What is a Chapter 11(v) Bankruptcy?

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In the new year, businesses in debt will have new options to help keep the doors open and get debt relief. Last month, President Trump signed a bi-partisan bill into law that amends Chapter 11 of the bankruptcy code to allow businesses with less than $2.7 million in debt to file a special reorganization plan, which will be known as a Chapter 11(V). Until now, a business’s only option was to file either a regular Chapter 11, which can be costly, or file a more affordable Chapter 7, which requires them to close up shop.
A Chapter 11(V) is a more affordable solution because the bankruptcy estate is administered by a standing trustee, similar to a consumer Chapter 13 case. Additionally, there is no creditors’ committee, which makes the case less complex. The new law takes effect in February 2020.

Michael A. Cibik, Esquire

Michael A. Cibik is a partner at the Philadelphia law firm of Cibik & Cataldo, P.C. He is one of the few bankruptcy attorneys in the Philadelphia area certified by the American Bankruptcy Board.

If you or someone you know is having financial problems, stop worrying and call Michael at (215) 735-1060 for a free consultation.

The post What is a Chapter 11(v) Bankruptcy? appeared first on Philadelphia Bankruptcy Lawyers.

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Cibik & Cataldo
1500 Walnut Street Suite 900
Philadelphia, PA 19102
(215) 735-1060
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Published by cibikandcataldobankruptcy

Cibik & Cataldo, a Philadelphia bankruptcy law firm, has provided superior, cost-efficient, and value-oriented legal services in a compassionate and respectful manner to thousands of clients. The Philadelphia law firm concentrates solely on consumer and business bankruptcy matters. Debt consolidation attorneys Michael A. Cibik, Esq. and Michael A. Cataldo, Esq. are both certified by the American Bankruptcy Certification Board and have filed well in excess of 20,000 personal bankruptcies. ABC Certification provides an objective standard that assists the public in making informed decisions when choosing counsel. Additionally, ABC certification encourages attorneys to strive toward excellence and recognizes those attorneys who have met ABC’s rigorous standards. Business Hours Monday - Friday 9am-5pm Cibik & Cataldo 1500 Walnut St Suite 900 Philadelphia, PA 19102 (215) 735-1060

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