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Bankruptcy Filings are down but not for Long

   Everyone in the business of consumer bankruptcy knows that the filing of Chapter 7's and 13's have declined considerably over the past 3 years.

   The reasons given vary, but as someone who has been doing this for 25 years, I have seen it happen before. Most people comment that it is a good thing, but in reality it indicates that our economy is still in a bit of a recession.

   Hopefully, with the election of a Republican Senate, we will soon see an upturn in the economy. Not only because of the possibility that the Republicans might get some beneficial legislation passed that would help the economy, but also because a lot is about perseptions. Businesses have been sitting on their hands and their money because they are afraid of what Obama may do next that is going to drag down their bottom lines.

   With control of the House and the Senate, businesses may be able to breath a sigh of relief that congress will be able to limit amy further damage that the President may have in mind.

   And, with an increase in economic growth, businesses will hire more, spend more and build more. And, believe it or not, that will lead to an increase in bankruptcies, because if people are starting businesses again and taking risks again, they are not all going to be successful. Sad for them but true and good for us consumer bankruptcy attorneys.

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