N.J. has sixth-highest bankruptcy filings rate in U.S.; national filings increased 11.4% year over year

Key points

• New Jersey ranks sixth highest in the nation for small business bankruptcy filing rates at 93.1 per 100,000 businesses
• Business bankruptcy filings in New Jersey surged 79.3% year-over-year, the second-largest increase among all states
• New Jersey recorded 979 business bankruptcy filings in the past year
• National business bankruptcy filings increased 11.4% overall, showing New Jersey's jump significantly exceeds national trend

FAQ

Why is New Jersey's bankruptcy rate so high?

While the excerpt doesn't specify causes, New Jersey's high rate reflects broader economic pressures on small businesses. The 79.3% surge suggests businesses are struggling with economic conditions, rising costs, or market challenges. The state's sixth-place ranking indicates it's among the harder-hit states for small business insolvency.

What does this mean for New Jersey small business owners?

The data suggests New Jersey small business owners face significant financial challenges. With the second-highest increase in bankruptcy filings nationally, business owners should closely monitor cash flow, seek financial guidance, and explore restructuring options if their businesses face difficulty.

How does New Jersey compare nationally on this metric?

New Jersey ranks sixth in the nation for business bankruptcy filings per capita. The state's 79.3% year-over-year increase is the second-largest among all states, indicating New Jersey is experiencing bankruptcy pressures above the national average of 11.4% growth.