Today more than ever the citizens are in dire straights, as the mortgage crisis continues folks are worried about losing their homes, of course, they have also been charging their lifestyle via their credit cards at 22%. The price of food and gasoline have skyrocketed and with the economy on a negative growth to zero growth space on the charts business is slow, meaning more lay-offs and job losses.
To make matters worse many consumers have tighten their belts and stopped spending, thus, retail sales, travel, and services are hurting and that means it's a tough time for small businesses, which have gone into crisis mode, some closing their doors and going out of business. So, I guess no one should be surprised that bankruptcies have also shot up like a rocket. Not long ago, I was at Starbucks overhearing a couple of folks talking and one asked;
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Where can I find a good bankruptcy lawyer?"
The other person said;
Ha ha ha, a 'good bankruptcy lawyer' now, ha ha ha, they don't exist, there is no such thing!"
I laughed so hard my Frappachino almost ended up on the floor, but he did have a point, as there is nothing good about bankruptcy it would seem and finding a good lawyer who charges you to ruin your life is not so great.
Still the question was rather intriguing and basically confirms that the increase in bankruptcies is not slowing down, right now in 2008 it is up over 40% from last year, which was up 150% from the year before. And heck, we are only at the bottom of this financial crisis, so we have a ways to go and the bankruptcy lawyers are loving it. They are charging more, have more clients and there is no end in sight right now. Think on this.
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