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“ Craig D. Robins, Esq., has been a practicing Long Island bankruptcy attorney for over twenty-four years ”
Written by Craig D. Robins, Esq.We are seeing new trends in New York Chapter 7 bankruptcy cases
During the past half year, the psychology of clients meeting with us has changed dramatically. We are seeing more and more New York consumers who previously would never have contemplated a bankruptcy filing. Now they see Chapter 7 bankruptcy as a reasonable solution to their debt problems.
These clients have always paid their bills on time and did not take risks. Unfortunately for them, however, they suffered a financial calamity: they were laid off from work or their hours were reduced, they became involved in matrimonial issues such as separation or divorce, or they encountered substantial unanticipated medical expense.
Other clients experienced a sudden drastic increase in expenses caused by a rate change with an adjustable rate mortgage. And to make matters worse, many of these clients have homes that no longer have any equity.
The fact is that in New York, especially Long Island, the high cost of living makes coping with a financial calamity extremely difficult, if not impossible.
For those that are eligible, Chapter 7 bankruptcy can eliminate all credit card debt, medical bills, and many other financial obligations. It also enables homeowners to walk away from real estate that is no longer worth keeping.
Consumers in New York and Long Island who have suffered a serious financial calamity should recognize bankruptcy as an option and explore its immediate and long-term benefits with an experienced bankruptcy lawyer.
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