Morris County (population 492,276) is a political subdivision of the State of New Jersey. By population, it is New Jersey’s 10th largest county and is located in the northern part of the State, about 50 miles west of New York City. It is also ranked as one of the wealthiest places in America, with a median household income of $107,234 in 2017. According to U.S. Census Bureau data, 53,233 persons live in Parsippany-Troy Hills, its largest township. Other sizable boroughs and places in the county include Jefferson Township, Montville, Morris, Morristown, Mount Olive Township, Rockaway, Roxbury, and Randolph.
Bankruptcy and Morris County
While there are three U.S. Bankruptcy Courts in New Jersey, local court rules direct Morris County residents to file their cases at the U.S. Courthouse in Newark. Here the number of bankruptcy filings in Morris County reached its peak in 2010, with 1618 cases filed. Since that time, New Jersey and Morris County have experienced a strong economic rec very, yet bankruptcy attorneys and the courts remain busy: 845 individuals and businesses in Morris County filed for bankruptcy in 2018. Why? To some people’s surprise, the U.S. Bankruptcy Court doesn’t ask petitioners to provide their reasons for filing for bankruptcy protection. News reports and surveys conducted about bankruptcy generally in the U.S. often point to the loss of a good-paying job, large medical bills, divorce, or bad investments as the most common reasons.
How Do I Decide if Filing Bankruptcy Makes Sense for Me?
Federal bankruptcy law can be complex. The U.S. Bankruptcy Court applies a “means test” to determine if a debtor qualifies to discharge all or only a portion of their unsecured debts (Chapter 7 Liquidation or Chapter 13 Reorganization). An experienced bankruptcy lawyer can help by determining your eligibility to file under which chapter. They will also explain what assets Morris County residents can shield from creditors in bankruptcy by using exemptions available in either the federal code or in New Jersey state law.
We are here to help. Contact us today to schedule an appointment with an experienced bankruptcy Lawyer in Morris County at our offices or our convenient meeting spaces located throughout Northern New Jersey.
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