Bankruptcy Filing Trends in New Jersey

Prepared by: The American Bankruptcy Institutehttp://www.abi.org/ Updated

February 2020

New Jersey

Prepared by: The American Bankruptcy Institutehttp://www.abi.org

State at a GlanceNew Jersey National

Population (7/1/2019) 8,882,190 328,239,523

- Change since 2010 1.0% 6.3%

- Foreign Born 22.2% 13.5%

Size (Square Miles) 7,354 3,531,905

Median Household Income $79,363 $60,293

Persons per Household 2.71 2.63

Per Capita Income $40,895 $32,621

Median Home Value $327,900 $204,900

Homeownership Rate 63.9% 63.8%

High School Graduate (or Higher) 89.5% 87.7%

College Graduate (or Higher) 38.9% 31.5%

Disabled 6.6% 8.6%

No Health Insurance 8.7% 10.0%

In Poverty 9.5% 11.8%

Source: U.S. Census Bureau January 2020

Bankruptcy Filings in New JerseyCalendar Years 2000 - 2019

Year Total Chapter 7 Chapter 11 Chapter 13 Other Cases

2000 37,305 23,599 326 13,377 3

2001 41,484 26,766 385 14,333 0

2002 40,999 25,922 349 14,726 2

2003 42,377 27,256 354 14,764 3

2004 41,280 27,598 312 13,370 0

2005 49,597 37,443 251 11,903 0

2006 14,041 8,130 204 5,704 3

2007 19,948 12,402 385 7,160 1

2008 26,833 18,327 335 8,170 1

2009 36,233 27,458 428 8,329 18

2010 41,365 31,839 343 9,177 6

2011 37,957 29,878 322 7,754 3

2012 31,534 24,341 307 6,885 1

2013 29,370 22,439 323 6,606 2

2014 27,271 20,006 314 6,945 6

2015 25,356 17,684 235 7,436 1

2016 25,723 16,729 266 8,721 7

2017 27,015 16,626 351 10,033 5

2018 26,274 15,844 287 10,142 1

2019 24,810 15,443 240 9,124 3

0

10,000

20,000

30,000

40,000

50,000

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Total Bankruptcy Cases Filed in New JerseyCalendar Years 2000 - 2019

49,597

24,810

41,365

2019

More than 25%Above Average

Within 25% of Average

More than 25%Below Average

Total Filings Relative to Population 2000 - 2019

New Jersey 4% BelowAverage

D.C. Puerto Rico

0.0

2.0

4.0

6.0

8.0

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

National New Jersey

Bankruptcy Filings per 1,000 Population New Jersey vs. National Average 2000 - 2019

2019

0

10,000

20,000

30,000

40,000

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Chapter 7 Cases Filed In New JerseyCalendar Years 2000 - 2019

37,443

31,839

15,443

2019

0

100

200

300

400

500

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Chapter 11 Cases Filed in New Jersey2000 - 2019

240

2019

0

4,000

8,000

12,000

16,000

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Chapter 13 Cases Filed in New Jersey2000 - 2019

14,764

9,124

2019

Percent of Cases Filed as Chapter 13 Calendar Years 2000 - 2019

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

National New Jersey

2019

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Pay

me

nts

($

Mil

lio

ns)

Chapter 13 Cases in New Jersey Amount (in Millions) Paid to Unsecured Creditors

Fiscal Years 2000 - 2018

Source: Executive Office for United States Trustees

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

National New Jersey

Unemployment Rate By Quarter 2006 - 2019

Source: Bureau of Labor Statistics

Percent Change in Total Filings Calendar Year 2019 Compared to 2010

(National Average = 51% Decrease)

Amount of DecreaseUnder 40% 60.0% or More40.0% – 59.9%

Puerto RicoD.C.

-40%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

New Jersey National

Filing Trends By Quarter New Jersey vs. National Average(Percent Change From Same Quarter One Year Prior)

Decline Over 5% Decline 0 - 5% Increase 0 - 5%

Bankruptcy Filing Trends Calendar Year 2019 vs. 2018

D.C. Puerto Rico

National Average = .2% IncreaseIncrease Over 5%

-5.6%

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