Bull Market in Bankruptcy Law
The success of bankruptcy attorneys is inversely proportional to the success of the greater economy. While my friends in real estate and corporate law were rolling in the loot from 2004-2007, the bankruptcy attorneys were shopping at Dollar Tree (NASDAQ:DLTR) and ordering from McDonald’s (NYSE:MCD) Dollar Menu. Well, things hardly get that bad for lawyers, but you get the point.
Revenge has been sweet as a Dairy Queen Blizzard with all your favorite candies added to the blend. On Monday, the Associated Press reported that “U.S. consumers and businesses are filing for bankruptcy at a pace that made 2009 the seventh-worst year on record, with more than 1.4 million petitions submitted.” That’s a 32% increase year-over-year (YoY).
Bankruptcy attorneys in Arizona saw the biggest jump in business: 77% YoY. The next strongest bull markets were Wyoming (60% increase YoY), Nevada (59% increase YoY) and California (58% increase YoY). If you are an entrepreneur, figure out what bankruptcy attorneys need and head west! Who knows … you just may kick start the next economic expansion.
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