In today’s economy, people are struggling to keep their jobs. It was recently reported that only 24.6% of all jobs in the United States today are actually good jobs. Working at Mickey D’s or other fast food restaurants does not constitute a career choice by any means. The unemployment numbers were released in the beginning of August and with no surprise, are worse than the previous month at 8.3%. One thing the government is not telling us is the number of people that have fallen off the radar because their unemployment insurance has run out and they still are not working. Over 51% of Americans are now on government assistance. It seems that the number of Americans filing bankruptcy is soon going to take another rise. The number of Americans filing bankruptcy continued to rise to a high of close to 1.6 million back in 2010. Since then, the numbers have dropped a little or stayed flat. Many experts have been predicting that this might be the calm before the storm.
In this economy we should be instructing our children to go to law school to become a bankruptcy attorney. This is one of the only careers that thrives in a bad economy. Recently, many bankruptcy lawyers have diversified and started defending clients that were in foreclosure. When the foreclosure numbers started climbing back in 2010, attorneys noticed that the banks that were foreclosing warrant even doing diligence to prove to the court who actually was on title of the property. Because of the derivatives market, many loans that were taken out back in the boom time were sold and resold many times over. This happened due to the deregulation of the industry. Many banks could not even prove that they own the paper free and clear, angering the judges causing the bank to lose the property entirely. Now, a foreclosure takes approximately one year from beginning to end as banks are making sure that their I’s are dotted in their T’s are crossed. Real estate experts are predicting a continued decline in real estate prices nationwide and the economy continues to wallow.
With all this going on this makes it a prime time for young adults in law school to begin practicing as a bankruptcy attorney. This economy will not recover any time soon and over the next 10 years we will see many Americans filing bankruptcy. People having financial trouble should consider consulting a bankruptcy attorney to look at different options. For someone with a large amount of unsecured debt, filing Chapter 7 bankruptcy is King. If it’s more about protecting one’s property Chapter 13 bankruptcy is probably better. Americans that are buried under a mountain of debt shouldn’t wait around until they hit rock bottom, but save any assets they have now by using a bankruptcy filing. Bankruptcy will break the bondage of debt and send the consumer on the road to becoming debt free.