With 2020, with its unprecedented and unforeseeable economic devastation, now in the rearview mirror, consumers face 2021 not as the dawn of a new day (cue the hallelujah choir), but with a sense of foreboding and the looming specter of total financial collapse (cue the John Williams score—Jaws, not Superman). As in past times of economic turmoil, it is anticipated that there will be a surge in residential foreclosures, debt collection activity, and the resultant wave of consumer bankruptcy filings.

Simply stated, the current way of practicing bankruptcy is not going to cut it for 2021.