By Christopher R. Schmidgall | Published May 1, 2022 | Posted in Bankruptcy | Tagged Tags: Chapter 11, Small Business Reorganization Act, subchapter v | Leave a comment
In the past, small businesses in dire financial straits did not have a lot of options in filing for bankruptcy. A Chapter 7 bankruptcy usually meant going out of business. A traditional Chapter 11 reorganization, involving significant costs and fees and stringent oversight, was usually too expensive and cumbersome for smaller companies. However, the passage Read More
Read MoreThroughout the United States, the COVID-19 pandemic and other factors have contributed to more than 600 corporate bankruptcies during 2020. Retailers, energy suppliers and health-care providers faced particularly intense challenges, but nearly every sector of the economy has been hurt by the lockdowns, outbreaks and fears that have affected the country for most of the Read More
Read MoreEven if you’re collecting a steady paycheck, it’s very easy to fall behind on your bills, particularly if you’ve gone through a divorce, temporary job loss or medical problem. For many people in this situation, Chapter 13 bankruptcy provides a chance to stop creditor harassment and establish a fair debt repayment plan that allows them Read More
Read MoreWhen some people hear words like “bankruptcy” and “liquidation,” they immediately think of frightening scenarios where practically everything they own gets taken away as punishment for their debt problems. This is not the reality. Bankruptcy is not a penalty, but a legal process designed to help people and businesses overcome severe debt problems. This would Read More
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