Covid-19 - Impact on Business and Consumer Bankruptcy
The Federal Bankruptcy Courts are open and operating. My law practice is also open during the Covid-19 pandemic and I am available for consultation by phone or video conference to discuss your case and provide creative solutions to the unique problems created by the current level of economic uncertainty. Call now for prompt, efficient and effective representation during these unprecedented times of financial hardship.
The CARES Act signed into law by President Trump on March 27, 2020 made many exciting and important changes to the United States bankruptcy laws that are designed to help consumers and small business owners obtain relief from unmanageable debt related to the Corona virus.
One very important change enhances the ability of small business owners to benefit from new Subchapter V of Chapter 11 of the Bankruptcy Code, and achieve a quick and efficient reorganization at much lower cost, by increasing the debt limit for small businesses from $2,500,000.00 to $7,500,000.00. The benefits of reorganization under Chapter 11 will now be available for many more small businesses owners.
Another change to the bankruptcy laws excludes Covid related assistance received from the Federal Government from income which in turn may allow more individuals to seek relief under Chapter 7 and avoid repayment under Chapter 13.
Please contact Attorney Lassman should you have any questions about how these new Bankruptcy Laws can help you reduce the stress of excessive debt and achieve a fresh start.
COVID-19