Important to both Chapter 7 and Chapter 13 bankruptcies are “monthly income” and the amount of “disposable income” one has on hand. For many people living through the Coronavirus pandemic, those figures may have changed drastically in the last few months. And, while many may not have previously passed the Means Test in qualifying for bankruptcy, they may now.
The Small Business Reorganization Act (SBRA) made small businesses with under $2.7 million in debt eligible for debt restructuring.
If your business is currently facing financial difficulties that it cannot handle on its own, it may be time to consult a corporate bankruptcy lawyer. While bankruptcy will have a significant impact on your business, it may be the only way to move forward.
If you have overwhelming debt or financial obligations, it may be time to file bankruptcy. If you’re not sure how to file for bankruptcy or whether it’s right for you, a personal bankruptcy lawyer can help you.
You have probably heard the term “Chapter 11 bankruptcy” in the news referring to large companies in financial trouble. Here’s what you need to know about how to qualify for Chapter 11 bankruptcy, what it entails, and what it means for the future of a business that files for it.
The decision to file for bankruptcy is a major one for both individuals and businesses. While bankruptcy can ultimately be a beneficial option in some situations, any record of a bankruptcy filing could have implications for your financial future as a private individual or business owner.