Lawyers feel bankruptcy's downturn
While the national rates of bankruptcy are still higher than normal, the number of cases is slowly starting to come down. Lawyers who specialize in this type of case have certainly noticed.
The number of individuals who file for personal protection from creditors has increased slightly so far this year, but bankruptcy lawyers who deal in Chapter 11 filings for businesses have seen fewer clients and more competition. According to a new report in American Law Daily, the number of Chapter 11 cases dropped 17 percent in the first half of the year from the same period in 2009.
The report said that firms that specialize in bankruptcy cases have seen a marked slowdown in business since the end of 2008 and 2009. However, they're not yet necessarily hurting for clients.
"It's led to a more normalized level of business," a representative of one bankruptcy law firm told the publication. "We're busy. But it's hard to compare today to the crisis levels."
As the economy continues to improve, fewer people and businesses may see the need to file for bankruptcy protection in the future, and this slowdown may be evidence that these effects are already being felt.
Need Help Filing Bankrutpcy?
Complete the form below and an attorney near you will call you to discuss your options. The form only takes a few minutes to complete, so get started now!
Like this article? Please link to it using the code below:
These articles are all written by BankruptcyHome.com's great editors and contributors. If you would like to write articles for BankruptcyHome.com, please email editor[at]bankruptcyhome.com.
Related Articles
Is Bankruptcy Right For You?
If you are ready to find out if Bankruptcy can help improve your financial situation, the best place to start is our Free Case Evaluation form. Complete the form below and an attorney near you will call you to discuss your options. Bankruptcy law differs from state to state so it's important that you discuss your case with a local bankruptcy attorney. The form only takes a few minutes to complete, so get started now!