Potential Increase in Bankruptcy Filings from COVID-19
As a result of restrictions and cancelations from COVID-19, we have seen many individuals out of work and businesses closing. Lawyers can provide relief to individuals and businesses who are impacted.
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Meredith Boe
Published on Apr 09, 2020

 

According to this Law 360 article, restrictions and cancellations resulting from the COVID-19 pandemic are hurting the U.S. economy. Individuals are losing their jobs, and nonessential businesses are unable to generate enough revenue to remain profitable. These unfortunate situations will likely lead to an increase in bankruptcy filings for both individuals and businesses.

 

Over the last decade, bankruptcy filings have been in decline, after the effects of the 2008 recession started to wear off. But the negative impacts of COVID-19 mean that we’re about to see a spike in cases.

 

How can lawyers help? By adding bankruptcy law to your practice, you can provide relief to the population while keeping your law firm operating during an economic downturn.

 

How you can prepare your practice for the increase in filings

Start doing your research now to prepare your firm. Fastcase, a leading legal research company, has many books available in their platform, from bankruptcy basics to deep-dives into specific bankruptcy codes and chapters. Some of the publishers they feature are James Publishing and the American Bankruptcy Institute. Start brushing up on your bankruptcy knowledge to get ready for an influx of cases.

 

Invest in modern bankruptcy software

More attorneys are adding remote work to their law firm’s structure, so investing in an application that’s cloud-based and assists with the bankruptcy filing process is a good idea. NextChapter’s bankruptcy software will help attorneys new to bankruptcy or those who dabble in this area of the law.

 

Linear case preparation

You’ll be guided through all the necessary steps in each case, from preparing bankruptcy petitions to auto-fillable, guided forms.

 

In-app calculators

The in-app calculators help you avoid mistakes and track income and other important bankruptcy calculations.

 

Case management features

Embedded tools within NextChapter help you track and monitor cases using task and document checklists, easily schedule and set reminders for court dates and meetings, and improve your client intake and communication processes with client texting and easy document upload and management.

 

Help more bankruptcy clients during the coronavirus pandemic by adding bankruptcy law to your practice. NextChapter is a resource for attorneys to assist those in need of legal help during a potential 2020 recession.