Finding Financial Freedom For Your Small Business
As a small business, financial difficulty can be one of the most stressful situations you will face. Akin, Webster & Matson, P.C., has helped clients throughout Georgia who are facing financial trouble. We can analyze your case and discuss all of the possible options. We then will come up with the best solution for your needs. Together we can make informed decisions.
What Is Chapter 11, Subchapter V Bankruptcy?
The Small Business Reorganization Act (SBRA) was recently enacted to include Subchapter V in Chapter 11 of the bankruptcy code. A Subchapter V case gives small businesses and individuals a more streamlined and efficient process to reorganize their debts under Chapter 11. To qualify, the total debts of the small business or individual cannot exceed $7,500,000. This amount will decrease to $2,725,625 after March 27, 2021. At least 50% of the debt must have arisen from commercial or business activity. Our attorneys can assess your situation and determine if you meet the criteria.
If you are eligible to file a subchapter V bankruptcy, the debtor will file a plan to reorganize its debts within 90 days after the case is filed. You also must show that you will be capable of making payments under the proposed plan moving forward. Typically, a plan will last three to five years. It all depends on your specific circumstances. Our attorneys can help you come up with a plan that will work for you and get your business back on track.
Call Today To Learn More
Our attorneys have the experience and knowledge needed to provide you with the proper guidance you need. To schedule a consultation and discuss your bankruptcy case with one of our lawyers, call our office in Macon at 478-250-1522 today. You can also fill out our contact form.