Re: Bankruptcy Filings Rise

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On 3/28/06, Jiff wrote:
>
> Read these thoroughly. Bankruptcy filings are "rising", but
> from virtually nothing. The current and projected caseload
> for the next twelve months will not support the current
> number of bankruptcy attorneys. 2/3 of the bankruptcy
> attorneys will go out of business in the next year, in my
> view.

I think its going to push the Independent Paralegals out of
Bankruptcy business since they were the ones doing most of the
fast & easy petitions (at least they were the ones here in
California). I've already seen it in the local advertising.
Not a Paralegal advertising for BK at all. The Attorney
who "occassionally" did a bankrutpcy will no longer do them,
and the mills will have to change their methods, but the core
Debtor-Consumer Attorneys are going to come out ahead. And we
haven't even started to see the fallout from the slow down in
real estate and consequences from aggressive mortgage lending
practices. When the foreclosures start to hit in a stagnant
market, it will be time to feed again. Not to mention there
will be more Collections Defense Litigation from those who
can't Chapter 7 because of the Means Test and lack the
financial stability to Chapter 13, and have no foreclosure to
prevent. This new law may actually be great news for Debtor-
side Practitioners after we shake off the immediate mental
shock and adapt to the change. Time to be patient and time to
be visionary, the greedy shylocks might have just made us all
rich.