According to Insider, 2021 saw a record decline in Chapter 11 filings, but that lull won't last forever. As the Omicron surge disrupts travel and return-to-office plans, bankruptcy lawyers are preparing for a busier 2022.

"At a minimum, Omicron will cause short-term disruption in travel, aviation especially, and hospitality," said Leo Crowley, who leads Pillsbury's insolvency and restructuring group.

"However, I don't think enough is really known about Omicron to determine whether we will return to a struggling economy, or whether Omicron will fade out quickly," he said.

"Within commercial real estate, hotels that cater to business travel are a soft spot, and core city office space is a soft spot," Crowley said.