publishes the full year statistics.
Contact our law offices if you are in a challenging financial situation, our New Jersey bankruptcy attorneys are here to help.