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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.Long Island is going from bad to worse, causing many middle Americans on Long Island to seek bankruptcy relief
Long Island is suffering big time, according to data just released by the New York State Labor Department. Long Island lost private-sector jobs at an annual rate of over 40,000 in the one-year period ending in June, 2008.
What this means is that Long Island is experiencing job losses at a magnitude that it hasn’t seen since the recession in 1991.
In addition, unemployment is at its highest rate since 1992 — 7.5 percent. This is a great increase from the levels we saw a year ago. Unemployment for June 2008 was only 4.7%.
In the early 1990’s, Long Island suffered some of its highest unemployment losses as a result of the recession at the time and the closing and downsizing of many Long Island defense industry businesses. Now Long Island is suffering because of another recession and a severe economic downturn.
Many consumers have no choice but to turn to bankruptcy as they are being battered by high debt combined with job insecurity. My Long Island bankruptcy practice is helping more white collar workers than ever before.
According to the data, the largest job losses are in the retail and construction sectors.
More from Long Island Bankruptcy Law Firm Blog
- More people are filing bankruptcy on Long Island to eliminate credit card debts
- Some Long Island Companies that Sought Bankruptcy Relief in 2008
- How Much Do Long Island Bankruptcy Judges Earn?
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