Jobs Returning from Overseas - What Does this Mean for Your Bankruptcy Law Firm?
USA Today is reporting that slowly but surely, jobs the U.S. lost to overseas locations such as China are making their way back home. That's obviously good news for the unemployed and for the U.S. economy in general, but what about your bankruptcy law firm? Bankruptcy attorneys have been among the few to see business booming during the economic downturn, but don't be too quick to assume that the turning tide means that you'll see a decline in business any time soon.
Often, during long periods of unemployment, people in financial difficulty simply can't afford to file for bankruptcy protection. At the same time, it's less pressing for them to do so--with no income or limited income, they may have nothing at risk except the annoyance of repetitive creditor calls and communications.
When financial circumstances change, though, it doesn't mean that they're in the clear. Months of unemployment take a significant toll, often creating a hole it's impossible to climb out of without some kind of drastic action. The newly employed may find themselves with income--often reduced income--after a long period of time but an insurmountable stack of past-due bills. And, with regular income, there's suddenly something at risk.
Bankruptcy can help the newly re-employed to avoid wage garnishment, either by eliminating unsecured debt or structuring payments in Chapter 13 bankruptcy. In many cases, those who are getting back on solid footing with new employment may benefit more from bankruptcy than their unemployed counterparts, and are more likely to be able to invest in their financial futures. Make sure you're marketing your practice to those who can really benefit from your services and are in a position to take advantage of them.
