Mike Stewart Discusses What Declining Bankruptcy Filings Mean for Law Firms

In 2012, Minnesota businesses facing bankruptcy dropped to their lowest levels since 2007. Mike Stewart spoke with the Minneapolis/St. Paul Business Journal regarding how the decline in business bankruptcy filings from their 2009 peak has Twin Cities law firms shifting bankruptcy attorneys to litigation, financing and transactional work. Stewart said, "In 2008, 2009 it was a mess, it was a disaster. We had companies filing bankruptcy left and right because of the financial free-fall the economy was in. That has stabilized." Court records show that in 2009 business bankruptcy filings peaked, with 901 in Minnesota and 58,721 nationwide.