‘Torrent of bankruptcy filings’ expected as rent comes due for thousands – By Subrina Hudson (Las Vegas Review-Journal) / Nov 7 2020
Due date is quickly approaching for Nevadans who have racked up thousands of dollars in missed rent payments and other debts.
For many, easing the financial burden will mean filing for bankruptcy, and experts predict a tsunami of filings after the new year, when the remaining relief from March’s federal $2 trillion stimulus package known as the CARES Act expires
An influx of bankruptcies normally corresponds to an increasing unemployment rate, and a coronavirus- fueled recession and a skyrocketing number of jobless workers would cause more filings. But in an unexpected twist, the number of people filing for personal bankruptcy such as Chapter 7 and Chapter 13 has dropped significantly since mid-March, according to a September study from Harvard Business School.
