NEW SUBCHAPTER V OF CHAPTER 11 BANKRUPTCY
For Both Individuals and Business Entities:
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.
I will personally meet with you and provide you with recommendations for your financial success.