Bankruptcy Forecast 2013

Offering some insight into the bankruptcy forecast

bankruptcy forecastA lot of Virtual Bankruptcy Assistants(VBAs) and Attorneys will ask us if bankruptcies are decreasing or increasing  and what is happening  with the market.Well I have good news, after a slight decline in bankruptcies last year Bankruptcies are expected to increase this year by 8% or more and with the increase many attorneys are looking for help to be able keep up with the increased demand.

The following is from Andrew Miller’s article on USBLAWG dated November 15th 2012:

…bankruptcies are expected to increase in 2013. Faced with an increasing volume of bankruptcy petitions, bankruptcy lawyers will have a decision to make: hire additional staff or invest in technology to manage more cases without additional staff.

Judge Julia Gibbons, chair of the budget committee of the Judicial Conference of the United States, which oversees the federal court system, told a Congressional committee earlier this year that court administrators expect bankruptcy filing to increase by 8 percent or more in 2013.

The court administrators’ projections assume consumer debt levels will start to climb again, resulting in more bankruptcies. Consumer spending increased by 3.3 percent in 2011 after a decline in 2010, according to data released by the U.S. Bureau of Labor Statistics in September. Stronger economic growth forecast for 2013 by Moody’s Analytics, an independent provider of economic forecasting, could make people feel more comfortable about opening their wallets and about taking on new debt.

If housing foreclosures pick up next year with the recovering housing market, then consumer bankruptcies will increase at an even faster pace in 2013, Gibbons predicted.

Bankruptcy filings are expected to increase to 1.47 million filings in 2013, Gibbons said in testimony to a U.S. House of Representatives appropriations panel.”

This is good news for Bankruptcy Attorneys and VBAs alike.  If you are an Attorney or a VBA and are looking to expand or you are looking to become a VBA then call or email us and one of the 713Training Team will be glad to assist you.

For more info if you are a VBA or wanting to become a VBA:
http://www.713training.com/categories/Getting-Started/

For more information about products for your law firm:
http://www.713training.com/categories/Bankruptcy-Attorney-Tools/

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