Our Bankruptcy Attorney Blog

The fate of the Big 3 automakers is definitely up in the air right now. Obama is signalling strongly that he is in favor of some sort of bailout for the Big 3. If the Big 3 don’t get bailed out, there will have to be massive layoffs starting almost immediately. Assuming that there were at least 200,000 US employees at the Big 3, the metric many people use for jobs dependent on Ford, GM and Chrysler are 10 to 1. So roughly 2 million jobs are up in the air right now, though by no means would they all evaporate instantly even under the most pessimistic scenarios.

Many of these jobs are located in the Midwest so if people start losing jobs in massive numbers, there will be a huge surge in bankruptices in Ohio, Michigan, Wisconsin and many of the surrounding states. It could get pretty overwhelming quickly for the lawyers in these states and I would expect the huge uptick in demand could bring a lot of other lawyers in the bankruptcy niche.

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