New Jersey Bankruptcy Filing Rates on the Rise: Mercer County Filings Up 21%

With the economy in such an unsteady state, New Jersey residents continue to have difficulties finding work, paying their bills on time, and living a lifestyle that isn’t consumed by their debt. According to an nj.com article, the number of bankruptcy cases filed in the state of New Jersey increased by 27% during the 12-month period ending this past May, from statistics recorded just 12 months prior to that period. Though not as high, the number of bankruptcy cases filed in Mercer County, during that same time period, also increased, by a total of 21%. Fortunately, New Jersey bankruptcy laws are set in place to help individuals alleviate debt, which enable them to regain their sense of financial independence that they deserve.

Statewide in New Jersey, more than 4,100 bankruptcy cases were filed in the month of March – the highest single month total in recent years, since federal bankruptcy laws went into effect. Businesses are unable to secure lines of credit, homeowners are unable to meet their payment requirements of adjustable mortgages, and the number of individuals living paycheck to paycheck is growing at an alarming rate. If you choose to file for bankruptcy, whether you are an individual consumer filing a Chapter 7 or Chapter 13, an experienced New Jersey bankruptcy attorney can help sort through the numbers and get your finances back in order.

If you live in New Jersey and are experiencing financial hardship, filing for bankruptcy may be your best option. To find out more about the process of filing bankruptcy under New Jersey state law, please don’t hesitate to contact the Law Offices of Robert Manchel. Our experienced legal team will examine your specific situation, and will help you make the best decision possible for your financial future. For more information about effectively filing for bankruptcy, please don’t hesitate to contact Robert Manchel today at 866-503-5655.