For years since the last recession bankruptcy filings have declined. The decline has continued despite the horrendous job loses and financial stresses faced by huge numbers in the last year. Filings have likely been kept down by government assistance programs that have kept people afloat by literally giving everyone in the middle class or below thousands of dollars.ban
Eviction and foreclosure moratoriums have also taken away one of the major reasons for bankruptcy, the need to keep ones home.
The moratoriums and cash payments help, but can only do so much, and they will end soon. Bankruptcy filings will rise for the first time in 10 years, and, for those planning on filing, there are some pandemic related bankruptcy law changes put in place last year. The good news, the vast majority of filers keep all of their property and get rid of all of their debt. If the last year has hit you hard, bankruptcy could be the way to get a new start.

Ed