Bankruptcy filings could reach a historical high next year as the coronavirus pandemic continues to wreak havoc on business operations in nearly all industries.

Valley attorneys told the Business Journal small business owners have taken every measure to avoid closure or reorganization up to this point, meaning the most severe wave of shutdowns is likely yet to come.

According to Jeremy Faith, founding partner of Encino law firm Margulies Faith, “people are going to max out their credit cards. There’s been a moratorium on evictions. There’s been government money coming out at different levels. People had credit available.”

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