New Bankruptcy Law Could Save Your Small Business: Here's What You Need to Know
Are you a small business owner who is in trouble due to the shifting tides of the pandemic? If so, we want to make sure you know all of your options, like bankruptcy.
This February, before the economic decline, Congress enacted the Small Business Reorganization Act (SBRA). The SBRA, commonly referred to as Subchapter V, was put in place to encourage small businesses to use Chapter 11 more frequently by making the process much more streamlined and favorable for business owners.
Listen in as we chat with expert James Sivco at Molten Layer, covering everything you need to know about the new bankruptcy law. He answers some important questions that you may have like why is this a more favorable option for business owners during the COVID-19 era, when would this start to affect an owner's personal credit or assets, and how can a business owner know that it's time to start these procedures.
As always, MGA is here to bring new insights that may help you in this new world and provide resources to assist in all aspects of your business.
We are here to make the complex simple.
Disclaimer: Neither MGA nor Molten Layer is a law firm. Please seek legal advice prior to implementing any strategies.