Bankruptcy Lawyer Discusses New Chapter 11 Bankruptcy Subchapter V For Both Individuals and Small Businesses.
Help is available through the new small business Chapter 11 Bankruptcy Subchapter.
Effective February 19, 2020, a new Subchapter V of Chapter 11 Bankruptcy went into effect. This new chapter is part of the Small Business Reorganization Act (SBRA). The SBRA:
- Opens the door for both small business and individuals who were previously unable to file bankruptcy due to debt limitations and/or the high costs of filing for Chapter 11.
- Provides a significantly less expensive bankruptcy option with a streamlined legal process and timeline.
To see if you and/or your small business could benefit from Chapter 11, call me (Ralph A. Ferro, Jr., Esq. – Cell phone: 201-446-5904) to schedule a free consultation.
In the past, Chapter 11 Bankruptcies for Individuals and Small Businesses could be cost prohibitive. However, with the new Chapter 11 Subchapter V for individuals and small businesses, it is a very good bankruptcy option. Time to file and costs are affordable. Debt Limits have been increased.
I will personally meet with you and provide you with recommendations for your financial success.