Bankruptcy Trends During COVID-19
Updated: 20 hours ago
By Rachel Mahrle at LeadQ
It has been four months since COVID-19 dramatically changed "normal" for us all. The bankruptcy industry is running at ~60% capacity compared to the past 5 years. But we are seeing month to month upward trends. Now that the country is starting to reopen, so are collections cases and the court systems.
The Big Picture - COVID-19 and Bankruptcy
We compiled data from LeadQ bankruptcy inquiry campaigns, Google analytics and trends, and EPIQ/AACER Court Data to get a big picture of how the Coronavirus is impacting our industry. It will be no surprise to hear our industry took a big hit in April 2020. But bankruptcy clients did not disappear, they were put on hold. Google impressions show a positive upward trend in June which continued into July. Qualified inquiries have doubled since the initial dip in March, and search data shows people are back to looking for bankruptcy attorneys. As the economic effects of the Coronavirus become clearer, there will be even more people looking for your help.
“We definitely anticipate a surge of bankruptcies. The big question in the crystal ball is how many, and how soon."
- Amy Quackenboss, Executive Director of the American Bankruptcy Institute