Friday, January 28, 2011

Bankruptcy Boon - Filings hit new high

Some lawyers (or rather I should say students) get into a particular field with highly idealized ideologies. We want to change the world and be the one to hit the Supreme Court with our stylized or earth shattering changes.

Others are in it for the cash.

Yes, lawyers make tons of cash (well, some do at least).

Lately if you're a bankruptcy lawyer you're raking in the dough. Maybe not through exorbitant fees, but from sheer volume. 2010 saw filing highs exceeding levels in the 90's.

Bush signed legislation changing bankruptcy rules in at the end of 2005, but with the recession continuing to hamper recovery, bankruptcies are hitting all-time highs.

I should actually adjust what I just said, it's not lately lawyers have more than enough volume, but we're seeing levels return to where they were 15 years ago (not that it's necessary a good thing, but someone needs to protect the interests of debtors).

Take a look at this graph for California Chapter 7 bankruptcy filings from 1996-2010

Things look to be slowing, but it will be years till there is a sizable decline in fillings.

So hit the gravy train running......and if you need to get help because you're faced with bankruptcy, the cost of an attorney is sometimes fixed, most give free initial consult, and it's a pitance compared to losing, say, your house.

Some stats compiled from San Diego Bankruptcy Attorney C.Chen.

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