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Bankruptcy Filings During the COVID-19 Recession: A Tale of Two Debtors?

Posted by Marc Martos-Vila and Tony Shi
January 28, 2022

ABA’s Business Law Today: Bankruptcy Filings During the COVID-19 Recession: A Tale of Two Debtors?

The article presents the pattern of bankruptcy filings during and after the COVID-19 recession. Echoing some recent commentary and economic analysis, we show that bankruptcy filings behaved markedly differently than historical patterns would dictate. We break down bankruptcy petitions between Chapter 7 (essentially a liquidation) and Chapter 11 (usually a restructuring of debt), and between those of businesses vis-à-vis consumers. Doing so allows us to show that Chapter 7 filings dropped at the start of the recession, something not observed for Chapter 11 filings. The article then explains the possible causes behind the observed pattern. They include (1) the effects of COVID-19 induced public policy; (2) the functioning of the courts during the pandemic; (3) the absence of liquidity; and (4) the existence of uncertainty.

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Marc Martos-Vila EconOne Senior Economist
Marc Martos-Vila
is a Senior Economist with Econ One Research. Dr. Martos-Vila is an expert in financial markets, corporate finance (including mergers and acquisitions, private equity, venture capital and bankruptcy), corporate valuation and structured finance (such as RMBS, REIT, CDS, CDO and ABS). Dr. Martos-Vila has over 15 years of a unique blend of experience in economics […]
Read More about Marc Martos-Vila
Tony Shi
is a senior analyst at Econ One. He mainly focuses on healthcare litigation, price-fixing matters, and other antitrust-related cases. His work includes big data automated collection, large and complex data management, data visualization, and data analysis on different programming languages. He also provides support to build sophisticated statistical models for economic and statistical analysis. Education […]
Read More about Tony Shi
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