By Connie YeeThe current economic crisis in the United States has led law firms to restructure their bankruptcy department. Firms are increasing this department by holding seminars to teach junior associates the basic bankruptcy laws, and luring senior bankruptcy lawyers from their rivals. While other practices have seen a decrease in business, the bankruptcy practice has increased by one-third over the past year.
More people are filing for bankruptcy in the past year due to the layoffs, mortgages and the economic downfall. In 2008, Iowa saw a 14% increase (8,000 during the year) in bankruptcy filing, and more are expected for the upcoming year. Due to the number of bankruptcy filings, some lawyers see up to 5 new clients per day. In 2005, bankruptcy lawyers were nearly put out of business due to the change in laws; which made it difficult for consumers to file. Today, there are an estimated 3,200 lawyers in the United States who are members of the National Association of Consumer Bankruptcy Attorneys.
As the economy continues to suffer, the United States is expecting more people to file for bankruptcy. According to the Consumer Bankruptcy Project at Harvard, 1.3 million people are expected to file in 2009. A bankruptcy attorney who works with Chapter 13 (in Southern California) filing typically receives $4000 for the work.
References:
Attorney: Bankruptcy filings expected to rise in 2009
As Mergers and Other Work Dry Up, Bankruptcy Becomes Lawyers’ Oasis
Economic woes lead to bankruptcy boom
Filing bankruptcy is typically a daunting issue. Where really should one start? What forms of bankruptcy must a person apply for? How will the up to date bankruptcy regulations impact one’s case? What will be the outcomes of a bankruptcy processing? You simply have one chance, hence it's actually crucial that you have it best at the initial try. This really is why choosing the appropriate bankruptcy lawyers is essential.
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