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Business Bankruptcy

Call us today for a Free Consultation: (917) 673-3768

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The Law Office of Charles A. Higgs has represented businesses from a wide variety of industries in Chapter 11 Bankruptcy, including:

  • Real Estate

  • Tech

  • Taxicab

  • Medical

  • Food

  • Retail

  • Transportation; and

  • Construction.

Immediate Stay

The filing of a bankruptcy petition results in an immediate bankruptcy stay of most lawsuits and collection actions. Actions taken in violation of the bankruptcy stay are void and can result in sanctions being imposed against any creditor that violates the bankruptcy stay.

Restructure and Reduce Debts

Chapter 11 bankruptcy provides your business with breathing space and the opportunity to restructure and in some instances reduce debts through a Chapter 11 plan of reorganization.

Maintain Control of Your Business

Chapter 11 bankruptcy allows you to remain in control of your business and to continue operating the business during the Chapter 11 bankruptcy case.

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Subchapter V Bankruptcy

The Small Business Reorganization Act, which went into effect on February 19, 2020, added the option for small businesses to file bankruptcy under newly enacted Subchapter V of Chapter 11 of the Bankruptcy Code. Subchapter V provides small businesses with a number of benefits that were not previously available in Chapter 11 bankruptcy cases, including:

  • Allows equity owners to retain their interest in the business without paying creditors in full,

  • Allows a plan to be confirmed without the consent of any creditors,

  • No US Trustee Payments

  • A Subchapter V Trustee to help facilitate a plan of reorganization

  • Extending the time to pay certain administrative claims.

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