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New bankruptcy code provides 'fast pass' for small businesses

Traditionally, businesses filed for Chapter 11 bankruptcy to reorganize during tough times. While Chapter 11 can give businesses a chance to get back on their feet, it doesn't come without flaws. With expensive filing costs and crippling reporting burdens, small businesses aren't always able to make it out on top. However, the Small Business Reorganization Act of 2019 (SBRA), could grant these entities a bankruptcy fast pass, allowing them to continue operations amid economic turbulence.

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Schwartz Law Firm
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