By many measures, the pandemic induced all sorts of financial stress last year. But consumer bankruptcy cases — a way to address financial pain and deepening debts — plummeted in 2020.
There was a 30% drop in all bankruptcies year over year, falling to 529,071 from 757,634 one year earlier, according to data provided by the American Bankruptcy Institute, a professional association. There were 496,565 consumer bankruptcy petitions filed last year, the lowest since 1987 and a 31% decline from 2019. Read more…..
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ABC News Chief Business Correspondent Rebecca Jarvis breaks down why retailers are declaring bankruptcy and how it could be their saving grace.