Written by Craig D. Robins, Esq.
Substantial Earners Are Coping with Recessionary Layoffs by Filing for Bankruptcy
There have been some massive job layoffs in this deep recession, even for professionals and upper level executives. Consequently, many recently-laid off workers are being forced to rethink their professional identities, their personal relationships and how they will manage their existing debt.
The current financially-plagued economy seems to be sparing no one. Even white-collar workers with advanced degrees, working at prestigious companies, are not immune. Anyone can lose a job. Wall Street firms have not been kind; advertising and retail are suffering greatly, and many question the viability of garment industry jobs remaining in New York.
To those who qualify, bankruptcy can often provide a solution for eliminating substantial debt. This usually has a very positive effect on the psyche, eliminating a large source of anxiety and depression.
In my Long Island bankruptcy law practice, I frequently see clients who previously earned six-figure incomes. Bankruptcy can provide an opportunity for a fresh new financial start and remove some of the pressure of finding new employment.