New Small Business Bankruptcy Law Can Help A Struggling Business
Golan Christie Taglia’s Bankruptcy and Reorganization Practice Group regularly saves small to medium size restaurants, retail and manufacturing businesses from closing their doors.
In February 2020, the Chapter 11 bankruptcy law was amended to include Subchapter V for small businesses. Subchapter V stays debt collection activity while the business proposes a plan of reorganization. The plan can be designed to reduce prepetition debt and free up funds for future operations.
Subchapter V streamlines the bankruptcy reorganization process for businesses whose total debt falls under $2,725,625. Last year, the CARES Act increased the total debt ceiling to $7,500,000 for a finite time.
Our Bankruptcy and Reorganization Practice Group has been a trusted advisor to small businesses for decades. In these unprecedented times, we are also using the new Small Business Reorganization Act to help businesses see the light at the end of the tunnel.
To find out if Subchapter V can help save your restaurant, retail or manufacturing businesses, we offer a free, no-obligation initial consultation. To set up your meeting, contact Robert Benjamin at firstname.lastname@example.org or 312-696-1220.