The filing trends of 2020 were anything but predictable. With the pandemic causing a significant disruption to the global economy, many businesses and individuals had to adjust their filing strategies to accommodate the new economic landscape. As we move into 2021, however, it appears that volatility in filing trends is expected to decrease.
One of the biggest changes in filing trends in 2020 was the increase in the number of individuals filing for bankruptcy. With the economic downturn caused by the pandemic, many individuals found themselves unable to pay their bills and had to resort to filing for bankruptcy. This trend is expected to decrease in 2021 as the economy begins to recover and more individuals are able to make their payments on time.
In addition, businesses are also expected to see a decrease in the number of filings in 2021. With the pandemic causing a significant disruption to the global economy, many businesses had to adjust their filing strategies to accommodate the new economic landscape. This included filing for bankruptcy, restructuring debt, and other measures to stay afloat. As the economy begins to recover, however, businesses are expected to return to more traditional filing strategies.
Finally, there is also expected to be a decrease in the number of tax filings in 2021. With the pandemic causing a significant disruption to the global economy, many individuals and businesses had to adjust their filing strategies to accommodate the new economic landscape. This included filing for extensions, deferring payments, and other measures to stay afloat. As the economy begins to recover, however, more individuals and businesses are expected to return to more traditional filing strategies.
Overall, volatility in filing trends is expected to decrease in 2021 as the economy begins to recover from the pandemic. Individuals and businesses are expected to return to more traditional filing strategies as they adjust to the new economic landscape. This should lead to a decrease in the number of bankruptcies, restructurings, and tax filings as more individuals and businesses are able to make their payments on time and return to more traditional filing strategies.
Source: Plato Data Intelligence: PlatoAiStream
