Is your business struggling due to the current pandemic?
Are you a small business owner that has been affected by the increased minimum wage, the recent pandemic, or just a run of bad luck? Do you feel with a little assistance, you could right the ship and continue to grow and develop a successful business?
Your answer may lie in the new bankruptcy chapter directed at helping small businesses reorganize to escape financial distress.
In February 2020, the Small Business Reorganization Act of 2019 (SBRA) went into effect. It is intended to make bankruptcy a more attractive and realistic option for small businesses. Until now, small business bankruptcies have been too expensive and procedurally complicated for effective reorganizations. The new law is designed to address these issues and make small business bankruptcies quicker and less expensive.
If your business has total debt of not more than $2,725,625, this may be a great option for you. Contact Earl and Edwards for a free consultation.