Affluent L.I. Residents Filing For Bankruptcy

NEW YORK (WCBS 880) — More and more people making triple digit incomes are filing for bankruptcy on Long Island.

WCBS 880’s Sophia Hall reports

Most attorneys admit it’s rare, but residents making even $500,000 a year are filing.

“I don’t want people to think the bankruptcy courts are allowing fat cats with a lot of assets to file for bankruptcy. That’s not happening. They really have to be hurting,” said legal expert Attorney Vincent Trimarco, Jr.

Court data showed that 901 residents on Long Island have filed for bankruptcy in September 2009 — a nearly 19 percent spike compared to September 2008.

The attorney said the people owe more than their homes are worth, and because they have lost income and bonuses, they can’t pay their car loans or credit card debt.

The bankruptcies were “to get them back on their feet and to get them to the point where they can save money in the bank,” Trimarco said.

  • Steve M.

    PLW….Alicia St-Pierre….JB…..justaguy…..The pathetic class envy crowd has spoken….the responses are so predictable

    • Alicia St-Pierre

      Implying it’s envy.

  • B.H annoyed nyer

    The bankruptcies were “to get them back on their feet and to get them to the point where they can save money in the bank,”
    HA! then again with their kind of income maybe, because those of us who do not make those six figure, n incomes are hit with higher interest rates when it is found out that a bankruptcy is on your credit report ; In addition, take into account all the fees one has to pay to get a new phone account or when opening an account with a cable or electric and gas provider… the list goes on. Not to mention it stays on your record for 10 yrs. as opposed to those who do not file and let the creditors wait.. ( 7 yrs).. My heart bleeds for them..
    Can you hear the violins playing in the back ground

  • justaguy

    Wait – I feel sympathy for them! No…wait…sorry… it was gas…

  • Fred Flintstoned

    Last time I checked, a triple digit income per month would be between 0 and 999 dollars. Your example shows 500,000 which is clearly 6 digits. I know plenty of people (15+ % of America) doesn’t make more than this amount per month. So when will responsible reporting actually include accurate facts? Oh wait, it won’t.

    • Coop

      Last time I checked a triple digit income would be between 100 to 999 dollars a month. You must have been a victim of the new modern math!!!

    • justaguy

      And when will proper grammar and spelling accompany blogs? Oh, wait, it won’t!

      “people don’t” not doesn’t.

  • JB

    If these So Called Poor Rich people work for the Stock Market or Banks let them eat CAKE and suffer like those that cant feed their loved ones.

  • PLW

    My heart goes out to them…..perhaps I could give a portion of my middle income to them, ya think?

  • Alicia St-Pierre

    Yeah, I know how it feels to not be able to respect the monthly payment for your 2 cars, 2 suvs, your $2m house and youjr vacation home.

    It’s hard.

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