More New York bankruptcy on the way?
A New York State Comptroller’s report indicates that the income of New Yorkers has fallen by 3.1 percent, the first decline in 70 years for New York residents. The primary cause of the decline is the drop in Wall Street earnings (remember the financial crisis?) and resulting layoffs and reductions in salary. (Well, other than CEOs who managed to continue to pay themselves large bonuses.)
Perhaps a silver lining in this news is that reports like this tend to be backward-looking. i.e., If the report reflects Wall Street’s decline following the financial crisis, it’s possible we’re already coming out of the woods. (Though a recent article in The Guardian (“Prospects for US economy either ‘fairly bad’ or ‘very bad’, warns Goldman Sachs” appears not to think so.)
Notably, regardless of which way the economy goes, bankruptcy filings do tend to lag behind the economy. That is, they don’t increase immediately when the economy takes a nosedive. But after some time passes they start to increase as the effects of the nosedive reach average people and affect their lives.
If you find yourself facing financial struggles and difficult debt burdens after feeling like you’ve been able to keep your head above water all this time, you’re definitely not alone. So if you have questions about bankruptcy and the bankruptcy process in New York, please don’t hesitate to contact me for an initial consultation.
Contact Bruce Weiner, Esq.
EMAIL Bruce Weiner
Phone
(718) 855-6840 (Local)
(866) 402-8476 (Toll Free)
Fax (718) 625-1966
Go to Brooklyn Bankruptcy Law Firm to learn more about Rosenberg Musso & Weiner LLP and/or to set up a free consultation.
