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The Bankruptcy StrategistFeaturesBankruptcyLitigationRegulation

The Small Business Reorganization Act: A New Bankruptcy Law for Small Businesses

By Zach Shelomith

A Chapter 11 bankruptcy is not an easy process. While it can provide breathing room to negotiate with creditors and allow businesses a chance to continue operating, it is expensive, complicated and typically favors larger companies. The advantages of Chapter 11 bankruptcy are oftentimes unavailable to small businesses and its owners. The substantial disclosure and reporting requirements alone scare off many potential debtors.

Those small businesses who have taken the plunge and filed Chapter 11 bankruptcy have found success to be elusive. According to a recent study, of the small business debtors that have filed Chapter 11 bankruptcy from 2008 to 2015, only around 27% of those companies successfully confirmed a reorganization plan.

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