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It’s No Wonder Bankruptcy Filings Are Skyrocketing

Long Island Bankruptcy filings are reaching record levels in large part because of the large number of out-of-work consumers
 
Written by Craig D. Robins, Esq.
 
I recently wrote a post about how Bankruptcy Filings Are Reaching New Highs [1].  Looking at the above chart, we get an indication as to one of the major reasons why this is so.
 
The above graph, courtesy of the Calculated Risk Blog [2], shows the incredible number of consumers who are out of work and filing unemployment job claims.
 
Even if the recession has ended (see the blue column on the far right), the level of unemployment continues to remain at the highest levels we’ve seen since 1983, over twenty-five years ago.
 
The financial stress of losing a job is one of the major reasons why consumers seek bankruptcy relief.  As a Long Island bankruptcy attorney [3], I have helped great numbers of people eliminate their debts with Chapter 7 bankruptcy filings during the recessionary period.
 
For those on Long Island who have lost a job and gotten into serious debt, it is prudent to confer with an experienced bankruptcy attorney to learn if bankruptcy is an option to consider.
 
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