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Millennials had barely recovered from the Great Recession. Then came the pandemic.

A generation of young adults who came of age during the Great Recession — in what was then the worst economy and job market since the Depression — are now finding that their wobbly recession-era start is compounding the financial woes the pandemic is inflicting.

Credit counselors say there has been a perfect storm of stagnant wages, soaring student debt and — because of those hindrances — a lack of wealth-building through home equity and stock market investment that previous generations were able to achieve.

“The combination of two recessions and a student loan crisis make it really hard to make ends meet in America,” said Rohan Pavuluri, who in 2016 co-founded Upsolve, a nonprofit, app-based platform that helps people who can’t afford the legal fees file for bankruptcy.

Since mid-March, Pavuluri said that 40 percent of the people citing job loss as the reason for a bankruptcy filing say

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With bankruptcies surging, 2020 may become one of the busiest years for Chapter 11 filings since the Great Recession

Twelve midsize to large corporations – all with more than $10 million in debt – filed for Chapter 11 bankruptcy protection during the third week of June, another consequence of the coronavirus pandemic and continued trouble in America’s oil industry.

The filings represent the highest weekly total of the year, and experts believe this is just the beginning of a bankruptcy tsunami that will wash over the country’s largest companies this summer and then drench both smaller businesses and individuals if government stimulus money dries up.

“I very much expect to see the numbers continue to rise” said Ed Flynn, a consultant for the American Bankruptcy Institute, a non-partisan research organization. “Every day there are more rumors of this or that company, and the rumors are almost never wrong.”

The types of companies affected are unsurprising. Since the start of the pandemic, they have included businesses that consumers have studiously

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