Everyday life has been affected due to COVID-19 since March 2020, and the US unemployment rates skyrocketed. Many companies lost businesses and collapsed due to dwindling economic activity.
However, things started improving, and the number of new personal and commercial bankruptcy filings fell to 373,312 through November 2021. The number of such filings over the same period in 2020 and 2019 stood at 529,106 and 282,712, respectively.
Global technology-enabled services firm Epiq said pandemic forced many businesses and well-known companies to opt for bankruptcy filings in 2020.
Bankruptcy is a complex procedure and should be the last resort for individuals and corporates. It is a legal process for those who cannot repay their loans, and it often has long-ter...