ANALYSIS: Bankruptcy Filings Are Tiptoeing Higher. What’s Next?

As I work from home today, the mood is eerily similar to what I witnessed in 2008 as I prepared for my first private-sector legal job. The words “recession” and “crash” and “debt” were all over the news then, as they are today. In my bankruptcy world, banks were fortifying their special assets groups and law firms were filling their bankruptcy ranks, as they are today.

According to Bloomberg’s Recession Tracker, the likelihood of recession within the next year rose to 53% this month, up from 28% just a month ago. Meanwhile, other analysts are predicting that a global ...