In the News

Small-Business Bankruptcies in Decline, but Wayne Sees Uptick in Activity


August 30, 2012

According to this article, "While small-business bankruptcy activity across metropolitan areas in the United States is at its lowest point since 2007, the Wayne area saw a spike in petitions throughout the second quarter of 2012 — designating it the only part of the country to report an increase relative to a year ago, according to a study by Equifax."  "However, Andrew Sherman, co-chair of Newark-based Sills Cummis & Gross P.C.'s bankruptcy reorganization practice group, said he 'hasn't seen the same volume of cases that we saw pre-2007.'"  "'I think the report showed a short-term spike in bankruptcies that I don't think will be a trend. Looking at the numbers, there were only an extra 25 cases, so we're still dealing with a small number here,' Sherman said. 'It could have been one business with 10 related cases, or one individual with multiple businesses, but even if it was 25 different cases over a three-month period, it's not going to spread to the whole market.'"