Written by Craig D. Robins, Esq.
Business bankruptcy filings on Long Island have increased substantially. A report in today’s Newsday  highlighted the large number of new business bankruptcy filings here.
There has been a 73% increase in business bankruptcy filings on Long Island in the 12 months ending march 31, over the same period last year. The actual number of bankruptcy filings during this period was 252.
This rate is higher than the rate for the country, which was 59%.
The article quoted Irwin Kellner, the chief economist for MarketWatch.com, who said the financial industry meltdown and resulting credit crunch have exacerbated the debt problem for businesses. “Many are having difficulty maintaining or renewing their credit lines,” he said.