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Consumer Bankruptcy News Coverage is Sparse

By Joseph McDaniel, Esq.

It saddens me that there is so much news coverage for big kid bankruptcy cases like W.R. Grace, and so little for consumer bankruptcy cases in Arizona and the rest of the United States.

Since I'm an Arizona Bankruptcy Lawyer, and I've always handled consumer as well as business bankruptcy cases (okay, thirty years isn't "always", but it seems that way to me), consumer cases are every bit as interesting to me as business cases.

For one thing, you'd better be right the first time in a consumer case. Since 2005, even a trivial goof-up can cause an automatic dismissal of a Chapter 7 or Chapter 13 case, which is one of the reasons my hair has gone white. 

For another thing, a business normally has more resources, although the demographic of bankruptcy cases has now come to include high-wage-earners, because everybody invested in real property in the same way that everybody invested in stocks during the Great Depression.

And consumer cases are as different from one another as people.

Oh, well. The one thing that was reported extensively is that the number of consumer bankruptcy filings has gone up every year since 2005 (The Great Bankruptcy Drought).

Full post as published by Arizona Bankruptcy Attorney Blog on February 02, 2011 (boomark / email).