Bankruptcy

We're Forever Blowing Bubbles, Pretty Economic Bubbles in the Sky! And Bankruptcy Bubbles in Arizona, too, I Suppose.

By Joseph McDaniel, Esq.

There was the first big real estate bubble that popped when Congress changed the tax laws without warning, which caused real property values all over the United States to drop like a stone, and caused the RTC to come into existence. That was near the time I began practice, and I thanked Congress for creating so much work for me!

And I watched the bubble associated with internet names pop.

And the residential real property bubble in Arizona.

And the high-tech firm bubble (I remember an article saying that in a mature economy, a good company isn't necessarily one that makes a profit. Duhhhhhh.) went kaboom.

Here in Arizona, we've seen trustee's sales abounding, and the value of horses has dropped because...they eat a lot! And they cost a lot to maintain! And when people are foreclosed out of their horse property, they can't keep their horses in their apartments.

Actually, horses in bankruptcy in Arizona deserve their own article, so I'll build one soon. Did you know that it costs about six hundred dollars to put a horse to sleep and dispose of the remains? I wouldn't have known about it either, except that I'm an Arizona bankruptcy attorney. And here in Arizona, if you're a bankruptcy lawyer, you learn about horses and bankruptcy.

I have blogged previously about the bubble I see beginning to pop in the areas of Universities and Colleges.

But the American Bar Association has identified a smaller, more interesting bubble: law degrees from law schools with great prestige.

And that's because prestige won't keep you fed if there are no jobs for new lawyers, you know?

And of all the signs that this is a depression, the drop in demand for lawyers from big-names law firms is one of the most compelling.

And the poor devils, along with all the other out-of-work lawyers, have to pretend that they're doing just fine, to avoid the shame. Kinda like hungry Samurai picking their teeth after not eating.

In fact, exactly like hungry Samurai picking their teeth after not eating!

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 July 17, 2010 (boomark / email).