A great many residents in New Jersey remember the recession and the impact it had on their lives all too well. From losing 401K savings to seeing a home’s equity plunge well below the amount owed to a lender and more, consumers everywhere struggled to make their way through. Many people turned to the bankruptcy courts for help to get a fresh start.
According to MarketWatch, in September of 2010, there were 1.53 million new consumer bankruptcy filings made all across the United States. This certainly reflected the times and no doubt many people were grateful to have this option available to them. As the nation’s economy rebounded and many individuals found themselves get back on a better financial footing, it may be expected that the number of bankruptcy filings may drop.
That has happened and by September of 2018, filings for Chapter 7 or Chapter 13 plans were at their lowest points since 2007. However, some people believe this may be due to an inability to pay for a bankruptcy.
Forbes notes that consumer bankruptcy filings among people 65 and older have been on the rise. This may well be attributed in part to the losses they experienced in the recession given that they have had less time to work and recoup those losses than did their younger counterparts. Increasing health care costs as well as the need to provide financial support to their children and even their grandchildren are also identified as some of the factors leading more people in their senior years to seek debt relief via a bankruptcy.