Is The Independent Arbitration Field Poised For A Growth Explosion?
by James A. Gage
With the recent bankruptcy changes signed into law by the President, how does this change the Independent Arbitration Profession? I believe this is exciting news for our profession- let me explain. Whether you are already in the profession or looking to get involved with this “Business whose Time Has Come" let me remind you why this is such a lucrative business and why it still is in it’s infancy.
The Demand for Professional Arbitration Services is Extremely High and Growing !
Professional Arbitration is a multibillion dollar industry. There are literally tens of thousands of unresolved Debt disputes. Until now, the parties involved had no option, other than to be dragged into the process of litigation (court) to try and salvage whatever possible. Independent Arbitration is the alternative.
You can earn income on a par with any Professional ! (Income potential is $7,000 - $35,000 or more per month full time)
The time for entering the Independent Arbitration Profession is now. Law suits and bankruptcies are at record levels. Until now consumers and business owners had no alternative but to use legal methods to resolve debt problems.
Litigation and Attorney costs are at a all time high.
Everybody involved is desperate for a viable alternative. The Arbitration and debt Arbitration Industry is experiencing very high growth in North America and across the globe.
Okay, with that being said how do the new bankruptcy laws play into this scenario? Prior to these changes in the bankruptcy laws all you would have to do is breath on a mirror in order to walk away from your personal and business debts- that has changed!
The laws in respect to Chapter 7 bankruptcy have changed drastically and now provide for repayment of debts if your income is above the poverty guidelines set in each state for example the poverty guideline in Massachusetts for a family of 6 is $56,000.00. If your business or personal income is above that guideline, you can file for bankruptcy protection, but you must make arrangements to pay back your creditors through a trustee of the bankruptcy court.
Here’s the good part for our profession: We as Independent Arbitrators can provide many other options to our clients then the legal system can in addition we can obtain better payment agreements and lump sum settlements for our clients.
In conclusion, you can see that there are going to be more litigations filed in the United States for delinquent accounts both on the personal and business venues then we have ever experienced before - this translates to more clients for our profession. It has been said we live in a very lawsuit crazy society, guess what? You haven’t seen anything yet.