in March (2020), a Bankruptcy Court in Michigan allowed a debtor who had filed for bankruptcy before the Small Business Reorganization Act of 2019 (SBRA) amendments, to proceed under Subchapter V of chapter 11. The judge’s opinion joins a growing set of decisions that hold that cases that are already proceeding in a “traditional” chapter
Small Business Reorganization Act Subchapter V of Chapter 11 Amendments For a period of one year from February, 2020, the CARES Act allows more small businesses to qualify as a debtor under the small business reorganization provisions of chapter 11 recently added by the SBRA. The Bankruptcy Code provides special rules and procedures for “small
In February, Access Entertainment Group LLC, Louisville, filed Chapter 11 bankruptcy. Chapter 11 allows a company to reorganize while continuing to operate. The company listed debts of almost $1 million and assets around $75,000 in the filing. It listed fewer than 50 creditors, the largest of whom is Dennis Jourdan of Indianapolis for more than
The first thing you should know is that you can do it yourself! The Bankruptcy Court even has a free guide to help you through it: Guide For Pro-Se Filers You can even watch some movies to get you comfortable: http://www.kywb.uscourts.gov/fpweb/bankruptcy_basics.htm It a lot of work, perhaps, but it can be done. Here is an
The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. Chapter 7, involves the discharge of certain debts without repayment. Chapter 13, involves a plan of repayment of debts over a period of years. Whether a person qualifies for Chapter 7 or Chapter 13 is in part determined by income.
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