Bankruptcies Expected to Spike Post-pandemicJune 30, 2021
With the expected spike in bankruptcies, now is the time to secure a spot with Legal Brand Marketing
When was the last time we saw government aid programs as extensive as the ones put in place as a response to the COVID-19 pandemic – programs that are set to expire soon? Was it at the tail end of the Great Depression, during FDR’s time?
The eviction moratorium, mortgage relief programs, extended unemployment benefits, and interest-free forbearance periods for student loans are all expected to expire without extension in the coming months. And, while the job market is heating up, and employers are raising wages to compete with one another for blue-collar talent, there have been reports of businesses struggling to adapt to the remote or hybrid work environments that job seekers are now requesting, according to a recent report. Another common stumbling block to returning to work at this time? A lack of summertime childcare – the reopening is coinciding with schools closing for the summer.
It is entirely possible that the world will return to normal following the cessation of the pandemic and lockdowns. Nonetheless, it appears more likely that when all of those federal assistance programs expire and people are suddenly faced with catching up on rent or mortgage payments as well as student loans, while unemployment benefits are no longer available, we will be hit by a wave of economic hardship, even in the midst of a strong job market. When this occurs, it is very likely that we will see an increase in the number of people filing for bankruptcy. While many people consider bankruptcy to be a last resort, the government’s assistance programs have most likely served as a means of delaying the inevitable – those deferred bills and meager unemployment benefits will eventually catch up with those who are living from stimulus check to pandemic unemployment relief check.
While it is true that bankruptcy attorneys and industry insiders have been predicting a surge in bankruptcies for a year now, those predictions have yet to come to fruition. They were big virtual bankruptcy conferences at the outset of the pandemic where, despite everyone being miserable about the lockdowns and lost lives, there was a general understanding that a bankruptcy business boom was coming. To be fair, most of those predictions came before the stimulus checks and other aid programs combined to stave off those filings. Now that those aid programs are ending, that time is at hand, right?
Rather than try to piece together a marketing strategy to capture that incoming wave of business, while dealing with your backlog of filings that you likely had some trouble clearing during the pandemic shutdown, and while juggling shifting back from working remotely (or not) and onboarding new staff to cope with the time crunch – take a breath, we know you have a lot on your plate and don’t mean to stress you out – consider connecting with a company that can provide you with a predictable stream of quality leads as a predictable cost, allowing you to focus on what you do best: closing clients and delivering for them.
At Legal Brands Marketing, we have over 16 years of experience in connecting consumers with information about their legal needs and then, if they are ready to take that next step, connecting them with an attorney who can meet those needs. For attorneys, we provide rainmaking without the stress of managing your own marketing department. You have a predictable stream of incoming leads without the guesswork of wondering whether your time and money spent on marketing is actually producing the clients that you serve on a daily basis. Contact us for more information.