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Las Vegas Small Business Bankruptcy Lawyer

Bankruptcy

The Small Business Reorganization Act

In 2019, Congress passed the Small Business Reorganization Act ("SBRA"). It is intended to streamline the current bankruptcy procedures to help small businesses achieve restructuring.

Chapter 11 of the Bankruptcy Code is a complex system that allows businesses to reorganize their debts. However, it was intended for multi-million dollar companies, not mom and pop small businesses, despite containing several provisions specifically designed for small businesses. Chapter 11 bankruptcy contained many hurdles for the small business debtor, such as high costs, monitoring difficulties, and procedural roadblocks. The SBRA has been added to Chapter 11 as of February 2020, intending to help small business owners restructure debts, reduce liquidations, and maintain equity in the hands of the small business owners.

Key provisions of the small business reorganization act:

This means that you can keep your Las Vegas small business open, reorganize the business’ debts and keep your ownership. Basically, you’d be paying back all or a portion of your debts over a 3-5 year period. At the end of the Las Vegas bankruptcy case, any unpaid debt goes away.

If you have a business that is struggling and you’re not sure what to do, call us today for a free no-obligation consultation with a Las Vegas bankruptcy attorney to discuss your options.

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