Sub Chapter V Attorney In Cherry Hill, New Jersey
What Is A Subchapter V Bankruptcy?
In 2019, Congress passed the Small Business Reorganization Act (SBRA) to create Subchapter V of the U.S. Bankruptcy Code, which aimed to reduce bankruptcy costs for debts of $2.7 million or less, becoming effective in February 2020. With the onset of the coronavirus pandemic, Congress expanded the debt threshold to $7.5 million as part of the CARES Act, thereby enabling not only small but also slightly larger businesses to manage their debts, many of which surged due to pandemic-related economic disruptions.
Navigating this complex process is crucial for any business, and it is one that you shouldn't undertake alone. Robert H. Johnson, a dedicated bankruptcy attorney based in New Jersey, is here to assist. With a strong commitment to securing favorable outcomes in Subchapter V proceedings, Robert ensures that your business will have the support it needs. Contact Robert H. Johnson to discover how he can guide you through this opportunity and help your business reorganize its debts effectively.
Contact Robert H. Johnson LLC to schedule a consultation with a lawyer today. 856-644-7929
How Can a Subchapter V Bankruptcy Help Me?
Subchapter V bankruptcies offer businesses a unique opportunity to manage debt efficiently over three to five years. In this time frame, your business can utilize its disposable income to repay creditors, creating a scenario beneficial for both parties. By extending the payment period, your company gains the ability to stagger total debt payments, while creditors receive a better recovery of their funds. Retaining control over your operations and assets is an advantage, as a third-party trustee collaborates with you to devise an equitable plan with your creditors, aiming for a positive outcome for everyone involved. Administrative expenses can also be spread over this time, increasing the likelihood of settling the entire amount smoothly. This process is more streamlined and typically less costly than traditional Chapter 11 procedures. If you believe this is the path to a fresh financial start, contact Robert H. Johnson in New Jersey to explore this opportunity further.
Discover If Subchapter V Is the Best Solution for Your Business
If your business in New Jersey has faced challenges due to the coronavirus pandemic or other circumstances, Subchapter V could provide a sense of direction and recovery. Meet with Robert H. Johnson, a dedicated bankruptcy attorney, to explore your available options. If pursuing a Subchapter V proceeding is the right path for you, Robert will support you every step of the way. Let him assist in steering your business forward, even in difficult times. Schedule an appointment with Robert H. Johnson today.
Disclaimer: We are a debt relief agency. We are attorneys who help people file for bankruptcy relief under the bankruptcy code.