Government Intervention Staves Off Initial Bankruptcy Surge
ALEXANDRIA, Va. -
At least initially, federal government intervention to help individuals and business hit financially by the coronavirus pandemic have made a positive impact in terms of bankruptcy filings.
But experts suspect conditions will deteriorate in this part of the financial world as those assistance packages expire.
According to data provided by Epiq, the American Bankruptcy Institute (ABI) reported that the 39,969 total bankruptcy filings in May were down 42% from the 68,860 total filings in May of last year.
ABI also pointed out the total consumer filings decreased 43% in May, as the 37,391 filings fell from the 65,302 consumer filings registered last May.
Meanwhile, Epiq’s data also showed total commercial filings declined 28% in May, as the 2,578 filings were down from the 3,558 commercial filings completed in May of last year.
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BHPH Report by BHPH Report Staff. Published June 22, 2020.