Bankruptcy

Cycles in Bankruptcy Filings in Arizona

By Joseph McDaniel, Esq.

When there was a mild downturn, I'd see construction workers. Those are cases where the legal issues tend to be fairly routine, but the suffering is substantial, because those guys work hard to make money and take pride in providing for their families. And they never liked hearing that the boat and trailer were not exempt in Arizona.

On the other hand, they always got to keep their dogs, and mostly their trucks and tools.

Then things got worse, and I got to see foremen, and then subcontractors.

Then a round of contractors, and a round of real estate investors.

Then the RTC started taking over banks and Savings and Loans, and the rest was history.

This time around I've gotten to see a lot of folks, and the cycles are less predictable.

I filed bankruptcy for several haircutters; then a round of car care places; then a bunch of dentists.

Tons of real estate sales folks, obviously, have filed bankruptcy in the last couple of years.

Now doctors, CPAs, stock brokers, and lawyers are knocking at my door, and there seems to be no rhyme or reason to the sequence and timing.

And businesses of all sorts are simply dying, spasmodically, from retail to wholesale to professional services.

When I figure out the pattern of the expansion of this depression, dear reader, you'll be the first to know.

NOTHING HERE CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY LAWYER WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10 RATED, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY SECTION OR COMMITTEE. NOTHING HERE MAY BE USED AS LEGAL ADVICE IN CONNECTION WITH ANY BANKRUPTCY, WHETHER THAT BANKRUPTCY IS IN PHOENIX, GLENDALE, TEMPE, MESA, SCOTTSDALE, OR ANYWHERE ELSE.

Full post as published by Arizona Bankruptcy Attorney Blog on May 14, 2010 (boomark / email).