Written by Craig D. Robins, Esq.
Even though some economists recently suggested that the recession may be abating, such projections weren’t apparent in figures just released showing that personal bankruptcy filings have reached 1.25 million for the one-year period ending June 30, 2008, an increase of 34% over the year before.
As I reported previously, we are on our way to a record high number of filings not seen since the bankruptcy laws were changed in 2005. See Bankruptcy Filings Returning to Pre-Amendment Levels .
Many of my Long Island bankruptcy clients complain that they are no longer able to refinance their homes or get additional credit, a situation where filing bankruptcy becomes the only reasonable solution for dealing with excessive credit card debt. When you add job loss and other unexpected life events, paying credit card debt for Long Islanders can become impossible.