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Craig D. Robins, Esq. New York Bankruptcy Attorney, Longisland bankruptcy attorney

“ Craig D. Robins, Esq., has been a practicing Long Island bankruptcy attorney for over twenty-four years ”

Craig D. Robins, Esq.

Attorneys As Waiters in Restaurants???

Posted on Tuesday (February 24, 2009) at 9:00 pm to Lawyer to Lawyer
Long Island Economy

Long Island lawyers are huring from the economy and filing for bankruptcy

Some Long Island lawyers are suffering from a lack of business, ending up in a black hole of debt, and filing for bankruptcy

The souring economy is affecting the legal profession and a number of attorneys are filing bankruptcy on Long Island

Written by Craig D. Robins, Esq.

 

Many attorneys are being laid off according to an article in the New York Law Journal last week.

For months, headlines have been filled with stories about large, national companies laying off workers by the thousands. Now, many New York and Long Island law firms are making tough decisions on how to survive the economic crisis by laying off attorneys, too.

Many solo practitioners are hurting as well. Those attorneys who were previously overwhelmed with real estate business just a few years ago are now suffering big time as the glum economy has led to a dearth of business. Real estate attorneys have reported to me that they have virtually no business.

Attorneys who did well handling volume sub-prime mortgage closings are now victims of the sub-prime mortgage meltdown themselves.

Wall Street layoffs, mortgage foreclosures on a massive scale and a freeze in the financial transaction sector have affected Long Island attorneys across all practice areas, some more than others. Often, the smaller the law firm, the bigger the impact. There have been stories in the news about attorneys having to wait tables in order to make ends meet.

“Buyers are backing out of deals, walking away from down payments, banks are requiring 50 percent equity when it used to be 30 or 20 percent,” said Eric C. Rubenstein, a partner in Long Island, New York’s Ruskin Moscou Faltischek lawfirm, who co-chairs the firm’s real estate practice. Corporate and retail Long Island bankruptcy filings have also led to reduced legal work for many lawyers.

“I believe every project is affected by the recession,” said Steven R. Schlesinger, an Long Island attorney partner in Garden City, N.Y.’s Jaspan Schlesinger.

Many Lawyers Filing Bankruptcy on Long Island

I have regularly represented Long Island lawyers who, themselves, have needed bankruptcy relief. See my blog post about Long Island lawyers filing for bankruptcy.

However, I have never experienced so many attorneys seeking my bankruptcy advice as I have in the past year. The most common type of bankruptcy that my lawyer clients file is a Chapter 7 bankruptcy, which enables them to eliminate debts and get a fresh financial start.

If you are a lawyer and overwhelmed by debt, you should consider obtaining debt relief by filing for bankruptcy.

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Craig D. Robins, Esq. is a Long Island bankruptcy lawyer, who is focused primarily on helping individuals and families, find solutions to their debt problems. Read more »

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Craig D. Robins, Esq.
35 Pinelawn Road, Suite 218E, Melville, NY 11747.

Tel : 516 - 496 - 0800

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