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Tuesday, February 10, 2009
Law - "Bankruptcy Boom Is Big Business For Lawyers"
So reported Richard Gonzales of National Public Radio this monring. A quote:
This demand for bankruptcy lawyers comes after they were nearly put out of business four years ago. That's when Congress, at the urging of the credit card industry, changed the law to make it harder for consumers to file for bankruptcy. Bankruptcy filings dropped off dramatically and dried up the field for lawyers, says Shulman."I think the credit card companies thought that shutting down bankruptcy by changing the law and making the process almost unmanageable was a key element of what they were trying to do, and it was aimed at making the lawyer's life miserable," he says.
Now, the nation's economic misery is money in their pocket. But Shulman cautions any attorney looking to get rich.
"People attracted to doing consumer bankruptcy work by and large have to have some sympathy for the underdog — not going into law because you think you're going to hit the financial lottery," he says. "It's not the type of practice I think that people will go into thinking, 'This is where I'm going to make my millions.' "
Posted by Marcia Oddi on February 10, 2009 09:56 AM
Posted to General Law Related