This article in The Indiana Lawyer predicts a "flood" of COVID-related bankruptcy filings and quotes a number of local BK lawyers. That flood, which many predicted in March and April would have occurred by now, has not happened - yet. But, conventional wisdom suggests it's not a matter of if, but when. I tend to agree.
The same goes for COVID-related foreclosure filings, both residential and commercial. Of course the consumer foreclosure moratorium prevented and, in many cases, continues to prevent a tidal wave of residential cases. The interesting thing is that, at least from what I've seen, commercial foreclosures in Indiana have not spiked at all.
My understanding is that, if a commercial flood, is coming, it will start with hotels - unless Congress provides some kind of bail out. Having said that, with the stimulus money, combined with the general attitude of forbearing instead of foreclosing, it's difficult to predict when, or even if, a commercial foreclosure tsunami is near.