'Simply a Delay'?: Decline in New Bankruptcy Filings Has Hit Law Firms During the Pandemic | New York Law Journal - Law.com

What You Need to Know

• A new report found bankruptcy filings down more than 26% through August, compared to a year ago.
• Government stimulus, pent-up demand and low interest rates had all contributed to a lack of activity, experts said.
• Attorneys said the downturn had impacted bankruptcy practices, but a rebound is likely on the horizon.

The COVID-19 pandemic has caused a dramatic decline in bankruptcy activity this year, as federal stimulus, near-zero interest rates and market changes have combined to push new filings to historic lows.

According to a new report by Epiq Bankruptcy, just 291,863 new bankruptcy cases were filed across all chapters through the first eight months of 2021, a 26.3% decline from the same period a year prior.

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source: https://www.law.com/newyorklawjournal/2021/09/20/simply-a-delay-decline-in-new-bankruptcy-filings-has-hit-law-firms-during-the-pandemic/

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