Bankruptcy Advisers Are Frantically Busy, Just Not in Court, Yet

The global pause in business that’s pushing companies to the brink of failure hasn’t yet caused a spike in bankruptcies. It will.

Business filings for February and March are likely to come in lower than last year, according to the American Bankruptcy Institute. That won’t last as efforts to combat the Covid-19 pandemic keep businesses closed across the U.S. and hundreds of millions of consumers under stay-at-home restrictions.

Some companies, especially retailers, have good tactical reasons for delaying the inevitable. Others are waiting to see if a promised, $2 trillion federal government stimulus will save them. And some can’t ...