Understanding How SBRA Or Subchapter 5 Aims To Help North Carolina Small Businesses

A few months ago, a new law – known as the Small Business Reorganization Act of 2019 (SBRA), or Subchapter V under Chapter 11 of the Bankruptcy Code – took effect. The law aims to help small businesses that wish to reorganize their debts under Chapter 11 bankruptcy. Although initially passed late last year, the SBRA provides timed relief for many in the wake of economic impacts of COVID-19.

Past Issues With Chapter 11 For Business Owners

In the past, Chapter 11 bankruptcy often failed for business owners looking to reorganize their debt. The costs, procedural requirements and hurdles associated with filing a Chapter 11 were simply too burdensome for business owners trying to stay afloat. Many business owners looking for relief simply couldn’t wait and were forced to convert their bankruptcy petition to a Chapter 7 liquidation plan, thereby closing their doors.

The new law is designed to streamline the process and shorten the time frame for relief, allowing many business owners to avoid dissolving their entities.

Help From Experienced Small-Business Bankruptcy Attorneys

If your business is struggling financially, we at Gillespie & Murphy, P.A., invite you to contact us to learn more about how the new law can help you.

Since 1991, our bankruptcy attorneys have assisted thousands of individuals and business owners located throughout Eastern North Carolina with debt relief through a variety of solutions, including Chapter 11 bankruptcy.

We can speak with you about your business, provide an honest evaluation and present you with options for your specific circumstances.

Learn More About How SBRA Could Help You – Contact Us Today

Find out how the new bankruptcy law can provide a lifeline to help your business obtain debt relief. Schedule a free consultation today with one of our experienced bankruptcy attorneys.

Call 252-210-4939 today. For your convenience, we offer over-the-phone consults. You can also reach us by email.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Selena M

15:00 27 Oct 23

Quick response time, informative, and kind! Overall feeling of a team that genuinely wants to help as the first priority. Allen Murphy was thorough and considerate.... greatly appreciative for his help! Highly recommend!

Michael K. Hovermale

14:42 25 Sep 23

In my experience once a situation reaches a level of needing to involve attorneys its become quite serious. I want an attorney that I feel confident in their abilities, and their true desire to get the best results with the most efficiency for me. I searched for weeks to find an attorney that could assist me when I discovered Mr Murphy. He was prompt, kind, knowledgeable and addressed things directly. I am extremely grateful for his expertise, demeanor, and expediency. If I ever find I need an attorney again he will be my first call.

Tamika Marshburn

07:05 30 Aug 23

Kimberly Davis

14:45 29 Aug 23

I was in a tough situation that needed to be resolved very quickly. I had a phone consultation with Mr. Allen Murphy, who was very kind and tactful, and got the ball rolling fast. Over the past few weeks, I have been working with his wonderful team. Everyone has been helpful and responded to my numerous questions in a timely manner. Much thanks and appreciation to Tammy Weems and Jenni McCormick, who have been working on my case and have been fast but thorough. I will gladly recommend them to anyone needing this type of assistance.

lonnie griffin

14:42 08 Aug 23

Working with Jaelah has been an absolute pleasure. She's been so helpful and responsive to my questions that she has made this process nearly painless and I am grateful to her and all the staff at Gillespie and Murphy for their professionalism and compassion.