Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
New York Tops List of Cities with Optimal Business Health
Author: Joel R. Glucksman
Date: October 1, 2013
Key Contacts
Back
Some municipalities are faring better than others in the health and vitality of their businesses and consumer spending. A telling sign for the overall business health of improving cities is often the viability of the local economy. Along these lines, a new report reveals which U.S. cities are on their way to full recovery and which may be left behind.
Experian recently released its Metro Business Pulse, an analysis that ranks the top metropolitan statistical areas in four key business credit categories: Municipal bankruptcy rates, the number of days businesses pay their bills beyond contracted terms, delinquency rates, and commercial risk scores. According to the results, New York City had the lowest business bankruptcy rate at 0.28 percent, followed by Nassau, NY at 31 percent and Baton Rouge, LA at 34 percent.
By contrast, companies in Sacramento, CA filed the highest number of bankruptcies during the second quarter of 2013, with 2.41 percent petitioning for relief under Chapter 7 or Chapter 11 of the bankruptcy law. Bakersfield and Riverside, CA placed second and third on the list of bottom five metropolitan areas with high business bankruptcy figures at 2.16 and 1.90 percent, respectively.
The analysis also examined delinquency rates among different geographical locations, which may point to which cities are likely to see a high number of businesses seeking bankruptcy protection due to financial hardship. Businesses in Miami, FL had the highest delinquency rates in the country at 44.72 percent, followed by Fort Meyers and Orlando at 37.19 and 26.78 percent respectively. Businesses in Fort Lauderdale, FL placed fifth on the list, suggesting that many companies in the state may be struggling to meet their obligations and expenses.
Despite the results of the analysis, separate studies indicate that corporate bankruptcy filings have begun to subside as the economy slowly mends and lenders start to open up credit once again.
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business, Bankruptcy Litigation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Reputational Risk and Legal Exposure: Why New Jersey Businesses Must Manage Them Together
New Jersey businesses must manage legal and reputational risk together because modern disputes play out on two fronts at once: the legal proceeding itself and the court of public opinion, where customers, employees, investors, and business partners often reach conclusions long before a judge or jury has had the opportunity to evaluate the facts. Success […]
Author: Sean M. Pena
Eviction Is Not Always the End: Understanding Post-Possession Rent Claims in New Jersey and New York
No. An eviction does not automatically end a tenant’s obligation to pay rent. Post-eviction rent claims are common because recovering possession resolves who has the right to occupy the premises, but it does not extinguish the tenant’s contractual obligations under the lease. Whether unpaid or future rent remains owed depends on three factors: the lease’s […]
Author: Donald M. Pepe
Company Dissolved? Legal and Financial Consequences to Expect
A company is dissolved; legally, it ceases to exist. Accordingly, dissolution results in significant legal and financial consequences. It is a process that must be properly managed to avoid continuing liability. The Corporate Dissolution Process Corporate dissolution is the legal process of formally closing a corporation, paying its debts and distributing the remaining assets. Most […]
Author: Jay McDaniel
The Legal Implications of Signing a Triple Net Lease
A triple net lease is a commercial lease in which the tenant pays the property’s real estate taxes, insurance, and maintenance costs, known as the three nets, in addition to base rent. They are most often used in freestanding retail and office buildings and in large single-tenant industrial properties, with terms that typically run 10 […]
Author: Donald M. Pepe
When to Settle and When to Fight: A Litigator's Framework
Every lawsuit comes with a cost, and knowing when to settle a lawsuit is one of the most consequential decisions a business owner will face. Experienced litigators understand how to minimize cost and obtain certainty for their clients. For many business owners, the decision is viewed almost entirely through a financial lens: What will it cost […]
Author: Sean M. Pena
Types of Business Law Services Companies Actually Use
Business law services are legal services that help companies form, operate, transact, protect assets, manage risk, and resolve disputes. The phrase can sound broad because it is broad. A company may need help with entity formation one month, contract review the next, a commercial lease after that, and a business dispute later in the year. […]
Author: Scarinci Hollenbeck, LLC
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.