Today’s economic and social circumstances are continuing to be unpredictable and unstable. Unfortunately for investors and business owners, this can mean dramatic variations in the economy. With coronavirus infections still spiking and most businesses having operations limited in some way, a wide range of industries are struggling to stay afloat.
If you’re a business owner in this climate or even if you’re an individual having a hard time with current finances, Behm Law Group, Ltd. can provide expert legal advice and protection to help you resolve debts by filing for bankruptcy in Fairmont, MN and the surrounding area.
Our skilled attorneys work with clients filing for personal bankruptcy including Chapter 7, 12, and 13, in addition to sole proprietorship or partnership-owned business bankruptcies. We expect to see an increase in small business bankruptcy cases throughout many industries, but some industries may be impacted much more than others.
Some of the hardest hit industries include:
Theaters, both film and stage, will most likely still be avoided by many customers after they open. With the severe impact of the initial shutdowns already forcing theaters into dangerous territory, the continued decrease of attendance doesn’t bode well for the future.
Restaurants will also find the coming terrain difficult. Dine-in services are still unavailable in many U.S. regions, and take-out consumption has been greatly reduced. Locally owned restaurants, cafes, and other small food service providers will find it hard to move forward successfully.
Boutique stores and gift shops will suffer as well, unless they can provide curbside and shipping services that are accessible to their customer base.
Gyms, spas, and other similar health centers are also in danger of failure due to decreased consumer interest. Since the pandemic hit, health-conscious individuals have been more likely to find at-home workout routines and self-care solutions.
Sports arenas, local or otherwise, may not open for some months. When they do, attendance is expected to be low, and many sports centers and arenas will suffer financially because of this.
Amusement parks and entertainment centers will see a similar decrease in attendance when they re-open. If the infection rates and exposure in the U.S. don’t change by the next summer season, many parks may be forced to close.
These industries are just the tip of the iceberg when it comes to decreases in consumer spending and participation. The avoidance of these often public, busy commercial operations is already showing effects in current sharp economic declines.
If you own a business suffering from COVID-19 shutdowns, Behm Law Group, Ltd. can help you alleviate your debts and work with you through a bankruptcy case. Contact us today at (507) 387-7200 or stephen@mankatobankruptcy.com to file for bankruptcy in Fairmont, MN.
