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Yellow PagesAlbany, NY
Jul 1, 2008
Bankruptcy cases increase as economy falters
The number of bankruptcy filings in the region continued to climb in the second quarter amid an economy troubled by a mortgage crisis and rising gasoline and food costs.
Local lawyers say they are increasingly busy as the number of filings approach the levels seen before Congress changed the rules governing bankruptcy three years ago. The change was meant to discourage the filing of Chapter 7 petitions that liquidated debt in favor of Chapter 13 filings under which debtors restructured their finances to pay off what they owed.
"I worked all Saturday just to try to keep up," said Richard Croak, a bankruptcy attorney in Albany.
Local lawyers say they are increasingly busy as the number of filings approach the levels seen before Congress changed the rules governing bankruptcy three years ago. The change was meant to discourage the filing of Chapter 7 petitions that liquidated debt in favor of Chapter 13 filings under which debtors restructured their finances to pay off what they owed.
"I worked all Saturday just to try to keep up," said Richard Croak, a bankruptcy attorney in Albany.
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