The Small Business Reorganization Act of 2019
File Chapter 11 Via Subchapter V
Historically, large businesses and corporations have used Chapter 11 Bankruptcy to reorganize debt and set up a new financial business model. Because it is the most expensive form of bankruptcy, however, small business owners haven’t seen similar benefits. They have run into endless legal roadblocks and, ultimately, failed to create a repayment plan with creditors that allows them to continue running their business.
The Small Business Reorganization Act of 2019 addresses these obstacles. Effective on February 19, 2020, small business owners have exclusive access to Subchapter V of Chapter 11 Bankruptcy. It is tailored to their needs and limited resources, streamlining the entire process to help small businesses recalibrate their finances and achieve a new beginning.
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