Bankruptcy Considerations For Small Business Owners

Chapter 7 liquidation use to be the only type of bankruptcy a small business could file for. If they wanted to remain in business they’d need to file for Chapter 11 protection and fill out a lot of paperwork. However, in 2019 Congress passed a Reorganization Act entitled Subchapter V. With Subchapter V bankruptcy is streamlined. A business will get a lot of benefits for filing Chapter 11 (e.g. the ability to restructure its loans). There also aren’t as many hoops there as exist for Read More +

Coronavirus And Small Business Bankruptcy

You can expect the coronavirus pandemic to shut down millions of small businesses in the upcoming months. A range of small business bankruptcies can be expected as more than 40% of the country’s small businesses are expected to shut down permanently in the next 6 months due to the coronavirus pandemic. This was indicated in a poll conducted by the U.S. Chamber of Commerce. Commercial bankruptcies began to show a rise in the first quarter of 2020. Many of the small business owners are waiting Read More +

Coronavirus And The Impending Small Business Bankruptcies

As the coronavirus spreads rapidly across the world, the Chinese and other country’s supply chain problems are not the only problem anymore. The CDC (Centers for Disease Control and Prevention) has asked for the suspension of the gathering of ten or more people in one place. Various stores, bars, and restaurants in the U.S. and other countries are closed for business. There may be a curfew in place shortly with other social distancing measures being enforced to slow down the spread of the virus. Some Read More +