Fewer businesses and individuals filed for bankruptcy during the pandemic than in the year before.
@ldarmiento explains why: latimes.com/business/story…
@ldarmiento explains why: latimes.com/business/story…
“For a while, I was very convinced that [filings] were going to pop down the line, but 12 months into this they haven’t,” said Ed Flynn, a consultant with the American Bankruptcy Institute.
“They are down to levels we haven’t seen since the mid-1980s.” latimes.com/business/story…
“They are down to levels we haven’t seen since the mid-1980s.” latimes.com/business/story…
There are some obvious reasons that help explain the counterintuitive trend, especially the cash the U.S. government pumped into the economy to help keep entire industries and businesses afloat. latimes.com/business/story…
Money was also directly put into consumers’ pockets through stimulus checks, including the $1,400 that landed this month. latimes.com/business/story…
Other measures to protect individuals from the pandemic turmoil also have probably lowered the rate of personal bankruptcies, including eviction bans, foreclosure moratoriums and federal student-loan payment freezes. latimes.com/business/story…
For those debts not subject to any governmental restraint on collections there have been practical considerations — including a pandemic-related backlog in California state courts that have made it challenging for creditors to get judgments. latimes.com/business/story…
That doesn’t mean there hasn’t been economic pain that has stretched for months.
A recent report found that CA shed more than 145,000 payroll jobs in Dec and Jan, recovering just 39% of the 2.7 million jobs lost to the pandemic.
@ldarmiento reports: latimes.com/business/story…
A recent report found that CA shed more than 145,000 payroll jobs in Dec and Jan, recovering just 39% of the 2.7 million jobs lost to the pandemic.
@ldarmiento reports: latimes.com/business/story…
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