The number of Long Islanders resorting to bankruptcy has continued to mount in recent months, reaching the highest level in March since at least June 2007, according to cour records.

A total of 1,040 bankruptcy filings were recorded in March, a 22% increase over a year ago. In April, another 994 individuals or businesses sought bankruptcy protection.

In 2009, there was a total of 10,028 cases filed on Long Island. That's an 84% increase over 2007, and a level surpassing record highs before national bankruptcy reforms in 2005.

Bankruptcy attorney Scott Schneider of Hicksville said the impact of local job losses was still being felt. "The economy is still bad."

Schneider said he has seen more homeowners in trouble because they can no longer take home equity loans now that housing values have declined. With children starting college or credit hard to come by, he said, "the income's just not there." Self employed business people such as "restaurant owners and plumbers - they're the ones that need the help."

Long Island bankruptcy attorney Michael F. Kanzer, has helped hundreds of individuals discharge their debts and set a fresh start. He specializes in Chapter 7 personal bankruptcy and Chapter 13 personal bankruptcy.

At Michael F Kanzer & Associates we want to help make a positive change in the lives of New Yorkers. In today's economic turmoil, our goal is to be an advocate for hard working individuals and families in overcoming financial adversity. We serve Brooklyn, Queens, Long Island, and Staten Island, NY.

References:

Endo, Emi. "LI Bankruptcy Filings on Rise." Newsday 25 May 2010. Print.