Insights

While a total of 36 states previously barred electricity disconnections during the pandemic, 14 states moratoriums have already expired and the rest are following not far behind. That means, for an estimated 24 million American households, the possibility of their power now being shut off looms.

The COVID-19 pandemic has been disastrous for the already-weakened retail industry. These rapid changes have dealt an unprecedented blow to the commercial real estate industry. However, not all real estate sectors are performing in the same manner.

The latest data from mortgage industry tracker, Black Knight, Inc., shows a 450% increase in the number of mortgages that are at least 90 days delinquent since pre-pandemic levels. At the same time, rates on 30-year loans have dropped below 3% for the first time.

Two recent pieces of legislation, Ohio House Bill 754 and Senate Bill 352, were introduced at the end of August to restart the debate over where taxes need to be paid (to what locality taxes are due) by employees working remotely during the coronavirus pandemic.

The past several months have seen our industry grapple with a worldwide pandemic, which has caused unprecedented levels of unemployment and economic uncertainty in the United States. To predict what is coming, it is first necessary to try and understand the reasons why consumer filings may be lagging this year.

There will be a coronavirus bankruptcy wave, the only question is when. Without a working crystal ball, no one can answer that. But, we can guess at what conditions may precipitate the wave.

While the CARES Act addressed a broad array of relief to Americans earlier this year, one part of the Act amended the FCRA to provide additional requirements upon credit reporting agencies and furnishers in light of the pandemic.

Congress enacted the SBRA in order to allow small businesses to reorganize under chapter 11 of the bankruptcy code in a more time-efficient and less costly manner than the traditional chapter 11 bankruptcy case. New statistics are now available on the number of cases filed.

Logic dictates that a decrease in bankruptcy filings would be an indicator of economic strength and stability. It could also be assumed that a decrease in bankruptcy filings would coincide with a low unemployment rate. But, that doesn't seem to be the case here.

COVID-19 has brought many changes to the practice of bankruptcy law this year, including remote work for many attorneys and supporting staff, use of telephonic and videoconference hearings and meetings, and a quick need to adapt to managing others remotely.