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Oil News Squashes Wall Street; Sometimes, I Hate It When I'm Right.

By Joseph McDaniel, Esq.

Okay, Wall Street reacts badly to oil news.

And this is surprising in what way?

Now, here's the shocker: we'll have more bankruptcy in Phoenix, and Mesa, and Tempe, and Chandler Gilbert because of gas prices.

And that's for two different reasons, of course. For one thing, insolvency flows downhill; when you have to pay more for gas, you pay less at restaurants. Which means higher gas prices mean more restaurant bankruptcy filings.

Second, when you're up against the wall with your credit cards, and you have a choice between filling the tank and making a current payment on your credit cards online, you tend to fill the tank because you need to get to work, so you can buy future groceries and fill the tank.

And when you fill the tank, and you're one minute late making the online credit card payments, your interest rate goes up from 8% to 35%.

Honestly, it's as though stupid credit card companies were pushing people into filing bankruptcy cases in Arizona.

Should I send the credit card companies a case of Scotch? Maybe a box of cigars?

After all, I don't want to seem ungrateful for all the clients they send me, because I'm an Arizona Bankruptcy Attorney. 

p.s. Arizona is really full of wide open spaces, and it's somewhere between impossible and out of the question to try to live here without a car; Arizona is not Manhattan.

You heard it here first.

p.p.s. If you're a legislator, listen up: the automobile exemption in Arizona has not kept pace with inflation; raise it!

p.p.p.s. Actually, you need to raise the limits on the complete list of bankruptcy exemptions in Arizona!

Full post as published by Arizona Bankruptcy Attorney Blog on March 09, 2011 (boomark / email).