SYRACUSE -- Central New York is seeing an increase in filed bankruptcies. The Consumer Credit Counseling Service says more than 7,600 people filed for bankruptcy in Syracuse last year. Nationwide the number of people filing for bankruptcy is up almost 40% in last three years.

Gary Thurber, a credit counselor with Consumer Credit Counseling, says bankruptcy is sometimes the best option for people when they can no longer afford to protect their personal assets. Filing for either full chapter seven bankruptcy or partial chapter thirteen bankruptcy can help consumers get back on track but Thurber says there are some ramifications. The bankruptcy filing will stay on a person's credit history for ten years and could make it difficult for them to obtain loans and mortgages for much longer than that. Also, filing for bankruptcy could put you even more in debt since most bankruptcies now cost close to two thousand dollars.

Before filing for bankruptcy, Consumer Credit Counseling recommends people review their budget and cut back on unnecessary expenses. They also recommend protecting your personal assets by making some type of payment. Also, those in debt need to increase their income by taking a second job if possible.

If you are in financial trouble Consumer Credit Counseling says you need to take action immediately before it is too late. The agency says many of the consumers who wind up filing for bankruptcy could of avoided it if they had sought help earlier.