Wonder

Research Outline

Prepared for Paul D. | Delivered February 10, 2020

Asset Protection Market Size

Goals

To obtain the market size of people wanting to protect their assets from bankruptcy, lawsuits, divorce, IRS audits, and government actions in the US. To determine how many are able to pay the $25,000 to $40,000 upfront in legal fees for an asset protection plan: how many have liquid cash and how many have assets but no cash.

Early Findings

DivorceIn the United States, about 50% of marriages end up in divorce or separation. 
This is broken down to 41% of first marriages, 60% of second marriages, and 73% of third marriages that end up in divorce
BankruptcyIn 2017, 765,863 people declared bankruptcy.
Chapter 7: 472,190 chapter 11: 1,092 chapter 13: 292,581.
Chapter 7 is also referred to as liquidation bankruptcy, chapter 11 is where one commits to a payment plan for a portion of the debt and discharge the rest, and chapter 13 is a three- to five-year payment plan.
LawsuitsIn the US, there are about 40 million lawsuits filled each year. 
There are over one million registered lawyers to handle these cases.
In 2018, the American Bar Association presented data that showed that there were 1,338,678 licensed, active attorneys. This is a 15.2% rise in a ten-year period. 
Summary of our Early FindingsOur initial research was unable to find the market size as described. Instead, we have provided overall statistics that would not be included in the next stage of the research. These foundation insights will direct the researcher into a more in-depth search.
The next stage of research will provide 4-5 insights addressing all the requirements as outlined. In the event that one data point is  not available, the analyst will provide similar/additional data points. 