Small Business Bankruptcy Attorneys in Tucson
If you're a small business owner in Tucson and are considering bankruptcy, it's important to understand the Small Business Reorganization Act (SBRA). This act provides specific guidelines for small businesses that file for bankruptcy. Here's what creditors need to know about the SBRA:
The SBRA allows small businesses to reorganize their debts under Chapter 11 of the bankruptcy code.
Small businesses are not allowed to liquidate their assets under the SBRA.
Creditors are not allowed to initiate or continue any legal proceedings against a small business during the reorganization process.
A small business is considered to be a company with 500 or fewer employees.
The SBRA was enacted in 2005 to help small businesses stay afloat during tough economic times.
If you're a creditor and are considering filing a claim against a small business that has filed for bankruptcy, it's important to contact an attorney who specializes in small business bankruptcies. The SBRA is a complex piece of legislation and requires specialized knowledge to navigate.
The Tucson small business bankruptcy attorneys at Eric Ollason can help you understand the SBRA and guide you through the bankruptcy process. Contact us today for a free consultation.
If you're a small business owner in Tucson and are considering bankruptcy, it's important to understand the Small Business Reorganization Act (SBRA). This act provides specific guidelines for small businesses that file for bankruptcy. Here's what creditors need to know about the SBRA:
The SBRA allows small businesses to reorganize their debts under Chapter 11 of the bankruptcy code.
Small businesses are not allowed to liquidate their assets under the SBRA.
Creditors are not allowed to initiate or continue any legal proceedings against a small business during the reorganization process.
A small business is considered to be a company with 500 or fewer employees.
The SBRA was enacted in 2005 to help small businesses stay afloat during tough economic times.
If you're a creditor and are considering filing a claim against a small business that has filed for bankruptcy, it's important to contact an attorney who specializes in small business bankruptcies. The SBRA is a complex piece of legislation and requires specialized knowledge to navigate.