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Bankruptcies in New York are steadily on the rise

On Behalf of | Aug 26, 2019 | Bankruptcy | 0 comments

There is a steady rise in New York consumers filing for bankruptcy, and the number of petitions is anticipated to also grow across the nation. The New York Post reports that many more people are expected to seek debt relief through bankruptcy. The possibility exists that you might find yourself adding to the record number of Americans who are holding a total of $14 trillion in difficult-to-manage household debt. At Corash & Hollender, P.C., our focus is on assisting individuals and businesses through various means and strategies in order to come to a workable resolution to an overwhelming financial situation.

Residents in New York City and other metropolitan areas are facing an increase in the cost of living. Personal incomes, unfortunately, cannot be counted upon to grow fast enough to meet the rising costs. Higher interest rates and reduced credit limits may also contribute to previously manageable debt becoming painfully burdensome. Food pantries report they are servicing a greater number of working individuals who have been forced to seek meals at no cost while they are struggling to cover their monthly household expenses on limited financial resources. In some cases, an otherwise well-planned budget may be rendered hopelessly inadequate due to a sudden job loss or an unexpected emergency.

A combination of frugality and reigning in discretionary spending is too often an ineffectual response to an increasing debt load. It is not surprising to learn that many households have discovered bankruptcy to be a much more promising means of overcoming unmanageable debt. According to the American Bankruptcy Institute, 796,000 petitions are expected to be filed over the next 12 months by households and businesses seeking relief and a fresh new start. If you have been considering bankruptcy, you are not alone in facing your financial challenges. Our page on bankruptcy provides an overview of what you may expect during the process.