Debt Relief Long Island | New York Debt Attorney Ronald D. Weiss, P.C.
My Business is Drowning in Debt! What Can I Do? If your business was badly hurt by the pandemic shut down, you may be able to reorganize your company’s debts under a special type of Chapter 11 bankruptcy . COVID Was Also a Small Business Disaster In New York, small businesses were hit hard when the state shut down for almost a year. While some service industries were able to pivot to working from home, small retail owners were left with no customers and growing bills. If you have reached the point where your business’s debts are becoming overwhelming, the right debt lawyer may be able to help. The Small Business Reorganization Act The Small Business Reorganization Act (SBRA) is a part of Chapter 11 bankruptcy (subchapter V) that was designed specifically to help smaller business. Like Chapter 11, SBRA allows small businesses keep their businesses open while reorganizing their company’s debts. Previously, to be able to be a part of an SBRA program, your business could be in no more tha...