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Biz bankruptcies decline in Bergen and Passaic counties
JANUARY 29, 2015 LAST UPDATED: THURSDAY, JANUARY 29, 2015, 1:21 AM
BY HUGH R. MORLEY
STAFF WRITER |
THE RECORD
* Business filings in Bergen, Passaic at lowest since 2007
A decline in the number of business bankruptcies in Bergen and Passaic counties from 2013 to 2014 has left New Jersey with its lowest level of business bankruptcy since the recession started at the end of 2007, federal figures show.
Business bankruptcies fell by 13 percent in Bergen and 30 percent in Passaic, according to figures released by the U.S. District Bankruptcy Court in New Jersey. Figures for the state show the business bankruptcy level as a whole nearly the same in 2014 as it was the previous year.
Figures for the state and the two counties now show there were fewer bankruptcies in 2014 than at any time since 2007, the year the recession began in December.
The number of consumer bankruptcies provides a less positive picture, however. Although Bergen, Passaic and New Jersey as a whole saw a fall in the number of consumer bankruptcies, they remain well above the 2007 figure.
Bankruptcy attorneys differed in their assessment of what the data say about the economy, and what is driving the figures.
https://www.northjersey.com/news/business/bankruptcies-plummet-1.1260782
