How a new bankruptcy law will help small businesses

The economy today remains strong, but we all know that’s not going to last forever. When the next downturn comes – and it will come – it’s inevitable that some small-business owners, for whatever reason, are going to face bankruptcy.

Deciding to declare bankruptcy is never an easy choice. But for a small-business owner, the decision is even harder. It’s true that today’s bankruptcy laws can give us the chance to take a breath, work out deals with our creditors, attempt a reorganization, and try to get back on our feet. Or – in extreme cases – liquidate. But unfortunately, these same laws have historically been expensive, complicated and favored larger organizations.

The good news is that’s about to change.

About a month ago, President Donald Trump signed a new law called the Small Business Reorganization Act of 2019, which will go into effect this February. Its impact on small businesses is expected to be significant.

Click here to read more of the Philadelphia Article by Gene Marks.

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