Home -> Law Blog Directory -> Bankruptcy Blogs -> Arizona Bankruptcy Attorney Blog

Bankruptcy

: Arizona Bankruptcy Attorney Blog

Business Bankruptcy Statistics Don't Tell the Whole Story: It's Worse.

By Joseph McDaniel, Esq.

You know how the statistics for unemployment say nine or ten per cent, and it's really seventeen or twenty?

And you know how the numbers for inflation lie like dogs in the street, because you shop for groceries and now a wheel of cheese is $19,327.99?

Well, it's the same with small business bankruptcy statistics.

And that's because with a small business, unless you want to provide a greater level of protection from creditor phone calls, an experienced Arizona Bankruptcy Lawyer will often not file for the corporation or the LLC. He'll just file for the individuals who owned the flat-puppy business, making sure that all the business debt is listed as a protective measure, because the individuals are often so punch-drunk that they don't have a clue which debt they personally guaranteed and which debt they did not personally guarantee.

Now, Karl Denninger does something I like when he prognosticates; he first tells you what he told you last year, and talks about his report card for clairvoyance.

He then (and only then) talks about what the upcoming year holds.

And since he agrees with me on the economic climate of 2011, I'd say Karl Denninger is a very smart guy!

Full post as published by Arizona Bankruptcy Attorney Blog on January 25, 2011 (boomark / email).