More Bankruptcy Attorneys and Less Bankruptcy Cases
There has been a marked recent decline in total bankruptcy filings across the United States. Because there are less bankruptcy filings there has been more competition to file the cases among attorneys. This has resulted in discounted, reduced rates for bankruptcy services. Discount bankruptcy is very common now: for some reason there are more bankruptcy attorneys even though there are less total cases.
Why Are There Less Cases Resulting in Discount Bankruptcy?
After the 2008 financial crisis, there was an increased amount of bankruptcy filings that quickly came onto the scene. Before 2008, high credit card balances were extremely common. In addition, 2008 brought with it a massive amount of homeowners who could no longer support their mortgage payments and were left with negative equity situations. Bankruptcy quickly was on the rise, reaching over 20,000 cases that were filed in the Indiana Southern District alone. This increase in filings culminated in 2011 and then markedly declined thereafter.
Why the Decline in Total Cases?
Contrary to popular belief, the number of bankruptcy filings does not exactly equate to troublesome economic times. The increase of bankruptcy filings can only be stimulated for a short period of time by economic failures that result in job loss and other factors that lead to bankruptcy. What really drives bankruptcy is a healthy economy where consumer lending is very free, easy, and prevalent. Ironically, It can be argued that only a healthy modern economy will result in high or consistent U.S. bankruptcy filings.
If There are Less Bankruptcy Cases, Why Are There More Attorneys Now Offering Bankruptcy Services?
The reason why there are more attorneys out there offering discount bankruptcy services is due to the fact that there is a surplus of attorneys and there is limited legal work opportunities due to the progressively failing United States economy. Therefore, attorneys are picking up additional practice areas that may include discount or affordable bankruptcy services. Some attorneys are only offering bankruptcy services but others are just adding it to their list of practice areas.
Discount Bankruptcy Can Sometimes Not Be The Way To Go
Usually, the best way to go is to find an attorney that has only done bankruptcy as their majority practice area for a considerable period of time. A newer office or an office that has added bankruptcy as a discount service can sometimes be a bad choice. This office may not be sufficiently familiar with the bankruptcy system and its laws. Make sure to find an experienced attorney with affordable rates: this will result in a better experience While still saving you money.
Conclusion: Discount Bankruptcy Can Save You Money but Be Careful
The search for affordable, cheap, and discounted bankruptcy services can sometimes lead a potential bankruptcy filer into a very bad direction. When you are searching for discount bankruptcy services, remember that “you get what you pay for.” Always use an attorney when filing for bankruptcy and make sure that attorney’s office is experienced with an obvious history of getting many people out of debt.
~Indianapolis Bankruptcy Attorney John Bymaster on Discount Bankruptcy in Indiana