If anyone was holding out hope for a tidal wave of corporate bankruptcies in 2022, it’s time to abandon ship. If that was part of your 2023 budget, don’t get on the ship altogether.

As the domestic and global economies slide toward recession at the end of 2022, leading bankruptcy practitioners aren’t calling when—or even whether—corporate bankruptcies will pick up in a way that corresponds with most professionals’ understanding of the amount of insolvency lurking in the market.