In the second quarter of 2020, overall Chapter 11 distress rose sharply both quarter-over-quarter and year-over-year, narrowing the gap with historical benchmark levels. Real estate distress edged down slightly from the prior quarter but remained elevated compared to a year earlier, while continuing to track well below long-term benchmarks. Health care services distress surged dramatically, reaching levels far above historical norms and continuing a prolonged period of significantly higher distress relative to other sectors, alongside a rising share of health care filings.