Written by Craig D. Robins, Esq.
Long Island consumers are eliminating credit card debt and stopping foreclosure in droves by filing for bankruptcy relief .
Bankruptcy filing numbers are universally up across the country including Long Island. The reason for this is simple. Job losses and the disastrous housing market, combined with high medical bills and a recessionary economy, are driving more people to seek bankruptcy relief.
Many consumers who might have previously coasted by under such financial pressure can no longer do so because of the tightened credit market. They find that they just cannot borrow any more from credit card accounts to make ends meet.
With many additional people expected to be laid off as the result of General Motors and Chrysler filing their own bankruptcies, even more consumers will need to consider bankruptcy as an option for dealing with their debts.
Long Island residents in serious financial trouble from Nassau County to Suffolk County are learning that bankruptcy is often the best way to get a fresh new financial start.
When consumers can’t pay debts bankruptcy can provide debt relief. It can also stop foreclosure. And if Bankruptcy is not a good fit for one reason or another, then debt negotiation is a possibility. We’re finding that the risk officers at credit card companies are realizing that they are better off accepting a reasonable settlement on a credit card debt, rather than get nothing at all in a Chapter 7 bankruptcy filing.
So what can you do if you’re in a bad debt situation? Don’t wait until you’re drowning in bills. If you have trouble making even one payment, that means it is time to talk to a debt negotiation and bankruptcy attorney to learn your options.
