Small Business Reorganization
Solving Small Business Debt Problems
Owning and operating a small business can have many challenges. Some challenges are rewarding, but others may feel overwhelming. If you cannot pay your bills, it might be time to talk to a lawyer about your debt payment options. Many businesses go through ups and downs, and financial problems, including the need for bankruptcy, are a normal part of business.
Options Under The Small Business Reorganization Act (SBRA)
In the past, small businesses had to choose between two bankruptcy options that were drastically different. You could file for Chapter 7, which requires liquidating all of your assets and closing your business. Or, you could file for Chapter 11, which is complicated and expensive, and designed more for large companies. In 2019, Congress passed the SBRA as Subchapter V of Chapter 11 bankruptcy. This act allows smaller businesses the opportunity to restructure debt in a simplified way without having to liquidate everything and retain existing ownership of the business.
Helping You Through The Restructuring Process
Bankruptcy restructuring may allow you to prevent your debt from continuing its downward spiral. You may have more options than you think for managing your debt. Throughout the process, Skolnick Legal Group, P.C., will:
- Negotiate with principal creditors
- File your bankruptcy petition, with all required documents
- Draft and file disclosure statements
- File reorganization plans
- Modify reorganization plans
- Negotiate payments, interest rates and loan forgiveness at certain milestones
- Decide whether to sell assets
- File motions and represent you during all proceedings
- Represent you in adversary proceedings
- Help you avoid foreclosure
We will guide you through every step of the process, explaining all your options so you can make informed decisions regarding your business’s future.
Allow Us To Help You
You have options to keep your business running. To schedule your consultation, call one of our three locations or send us an email.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
