New York Bankruptcy Filings Continue To Skyrocket And It’s Only Going To Get Worse
New York bankruptcy filings are skyrocketing. Economists say its a warning that Americans are knee-deep in debt.
New York bankruptcy filings are still well below Great Recession levels. However, analysts say there is an unmistakable trend upward.
New York state’s bankruptcy filings have risen steadily the past three years. They hit 34,711 in 2018. This is up from 30,112 in 2016 according to the American Bankruptcy Institute (ABI).
More consumers nationwide are also falling behind on their payments and filing for bankruptcy. Low unemployment and an uptick in average wages have not curbed the debt monster. Middle-class consumers are even finding relief at food pantries.