Are you a small business owner looking to reorganize your business and alleviate debts? Chapter 11 bankruptcy may be what you need to help you with your financial challenges. Here at H. Lehman Franklin, P.C., our bankruptcy lawyers are providing Georgia residents the debt relief they need to help their business get back on its feet.
To learn about the details of Chapter 11 bankruptcy and how to get started in the debt relief process, let us be your guide. We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code. We provide federal debt restructuring help.
How Does Chapter 11 Bankruptcy Help Georgia Small Businesses?
The central goal of Chapter 11 bankruptcy is to reorganize a small business in order to help it repay debts. By reorganizing debts and formulating a plan to smoothly repay them, you can start on the path to overcoming financial hardships.
This often can be a lengthy process of searching through the financial history of your business to determine an effective debt repayment plan. Luckily, you have our team of bankruptcy attorneys here to help you. H. Lehman Franklin, Jr., and Kim Ward bring years of experience in bankruptcy law, so they can handle the legalese for you.
What is the Small Business Reorganization Act?
Small business owners will be happy to learn that debt relief is made simpler with the Small Business Reorganization Act (SBRA). Thanks to this Act, you’ll find a new subchapter V within Chapter 11 that aims to make it easier for smaller companies and businesses to file for bankruptcy while staying in operation.
Certain SBRA changes were enacted recently in response to the COVID-19 pandemic. Under the CARES Act, the debt limit under the SBRA was increased from approximately $2.7 million to $7.5 million for a limited period of time. The goal was to ensure that even more small business owners will be eligible for the substantial benefits of the SBRA and can maintain control of their business during times of financial hardship.
In the past, Chapter 11 bankruptcy was often focused on large businesses or consumer debtors with many assets. While Chapter 11 certainly is still available to large businesses and consumer debtors, with the new subchapter V provisions, Chapter 11 bankruptcy is more accessible to small business owners thanks to a more streamlined filing and approval process. It can apply to both individuals and corporations.
With the Small Business Reorganization Act, small businesses can retain control over their business without having many of the difficult requirements normally seen in Chapter 11 bankruptcy. The result is that small business owners can keep the businesses they have worked hard to build while still gaining the debt relief they seek.
How Does Chapter 11 Bankruptcy Apply to Me?
Chapter 11 bankruptcy is for businesses and individuals with lots of debts and assets to consider. If you own a business, or if perhaps you are a landlord looking to maintain control of your rental properties while finding financial relief, this bankruptcy chapter is for you.
We can help you analyze your business and determine what type of Chapter 11 you may be eligible to file, and if you are eligible for the SBRA, or help you decide if another bankruptcy chapter might work better for you or your business.
Why File for Bankruptcy?
If your debts are becoming more than you can handle, bankruptcy can be a great option to get you back on your feet. Life happens, and that’s okay—that’s why bankruptcy is available to help you find debt relief through legal means. Bankruptcy also helps to keep collections agencies from contacting you, so your life can get back to normal.
File for Chapter 11 Bankruptcy with Our Georgia Attorneys
We understand that you’ve worked hard to build your business, and with the Small Business Reorganization Act and Chapter 11 bankruptcy, we can help you find debt relief. If you’re looking to start the debt relief process, schedule a free consultation with H. Lehman Franklin, P.C. today!