Booming economy has downside for bankruptcy industry

People in the bankruptcy business are having moneytroubles, and they can blame Alberta's booming industry.

"It's kind of bad business for us for everyone to be doing so well," said Andria Shilliday, a Calgary-based insolvency administrator.

The bankruptcy industry is witnessing a huge drop in the number of claims, forcing some in the business to leave or be laid off.In 2004, nearly 9,000 Albertans declared bankruptcy;about half as many are expected to file this year.

The hot economy means many people who would have been able to claim bankruptcy protection in the past can't because their homes are worth a lot of money. That means there's less business for those involved in bankruptcy proceedings.

Bruce Alger,whoruns a large Calgary bankruptcy firm, saidhis companylaid off five people last year and didn't replace two trustees who left for other work, something he hasn't had to do in 20 years.

Some bankruptcy firms areeven shuttering, he said.