Subchapter V bankruptcy was put into effect in February of 2020 amid the COVID-19 pandemic. While the subchapter was not created because of the pandemic its timing is nothing short of a blessing. Many small businesses need a quick bankruptcy solution and do not have the time to follow the traditional chapter 11 bankruptcy procedure. In this blog, we will discuss what subchapter V bankruptcy is, the filing process, the costs associated with it, how much time it takes to file, and its benefits.
Jennis Law has become the first law firm to confirm a Subchapter V Bankruptcy case here in the Middle District of Florida. Subchapter V Bankruptcies were put into effect in February of 2020 to streamline the bankruptcy process for small business debtors, and, to provide a more amicable forum with creditors.
Jennis Morse Etlinger has once again helped a debtor conclude a case. While they are based in Tampa, they have successfully resolved a case for a Panama City resident proving that locality is not a barrier to the resolution of a case. The community member who in this case was the debtor had a very complex bankruptcy case involving several