What is Sub-chapter 5
The Sub-chapter 5 of Chapter 11 Bankruptcy is a legal mechanism that allows companies and owners in financial duress to reorganize their finances and operations into a repayment plan that will allow for all debts to be paid, in part or in whole, to the creditors who are owed money. It allows the business to stay open, preserving jobs and contributing to the economy.
How does Sub-chapter 5 help small business owners?
For years, small business owners were limited to filling Chapter 7 bankruptcy due to the time, expense and complexity that a Chapter 11 bankruptcy filling involved. With the addition of Sub-chapter 5, the process has been streamlined, making it faster and far less expensive than a typical chapter 11 bankruptcy, keeping the owners in control of their business.
To qualify for Sub-Chapter 5 bankruptcy, the business must:
- Actively pursue business activities.
- Have 50% of the business debt come from business activities.
- Have non-contingent, liquidated debt of less than 3 million dollars.
Advantages of Sub-chapter 5
- Continued business operations: It allows the business to remain operational while developing a plan that will allow the business be profitable again.
- Quicker process: Sub-chapter 5 has less reporting requirements and fewer opportunities for creditors to disrupt the process. It’s also less expensive than a traditional chapter 11 bankruptcy.
- More time for debt repayment: The debt repayment plan can spread payments over 3 to 5 years, a longer repayment timeline than other bankruptcy options.
- Bankruptcy court can confirm a business organization plan without creditor approval: This goes a long way to speed up the process and ensure that small business is awarded a favorable reorganization plan.
- No disclosure statement required: under normal chapter 11, the business owner is required to disclose how your business functions and how can you repay your debtors; which can affect the privacy of your business. In a sub-chapter 5 case, no such disclosure statement is required.
- Payback of administrative expenses in installments: Traditional chapter 11 bankruptcy esquires immediate payment of all administration expenses, while sub-chapter 5 allows you to spread those payments across the repayment period.
If you think that you or your business can benefit from a restructuring bankruptcy, or are exploring other debt relief options, the office of Jon L. Martin is here to help. We’ve been helping individuals in Palm City and surrounding areas navigate debt relief and bankruptcy for over 20 years. Don’t wait until it’s too late—bankruptcy is not the end of your business, but the start of a happier, debt-free life.
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