Written by Craig D. Robins, Esq.
Bankruptcy filings are up across the country and Long Island is no exception. Newsday ran a story about this on Thursday, January 21, 2010 and quoted me. The article was written by Newsday reporter Emi Endo.
Here’s the article:
Bankruptcy Filings on the Rise
Amid continuing job losses and a housing market slump, more Long Islanders have been heading into bankruptcy proceedings, according to court data.
In November, 806 residents filed for bankruptcy protection, an 11.9 percent increase over November 2008. In all of 2008 more than 7,500 cases were filed in Central Islip. From January through November of last year, there were 9,200.
Woodbury bankruptcy attorney Craig Robins said his firm has seen an increase in the number of formerly well-paid professionals who were either laid off or took major pay cuts. “What we’re seeing now is many executives and individuals who were earning well into the six figures needing bankruptcy relief,” he said.
Also growing, Robins said, was the number of “homeowners whose homes are underwater” and who owe more on their mortgages than the properties are worth, a difference sometimes as much as $100,000.
Newsday periodically tracks economic indicators in this Long Island Economic Snapshot.
Among other economic indicators, home sales did go up in November – but so, too, did initial foreclosure filings. The number of homes sold in November was up 49.3 percent over the same month a year ago, as reported by the Multiple Listing Service of Long Island.