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Bankruptcy in Long Island: 2016

According to the statistics by the United States Bankruptcy Court for the Eastern District of New York, the bankruptcy rates in Long Island fell 14.1 percent in 2015, with an average of around 411 bankruptcy filings a month from January to November.

The decline in bankruptcy filings in Nassau and Suffolk counties shows that people are generally doing better at handling debt. There is definitely a reason that Long Island is rated 79th on Forbes list of Best Places for Business and Careers.

Even if these statistics paint a happier picture, it is of course imperative that consumers keep up this state of being debt free. For those looking to avoid high debt and subsequently avoid filing for bankruptcy, there are many ways that you can do so.

Avoid High Debt

Acquiring high debt is the root of many problems; such as, divorce, loss of a job or unexpected medical issues. The best way to prevent bankruptcy is preparation. Have a plan in place that will help you avoid debt from the start.

  • Pay bills on time to avoid creditors hounding you later
  • Try to pay with cash, instead of a credit card, whenever possible
  • Limit your spending (without becoming a miser)
  • Put some money away each month to be used in emergencies
  • Keep a record of all your financials and credit card purchases
  • Keep a close check on you bank balance
  • Pay more than the minimum for credit card bills
  • Think before you buy. Compare prices to make sure that you are not wasting money
  • Learn how to avoid identity theft

Security of your financial records is another factor that should be taken into consideration. Make sure you do not give out your birthdate or social security number unless requested by a reputable party; such as, a job, school or financial institution. Request a copy of your credit report and make sure your computers have the latest anti spyware versions on them.

Keep these pointers in mind, since prevention is your first step towards staying safe. And even if you do get in trouble with debt, keep a cool head and consult with a qualified bankruptcy attorney.

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