Seems Like Everyone Is a Bankruptcy Attorney

The number of people filing bankruptcy continues to grow right alongside the number of bankruptcy lawyers in today’s economy. Let’s face it, many lawyers are opportunists and they found it appropriate to fill it when they saw the need. I think that as long as they take the time to educate themselves on the subject of bankruptcy filing, there is nothing wrong with that. There were some online complaints about individuals having a bankruptcy lawyer that they later learned specialized in personal injury. They wanted to capitalize on bankruptcy filings by a large number of Americans. Many assume that a bankruptcy filing is quick and fundamental and all they need is a degree of law to represent anyone. For more info contact Richard M. Weaver.

Bankruptcy has become a very specialized area, especially since the bankruptcy code was updated back in 2005. With the bankruptcy law continuously changing, to be able to represent their client and get the most value from the bankruptcy filing, an attorney has to be on top of these changes. I suppose it goes back to the old adage of “You get what you pay for.” also in bankruptcy.

Back in 2005, Congress decided it was important to reform the bankruptcy code to avoid the misuse of the bankruptcy system by Americans. They believed like many Americans were willing to pay at least a portion of their debt back, and many of them were just plain old filers of serial bankruptcy. With the amendments to the bankruptcy code, it became clear that a bankruptcy attorney can represent persons filing bankruptcy. At this time, I don’t think anybody understood what America was going to be in the near future. The wheels began dropping off the US financial system in late 2007. It took the housing industry and almost every other industry with it, leading a vast number of firms to end up bankrupting and laying off millions of workers. The price of housing plummeted dramatically, leaving many homeowners upside down on what they thought was their nest egg.

These people hurried to the internet and everywhere else they might get details on solving their financial dilemma. Unemployed and no way out. Americans soon figured out with major changes to the bankruptcy code that declaring bankruptcy on their own was no longer a smart idea. This is why a significant number of individuals involved in filing get slapped by bankruptcy lawyers. It seemed like just about everyone had a real estate license when home prices were healthy. When you’re an attorney, I suppose it’s no different. When many people are involved in filing for bankruptcy, change your hat to that of a bankruptcy attorney.