Considering Business Bankruptcy?
You have options. Turn to our lawyers for the guidance you need on Chapter 11 bankruptcy or Subchapter 5 – a new type of bankruptcy that is more streamlined and affordable for small businesses.
Finding The Right Path Forward For Your Business
Running a successful business can be challenging in the best of times. For small businesses like restaurants and retailers, economic hardship makes it even more difficult to stay afloat.
The decision to close your doors isn’t easy. Nor is the decision to pursue bankruptcy – or to wade through the weighty concerns you may be facing. At the Brown Borkowski & Morrow, we can help you find the right path forward, whether that means Chapter 11 bankruptcy, Subchapter 5 bankruptcy or outside-the-box options for avoiding bankruptcy altogether.
Subchapter 5 Bankruptcy
The most well-known type of business bankruptcy – Chapter 11 – can be lengthy, complicated and expensive. It’s geared more toward corporations and businesses with large, complex debts.
A recent change to federal bankruptcy law created Subchapter 5 bankruptcy, a streamlined alternative for small businesses. It’s simpler and more cost-effective than Chapter 11.
There is a debt limit for businesses to qualify, however. Under the original law, that limit was $2.725 million. The CARES Act (Coronavirus Aid, Relief, and Economic Security) has temporarily raised that limit to $7.5 million, allowing more businesses to take advantage of this favorable bankruptcy option.
Time is limited to qualify for Subchapter 5 bankruptcy under the higher debt limit. Don’t wait to speak with a lawyer about this potential option.
Other Avenues For Debt Relief
As experienced business attorneys, we are committed to helping your business succeed. Our lawyers are skilled at finding alternative solutions to keep struggling businesses afloat. Perhaps that mean pursuing a lease amendment, a loan modification or other forms of debt relief. Each case is different, and you can rely on our team to put in the time and effort necessary to help you make the right decision.
Why Choose Us?
You deserve a firm in your corner that is:
- Experienced: We have been helping small-business clients with their legal needs since 1972.
- Successful: Getting the best outcome for our clients is the top goal of our attorneys.
- Responsive: We understand how challenging it can be to work with bankruptcy lawyers who never get back to you. Our firm is committed to always being there when you need us. Our team will always promptly answer your phone calls, questions and concerns.
Call 888-757-1681 now for a free and 100% confidential consultation with a knowledgeable business bankruptcy attorney.
Get Your FREE Case Review
Find Out Whether Business Bankruptcy Makes Sense For You.
Farmington Hills Office
37887 W 12 Mile Road
Farmington Hills, MI 48331
Farmington Hills, MI 48331