Over the past 12 month period, there were 3,800 consumer bankruptcy filings from residents living in Queens. The breakdown was: 3,436 Chapter 7, 363 Chapter 13 and only 1 Chapter 11. That’s one bankruptcy petition for every 591 people residing in Queens.
During the recession, and almost one year after Hurricane Sandy, there are still many Queens residents who are struggling financially. The Rockaways, in particular, were devastated. In fact, the economic impact of Sandy is still being calculated. According to the Queens Economic Development Corp., as many as 4,000 businesses have been damaged by Sandy. According the NYC Buildings Department, over 1,000 homes in Queens were in a state of “savage disrepair” after the storm with tens of thousands more needing major repairs.
One result of the government shutdown, which just recently ended, was that benefits payments to victims of Sandy did not go out. This delay did nothing but further prolong the misery of Queens residents who are still feeling the effects of Sandy. In fact, the New York Times is presently asking people to describe how the impact of Sandy is still being felt in their communities. If you would like to share your experience please, click here:cityroom.blogs.nytimes.com
And now the good news, while many businesses and homeowners are rebuilding, the Queens economy remains fairly strong. This is primarily due to its thriving transportation sector, which offers many well-paying middle class jobs. In fact, Queens presently has a 7.8% jobless rate, which is the lowest among the boroughs outside Manhattan.
For over 18 years, the experienced lawyers of the Law Offices of David I. Pankin, P.C. have represented clients though out the County of Queens. From Astoria to Rosedale, from Bayside to Ridgewood, we have aided our clients in filing Chapter 7 and Chapter 13 petitions in the Bankruptcy Court for the Eastern District of New York.
If you are still struggling financially, please feel free to contact us to see if we can help. We are available 24 hours a day, 7 days a week at 888-529-9600 or simply fill out the form on the right hand side of this page to contact us by email.
For more bankruptcy statistics please visit: www.uscourts.gov
And for more about the economic impact of Hurricane Sandy on New York City please visit:www.crainsnewyork.com