The latest unemployment news is out and it ain’t good.
Economists were predicting a drop in unemployment claims. But instead the Department of Labor’s report showed an increase in the number of first-time filings for state unemployment benefits.
What does this mean from a bankruptcy perspective for New Yorkers?
Conventional wisdom says that bankruptcy filings lag behind unemployment numbers. That is, bankruptcy filings stay high for another 6 to 12 months after unemployment numbers start to finally drop. In other words, bankruptcy filings in New York will continue to rise or stay high.
Hopefully our government and other institutions are looking ahead and seeing this. Because even as unemployment (hopefully) improves over time, New Your residents and other Americans will continue to struggle and suffer and need bankruptcy help.
If you’re a New Yorker facing unemployment and worried about bankruptcy, please contact me for a free initial consultation and I’ll share the benefit of my 30 years of New York bankruptcy experience to help you navigate the process and get the full benefit of the bankruptcy laws.
EMAIL Bruce Weiner
(718) 855-6840 (Local)
(866) 402-8476 (Toll Free)
Fax (718) 625-1966