The rate of bankruptcy filings in the State of New Jersey is substantially higher than the national average, according to figures released by NerdWallet, a personal finance website that provides information to people looking to make financial decisions.
NerdWallet compiled data on the rates of personal bankruptcy in every state from April 2015 to April 2016. What researchers found was troubling: while the national median for bankruptcy filings was 224 filings for every 100,000 people, New Jersey had a rate of 279 bankruptcy filings per 100,000 residents.
These rates account for a number of different factors, including the median income in a particular state and the nature of debtor protection laws on the books in a particular state. According to NerdWallet researchers, the worst states when it comes to personal bankruptcy filing rates tend to provide more leeway to creditors who are looking to seize a debtor’s wages. The end result is that debtors may feel greater pressure to file for bankruptcy as they struggle to make good on their existing debts.
The total number of personal bankruptcy filings provides a good measure of just how well a state’s economy is actually doing. While job growth and export rates may give some indication of an improving state economy, the bottom line is that residents of New Jersey are still struggling.
Although more and more NJ residents are amassing large debts and ultimately opting to file for bankruptcy as they look to get a fresh start, things in New Jersey aren’t nearly as bad as they are in other parts of the country. For instance, the rate of personal bankruptcy filings in Tennessee is 553 filings per 100,000 residents, which is almost double the rate in New Jersey.
For additional information, view the BizJournals.com article, “Bankruptcy Blues: Tennessee Leads the Nation in Personal Filings per Capita.”
If you are dealing with crippling debts and could use some assistance, whether it’s seeking out debt management options or filing for Chapter 7 bankruptcy, you should speak with a knowledgeable bankruptcy and debt relief lawyer. The experienced bankruptcy attorneys at Brenner Spiller & Archer can help you. Contact us anytime to schedule a free consultation.