The Law: King of Bankruptcy

Some 188,500 hard-pressed individuals and companies in the U.S. went to court last year to declare themselves bankrupt. This year the total may reach a record 250,000. Nowhere is the business of going bust booming more than it is in that erstwhile capital of easy living, Los Angeles. Personal bankruptcies rose by more than 18% in the L.A. area last year, and they are already up another 48% in 1975. So it is no real surprise that the busiest bankruptcy lawyer in the nation is headquartered in Los Angeles. He is Hugh Slate, 58,...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!