California’s new homestead exemption limit allows more people to keep their homes in Chapter 7 Bankruptcy . A Chapter 7 is for consumers with limited assets or certain businesses that wish to liquidate or dissolve their operations. This chapter has a qualifying criteria for individuals (household income) and most debts are wiped out entirely. A…
Bankruptcy may help in keeping the business running and may provide for your debts to be repaid in a manner within your business income. Chapter 11 bankruptcy is intended primarily for the reorganization of businesses with heavy debt burdens, most often associated with corporations but available to small businesses and individuals as well. Chapter 11…
Obviously, keeping your small businesses afloat while financially suffering during this pandemic crisis is challenging. On March 27, 2020, the businesses have been promised relief under the CARES Act to secure PPP loans and perhaps other relief efforts. However, many small businesses are being denied the PPP loans, and little publicity has been forthcoming on…
The Small Business Reorganization Act (SBRA) streamlines the Bankruptcy Chapter 11 process for small businesses. This new tool helps small businesses reorganize their debts that is effective as of February 19, 2020. The Act creates a new Subchapter V under Chapter 11 of the Bankruptcy Code . The act is modeled after the expedited procedures used…