As Bankruptcy Filings Surge in 2026, NYC Attorney David Pankin Says Relief Is a Legal Right, Not a Failure
BROOKLYN, N.Y., June 15, 2026 /PRNewswire/ — David I. Pankin, Esq. a prominent New York City bankruptcy attorney, is addressing the sharp rise in bankruptcy filings across the United States in 2025 and into 2026. Driven by persistent inflation, high housing costs, and record consumer debt, filings have reached multi-year highs, and Mr. Pankin is urging those struggling financially to explore their legal options.
David I. Pankin, P.C. is a New York City bankruptcy law firm helping individuals and small businesses find debt relief. With extensive experience in consumer and commercial bankruptcy law, the firm provides personalized counsel to clients throughout the New York metropolitan area.
U.S. bankruptcy filings rose 11% in 2025 compared to 2024, with the trend accelerating into 2026. Total credit card balances hit $1.233 trillion in Q3 2025, the highest since the New York Fed began tracking in 1999, as high housing costs and inflation continue to strain household finances.
ABI February 2026 highlights (source: abi.org/newsroom/bankruptcy-statistics):
- Total filings (all chapters): 45,891 — up 14% from February 2025.
- Commercial Chapter 11: 814 — up 67%.
- Total commercial filings: 2,666 — up 21%.
- Subchapter V small business elections: 314 — up 91%.
- Individual filings: 43,225 — up 13%.
Bankruptcy increases into 2026 suggest that financial strain is becoming more widespread. Total bankruptcy filings for years ending March 31, 2022-2026:
- March 31, 2025 to March 31, 2026: 591,655
- March 31, 2024 to March 31, 2025: 528,804
- March 31, 2023 to March 31, 2024: 467,555
- March 31, 2022 to March 31, 2023: 403,168
- March 31, 2021 to March 31, 2022: 395,287
Source: uscourts.gov
The Law Office of David I. Pankin, P.C. has represented New Yorkers facing financial hardship for almost three decades. The NY-based firm handles Chapter 7, Chapter 13, and Chapter 11 bankruptcies for individuals and businesses, serving clients across all five boroughs and surrounding areas. Attorney David Pankin evaluates each case individually to identify the most effective path to relief, whether through bankruptcy or an alternative strategy. David Pankin stated “These numbers reflect real hardship being felt by families and businesses across New York. Record credit card debt, high housing costs, and relentless inflation have pushed many people to the edge. What I want New Yorkers to know is that bankruptcy is not a failure, it’s a legal right, and for many, the smartest step they can take. We’re here to listen and help you find the right path forward.”.
If you are dealing with unmanageable debt, the Law Office of David I. Pankin, P.C. can help. Contact the firm today for a free, confidential consultation. Visit www.debtlawyer.com to get started.
About Law Offices of David I. Pankin, P.C.
Since 1995, David Pankin, Esq. has been fighting for consumers and small business owners as a New York bankruptcy attorney serving New York City, Brooklyn, Staten Island, Queens, the Bronx, and Long Island. Over the past three decades, the Law Offices of David I. Pankin, P.C. has represented more than 15,000 clients across Chapter 7, Chapter 13, and Chapter 11 bankruptcy, foreclosure defense, loan modification, predatory lending, and other consumer protection matters. The firm has helped New Yorkers struggling with credit card balances and high-interest personal loans, those facing wage garnishments or frozen bank accounts, and homeowners who have fallen behind on their mortgage payments. Through every case, David Pankin and his legal team work diligently to help clients protect their rights and obtain a true financial fresh start.
Press Contact
David I. Pankin, P.C.
(888) 664-1858
https://www.debtlawyer.com/
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SOURCE Law Offices of David I. Pankin, P.C.
