New Jersey Bankers Predict Improved Economy, But Bankruptcy Filings Will Continue

New Jersey bankers believe that better times are ahead for the state’s economy, according to a recent poll by the New Jersey Bankers’ Association. In fact, bankers are sufficiently confident that the economy will improve that they are prepared to lend money – despite the fact that few people are trying to borrow.
The poll, which surveyed 120 bankers in the state of New Jersey and surrounding areas, found that just under half of them rated the current economy as “fair” or “poor.” Nevertheless, one-quarter of the bankers surveyed said that they also believe the economy’s health is no longer declining, and that in fact, the nation’s and New Jersey’s economies should begin improving again shortly, with interest rates holding still or even going down in the near future.
Although banks are ready to make loans to qualified customers, most of the bankers surveyed predicted that demand for commercial loans and for refinancing of homes would not increase any time soon. With the unemployment rate in New Jersey stuck at nine percent, most of the bankers surveyed believe that, in the short term, consumers will be filing for bankruptcy more often and also facing more foreclosures.
In a precarious financial situation, loans or refinancing may make your situation worse than it already is. If you’re thinking about filing for bankruptcy in New Jersey or want to know more about how bankruptcy works, please don’t hesitate to contact the experienced New Jersey bankruptcy attorneys at The Law Offices of Robert Manchel. Our experienced lawyers will examine your situation carefully and help you understand your legal rights and options. Call 1-866-503-5655 to learn more.