In March of 2013, one of the most influential bankruptcy attorney referral sites, Laws.com. interviewed Stephen Kass. During the interview, Steve talked about how devastating the economy has been since 2008. He also talked about how the government has made filing for bankruptcy very difficult since Congress passed a means test for filing a petition for Chapter 7 bankruptcy.
Mr. Kass noted in his remarks that the means test has the unintended consequences of punishing people who have moderate income and who avoided risky financial behavior. With the crash of the real estate markets triggering a national economic backward plunge those who exercised restraint are punished by the current law while those who are wealthier took greater risks and acted irresponsibly with their finances are rewarded.
As Steven related during his interview with Laws.com, 2011 saw an abrupt slowdown in Chapter 11 bankruptcies. Kass told the interviewer that the cause of this was that bank and other lenders had tightened credit so much it caused both businesses and individuals to borrow less preventing them from getting into trouble.
However, Kass believes that the their is great opportunity for people going into the field of bankruptcy law. He recommends they find a mentor who is thoroughly experienced in bankruptcy law to guide them for the start of their careers. Many people believe that bankruptcy law means gathering documents, put them in order and file them with the court. Steven believes that this a myth as he told the interviewer that an improperly filed Chapter 7 can put the client at great risk. One of the key elements of filing a Chapter 7 bankruptcy is the presence of due diligence on the part of attorneys. He emphasized that new attorneys who have no guidance are apt to make a potentially serious mistake during a bankruptcy filing.
Recognizing that the real estate market has begun a revival Mr, Kass warns that people who do not want to use his services as a bankruptcy attorney have to exercise great caution when purchasing real estate – even a residence. He suggests that if a potential real estate buyer asks a question of themselves along the lines of: “If my real estate investment choice is wrong can I survive financially?” If your answer is no or maybe you should rethink the purchase.
Steve Kass knows his way around bankruptcy and tax law as this has been the main focus of his law practice since he began. He is a CPA as well as an attorney and has a conservative philosophy regarding personal finance. He urges clients to develop budgets and keep within them. Steve believes that today’s technology makes it easy for anyone to keep track of their spending and identify potential problems. However, even today the economy of the United States remains mercurial and there is much risk in recent economic activity. Forty percent of the unemployed have begun or are read to start their own business due to a poor job market. some will succeed and many will not. If they do not, Steve is ready to help them get a clean start.