Pearland Subchapter V Bankruptcy Attorneys: Highly Qualified Legal Guidance
Dealing with bankruptcy court and its associated laws can be overwhelming, but you need not face it alone.
At Byman & Associates PLLC, our Pearland Subchapter V bankruptcy attorneys help Texas business owners regain control of their financial landscape. Our experience as bankruptcy trustees has given us unique insight into how the process works. We can help you find a fresh start if you are struggling with business debt.
What Is Subchapter V In Bankruptcy?
The Small Business Reorganization Act of 2019 created Subchapter V of Chapter 11 bankruptcy to make the process accessible and affordable for small businesses.
Traditional Chapter 11 bankruptcy is often costly and time-consuming, but Subchapter V can streamline the process. It also allows small-business owners to reorganize their debts while their company remains open for business.
Essentially, Subchapter V offers Texas business owners a more manageable path to financial recovery.
Who Is Eligible For Subchapter V?
A business must meet specific criteria to qualify for this specialized form of bankruptcy, including:
- The company must be engaged in business or commercial activities.
- The total noncontingent, liquidated secured and unsecured debts must be less than $3,024,725.
- At least 50% of the debt must have arisen from the business’s commercial or business activities.
- The business must not be a single-asset real estate operation, as other bankruptcy options exist for these businesses.
If you can meet these criteria, Subchapter V could be the ideal solution for overcoming your financial challenges.
What Are The Benefits Of Subchapter V Bankruptcy?
Subchapter V bankruptcy offers several potential advantages. Here are some examples to consider:
- Streamlined process: Typically faster and less expensive than traditional Chapter 11
- Retention of control: Empowers business owners to retain control of operations while reorganizing debts
- Simplified approval: Potentially less red tape and procedural requirements for bankruptcy plan approval
- Reduced costs: Eliminates quarterly trustee fees, reducing overall costs
These and other possible benefits make Subchapter V an attractive option for small-business owners. It can be especially advantageous for those seeking an efficient and affordable way to address financial difficulties.
Call For A Free Initial Consultation
At Byman & Associates PLLC, we understand that every business-related financial situation is unique. As such, we offer free initial consultations to discuss your circumstances and legal options with no financial commitment. Call our Pearland business bankruptcy lawyers at 281-884-9768 for personalized support and unwavering dedication. You can also fill out our online contact form.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.