I Hope I Never Have to Use You

After some general niceties, the conversation that I have when I first meet someone usually goes something like this:

Them: What do you do for a living?

Me: I’m an attorney.

Them: What kind of law do you practice?

Me: Mostly bankruptcy

Them: Oh, I hope I never have to use you.

The first thing that runs through my mind when I hear this response is: Do you rent any property?  What happens if your landlord files for bankruptcy? Do you sell goods to others on credit?  What happens if they file bankruptcy?

While I too hope that most of the people that I meet will not need to file for bankruptcy, I am sometimes amazed that most business owners believe that they will never be affected by a bankruptcy filing.  With the number of bankruptcies filed at an all time high, I would be surprised if every small business is not somehow affected by a bankruptcy filing. Business owners should arm themselves with adequate information so that then when they receive notice that an entity that they deal with has filed bankruptcy, they can determine whether they need to engage bankruptcy counsel to preserve their rights and protect their interest.

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