Bloomberg is reporting that America’s distressed debt pile has surged to the highest level since 2020 with about $7 billion of distressed debt. https://news.bloomberglaw.com/bankruptcy-law/u-s-bankruptcy-tracker-distressed-debt-pile-highest-since-2020.
Attorney Robert Schaller of the Schaller Law Firm, https://schallerlawfirm.com/, believes the increase could be heralding a dramatic increase in bankruptcy filings later in the year. The mass inflation affects consumers’ ability to service their existing debt and can cause an increase in debt loads. The increased distressed debt pile is a natural result of the financial burden falling on the shoulders of working-class and middle-class families.
Now is the perfect time for lawyers to expand their existing practices to include bankruptcy law. The National Bankruptcy Academy offers coaching and online courses to help those attorneys expand their practice to help the people suffering from distressed debt.