As many Americans are faced with the fallout of the COVID-19 pandemic, some business owners are now tasked with creating a clear path forward without traditional means of financial relief.
Of its many tragic consequences, COVID-19 has left a significant mark on the global economy as it pressures thousands of businesses to temporarily – if not permanently – shut their doors. April data from the American Bankruptcy Institute suggested a 26% increase in Chapter 11 filings from 2019.1 Several retail and energy companies have already buckled under financial pressure, with dozens more seemingly headed in the same direction.2
“As financial challenges continue to escalate amid this crisis,” Amy Quackenboss, American Bankruptcy Institute executive director stated in an early-May press release, “bankruptcy is sure to offer a financial safe harbor from the economic storm.”
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