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As the impacts of the pandemic continue to wreak havoc across businesses across all industries, the hardest hit businesses have been front-line industries such as those in hospitality and lodging. As the economy continues to cause future uncertainty, many businesses have begun to consider all their options, including the possibility of bankruptcy. Bankruptcy is a…
Back in Phase II, we spoke of the roller coaster leaving the station and beginning the slow climb up the first incline. At this point, you have filed your petition, and the Automatic Stay is in place — you’ve reached the top of the incline. Seemingly without warning, you are careening downward toward the earth,…
Chapter 7 Bankruptcy is a liquidation, meaning your available assets will be used to satisfy creditor claims. However, getting to that endpoint is not a straight line. The path is slightly different for individuals and businesses. You submitted your schedules to the court, and now the automatic stay is in place. The next step is…
Bankruptcy is an intimidating process that involves great consideration and care. With the recent expansion of the Bankruptcy Code, to include Subchapter V to Chapter 11, under the SBRA and expanded under the CARES Act, small business owners find themselves with a new opportunity to emerge from financial hardship instead of facing liquidation. While the…
Answering your questions related to Subchapter V of Chapter 11 Bankruptcy Code: The Small Business Reform Act (SBRA) and the recent CARES Act contains bankruptcy-related provisions that should provide relief to small businesses seeking bankruptcy protection. These provisions exist in Subchapter V, a new code section under Chapter 11 Bankruptcy. This new option’s design helps…
Either of these events is traumatic enough; together bankruptcy and divorce can be overwhelming. Certainly one of the primary drivers of divorce is financial issues. When confronted by unresolved and mounting financial obligations and the prospect of terminating a marriage, there are several decisions that must be made that have a direct impact on the…
