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A Fresh Start For Small Businesses

Small business help is on the way. Earlier this month the Small Business Reorganization Act was passed and signed into law. This law makes it easier, faster, and cheaper for small businesses to reorganize under the bankruptcy code. With these new tools more businesses will qualify for a fresh start. A few key points of the new law are:

  1. A mortgage on a principal residence can be modified, if the funds from the mortgage were used in connection with the Debtor's business;
  2. A Plan is to be filed within 90 days of filing; and
  3. The Debtor does not need the support of any class of creditors.

If you think your business could benefit from a fresh start from its debt, do not hesitate to contact our office. Chapter 11 bankruptcy allows for your business to remain open and modify your existing debt obligations and obtain advantageous repayment terms with your creditors. It is important to have a knowledgeable team fighting for you and your business while making important financial decisions. Our team of attorneys and accountants can provide you with personalized debt solutions to your questions. Our team can help your business with three convenient office locations in Greensburg, Latrobe, or Johnstown. We represent clients all over Western Pennsylvania. Our team has been helping small businesses in Western Pennsylvania since 1985.

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Bononi & Company, P.C.
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