The 2008 financial crisis cost the U.S. economy more than $22 trillion, according to a recent study by the Government Accountability Office. The crisis is considered the most severe economic downturn since the Great Depression. The economic damage is evidenced from coast to coast in commercial and consumer bankruptcies, unemployment numbers and hiring freezes, foreclosed and underwater homes, deferred retirement saving and education.
While post crisis trends reflect a recent decrease of 21 percent in commercial and consumer bankruptcy filings. Experts believe this is due in part to reduced consumer spending, lower interest rates and tightening of credit and lending standards. Some believe we are not yet out of the woods and fully on a course to renewed financial health and stability.
Chicago Real Estate Professionals presented a panel of bankruptcy specialists who shared their views and short-and longer-term predictions for the financial future.
David N. Missner, Senior Financial Consultant, Rally Capital Services, LLC
Eric Prezant, Partner and Head of the Bankruptcy, Restructuring, and Creditors’ Rights Group, Bryan Cave LLP
Howard Samuels, Founder and Managing Member, Rally Capital Services, LLC
Joel H. Schneider, Senior Vice President – Dispositions, Hilco Real Estate
Michael J. Delrahim, Managing Partner, Brown, Udell, Pomerantz & Delrahim, Ltd.