New Jersey bankruptcy attorneys Tag Archives

Published on: May 14, 2020

Bankruptcy Considerations During the Coronavirus (COV-19) Part 4: The Small Business Reorganization Act and Subchapter 5 Bankruptcy

As a result of the Coronavirus (COV-19), millions of small businesses have been forced to close their business operations entirely with seemingly no end in sight. small-business-300x200 Naturally, this has led to a spike in bankruptcy filings. However, many small businesses have held out hope for federal stimulus aid before deciding on whether bankruptcy is the right option for them.

The enactment of a new bankruptcy law, the Small Business Reorganization Act, may provide small businesses suffering from COV-19 related financial issues with relief. The purpose of the act was to make the benefits that larger business entities may take advantage of when filing for a Chapter 11 reorganization bankruptcy easier to access for smaller business entities seeking relief from debt without going out of business. The Act simplifies the process by allowing small businesses to file a Subchapter 5 bankruptcy reorganization.

Published on: April 13, 2020

Bankruptcy Considerations During the Coronavirus (COVID-19) Part 1: Chapter 11 Bankruptcy

by Robert Chewning, Esq.

The Coronavirus (COV-19) has had a negative impact on everyone physically, mentally, and financially. Businesses are no different. Small and medium sized businesses are especially vulnerable in these troubled times. They are faced with difficult decisions such as whether to temporarily lay off their employees or which bills to pay when little or no revenue is being received.

At McLaughlin & Nardi, LLC, we focus a portion of our practice on advising small and medium sized businesses when faced with these difficult financial decisions. When a business becomes overwhelmed and unable to meet its financial obligations, filing a Chapter 11 bankruptcy may be a great means to get the business back on track.

Published on: April 9, 2020

Bankruptcy Considerations During the Coronavirus (COV-19) Part 2: Chapter 13 Bankruptcy.

by Robert Chewning, Esq.

As a result of the Coronavirus (COV-19), the unemployment rate has increased rapidly and reports suggest that the unemployment rate may reach 30% in the country. This immediate loss of income for many individuals and families have left them unable to meet their continuing financial obligations such as paying for their mortgage, credit card bills, medical bills, etc.

If an individual or family is in a position where they are behind on their mortgage or other bills, filing a Chapter 13 bankruptcy may be good option for getting them back on track financially.

Published on: April 2, 2020

Bankruptcy Considerations During the Coronavirus (COV-19) Part 3: Chapter 7 Bankruptcy

by Robert Chewning, Esq.