Bankruptcy Partner Noel Boeke was quoted in a Tampa Bay Business Journal article about the wave of bankruptcies that are expected to hit Florida. Right now, the number of bankruptcy cases in Florida has fallen to its lowest level in years — but many say this is the drawback before the wave. Mr. Boeke thinks that the bankruptcy wave will come at the end of the year. “With PPP and the CARES Act, that pushed back some inevitable bankruptcies,” he said.
If there is some good news for the region, it’s that the hospitality industry may not be as badly impacted as previously thought. Mr. Boeke noted that Florida tourism, especially along the beaches, saw an uptick in recent months as travelers have looked to get out of the house. For businesses staring down bankruptcy, Mr. Boeke recommended reaching out to a financial adviser as soon as possible. Bankruptcy should be viewed as a last resort, especially during this pandemic, he said. “I think it makes sense if you’re going to sell [your business],” he said. “If you have a business and you can’t service debt, bankruptcy can help you ... but it doesn’t fix cash flow.”
READ: A Wave Of Bankruptcies Is Coming To Tampa Bay, But When? (Subscription Required)
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