Informational Webinars from our Members
As the Covid pandemic continues to upend our lives, small business owners – restaurants, retail stores, small manufacturers and the like – are wondering how they are going to salvage their businesses when society is ready to reopen. As a bankruptcy lawyer, I have already received several calls. My first response: Don’t Panic; Don’t Freak Out.
When you are ready to re-open, if you are way behind in paying your debts, you can seek bankruptcy relief under the Small Business Reorganization Act. Important points about the ACT:
- Allows business to reopen and continue operations.
- Applies to small businesses with debts of less than $7.5 million.
- Allows business to reorganize, reduce, re-amortize or eliminate debt.
- Extends tax debt repayment over a 5-year period.
- Allows business to get out of unaffordable contracts and leases.
To learn more about a Small Business Reorganization, view video conference and learn about how the Small Business Reorganization Act might be able to help. if you have questions, reach out to David B. Madoff MADOFF & KHOURY LLP Foxboro, MA 508-543-0040
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