Bankruptcy may soon join death and taxes as an inevitable consequence of human life. During the year ending June 30, 1988, (the most recent year for which there are conveniently available figures) 594,567 American individuals and companies filed for bankruptcy. There is more than a sporting chance that, come the next recession, bankruptcies will top one million per year. Good news for lawyers, if not the economy.
Michael J. Herbert,
As We Forgive Our Debtors: Bankruptcy and Consumer Credit in America,
U. Rich. L. Rev.
Available at: http://scholarship.richmond.edu/lawreview/vol25/iss1/7