Richard Feinsilver Comments on how Easier Lending Conditions Could Cause Issues in the Future if Consumers Throw Caution to the Wind

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Rise in consumer borrowing for student loans, homes and autos may help economy but risks are still there.

Richard S. Feinsilver, a Deer Park-based bankruptcy lawyer serving Nassau & Suffolk counties as well as Brooklyn, Queens and Manhattan, is advising consumers to be careful when adding more debt in the form of loans for autos, homes and educations. With eased lending conditions, the rise in consumer debt could become a headache that could lead to bankruptcy if the economy continues its roller coaster ride.

Since 2006 the economy has been on shaky ground with the big moment coming in 2008 with the banking crisis. The effects of this crisis are still evident in larger than average unemployment rate that does not event take into consideration people who have simply stopped looking for work and dropped off the unemployment roles. Many of these people have lost not only their jobs but their homes and other property with many filing for bankruptcy protection. While filing for bankruptcy will help to salvage situations and ownership of homes it is a mark that remains on a person’s credit history for many years later.

With the easing of lending conditions many consumers how have shown prudence in their purchases and assumption of additional personal debt may be emboldened to make purchases requiring a greater debt load. While many feel their incomes and employment are on solid ground, this may not always be true. So caution in terms of assuming more debt should be the first thought in consumers minds. For Feinsilver, this should not just be the first thought but the over-riding thought.

“My Queens and Long Island Chapter 7 and Chapter 13 Bankruptcy clients come from all walks of life. Many were living the American dream, with a beautiful house and a steady job,” said Feinsilver. “They could never have predicted the financial instability that required them to seek guidance from a bankruptcy lawyer. Over the past 24 years, I have represented over 6000 individuals who at one time considered themselves financially secure, but nonetheless found themselves at a point where they began to struggle to pay their bills at the end of each and every month.”

Feinsilver added that with the lessons that have been learned over the last 8 years, he hopes and strongly advises consumer thought-out the tri-state area and beyond to think before they commit. “A home or car or a child’s education are important decision that could have repercussions and, as with all major decisions in life, due diligence and careful consideration are vital,” added Feinsilver.

Rich Feinsilver is a graduate of St. Johns University (B.A. 1979) and New York Law School (J.D. 1983), and has been in private practice since 1988. Prior to entering private practice, he was employed in the financial services industry for over 10 years in various capacities focusing in the areas of consumer credit and real estate financing. Over the past 25 years, Rich has represented in excess of 6,000 clients in the prosecution of consumer and business bankruptcy proceedings. In addition, he has represented numerous individuals and businesses in the purchase and sale of residential and commercial property in New York. Rich is a member of the New York State, Nassau County and Queens County Bar Associations and is admitted to practice law in the State of New of York and before the United States District Court for the Eastern District of New York. Rich has also been a lecturer and commentator on the topics of consumer bankruptcy and real estate law for the National Business Institute (a leading continuing legal education provider) as well as a contributor to Fox Business News, the Wall Street Journal and Newsday. Rich has locations throughout Long Island, Queens and Brooklyn and can be reached online through his website at or by phone at 800-479-6330

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