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Subchapter V

Subchapter V Attorney in Irvine, California

We Help Small Business Owners Settle Their Debt

The Small Business Reorganization Act of 2019 is a relatively new piece of legislation that adds Subchapter V to the United States Bankruptcy Code. What it does is allow small businesses to restructure their debt much as they would in Chapter 11 but benefit from a streamlined process.

Key provisions of Subchapter V include:

  • No disclosure statement is required
  • No formal committee of creditors needed
  • Creditors lack a formal vote to approve or reject a plan
  • A “fair and equitable” plan can be one that pays disposable income to a creditor during a three to five-year period
  • A Subchapter V trustee does not take control of debtor’s assets or control their business

If you’re a small business owner looking to relieve yourself from mounting debt, consider speaking with a Subchapter V attorney in Orange County about your options in this new bankruptcy process. At Financial Relief Law Center, APC, we are well versed in all bankruptcy matters regardless of how recent they may be. We can help your small business release all or most of its secured and unsecured debt by working on a personalized Subchapter V repayment plan for your company. 

How Does a Business Qualify for Subchapter V Bankruptcy?

If the provisions provided in Subchapter V sound like a promising prospect to ease your company through a Chapter 11-like type of bankruptcy, you may be wondering how you can qualify. As legislation was originally passed in August 2019, small business owners in Orange County with no greater than $2,725,625 of secured and unsecured debt could file for Subchapter V.

How the CARES Act Applies to Subchapter V

In response to a worldwide pandemic that began to affect the U.S. on a mass scale by early March 2020, state governments enacted stay-at-home orders that forced certain “non-essential” businesses to close or have their revenues impacted by a sharp decline in business.

Signed into law in late March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act provided economic relief that included an increase in the debt threshold for Subchapter V by nearly double. As a result, business owners exploring their options in Subchapter V bankruptcy can owe as much as $7.5 million to qualify until March 27, 2021.

Due to an anticipated increase in filings, however, it’s important to have a capable Subchapter V attorney who can help you move throughout the process by clearing as many hurdles as possible. Financial Relief Law Center, APC’s attorneys focus our firm on bankruptcy services of all kinds, and we are well versed in the Subchapter V process. We can walk you through each step so you can feel more confident that your chance of achieving the best possible result is secure.

Contact Us Today! schedule your free consultation

A member of our team will be in touch shortly to confirm your contact details or address questions you may have.

Contact Us for Small Business Debt Relief in Orange County

Saving your company and your livelihood can begin with a simple email or phone call you make today to Financial Relief Law Center, APC. We can arrange a free initial consultation for you so that you can have a chance to sit down with an attorney and discuss your situation and learn how we can offer a personalized approach to solving your company’s debt problems through Subchapter V.

Get the legal help you need now by contacting Financial Relief Law Center, APC online today!

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Hear From Our Happy Clients

At Financial Relief Law Center, APC, your satisfaction is our priority! See for yourself what our clients have to say about working with us.

    "Amanda Billyard provided top-notch service."
    They are knowledgeable, thorough, understanding, and humble. Talk about client care...Amanda Billyard stuck with me until she got results.
    - Judith T.
    "This firm is the best!"
    This firm is the best! The team is very efficient and the entire process took less than 3 months for my approval.
    image - Claudia G.
    "I would recommend this law center to anyone who is in need of financial relief!"
    I went to the financial law center in July 2018, I met with Darren DiMarco initially, then I met with Andy Warshaw. This law center helped me tremendously when I had nowhere else to turn!
    - Timothy W.
    "Look no further."
    I interviewed a couple of law firms and feel grateful and blessed for Financial Relief Law Center. Victor Ugarte is beyond amazing. Compassionate, empathetic, and very knowledgeable.
    image - Debora S.
    "Great loan modification service!"
    They all know what they are doing and they are very professional and very accurate! I saved almost $600 a month on my loan!
    - Max S.
    "My attorney Amanda and Victor are simply The BEST!!!"
    My case was handled in a professional manner, no judgment, and they were so FAST!!!
    image - Virginia J.

What Sets Us Apart?

As attorneys who routinely support consumers in potentially dire financial straits, we are empathetic and compassionate about what these problems mean to our clients. More importantly, we’ve grown to understand how important it is that we only deliver our best possible work so our clients’ chances of getting the best possible outcome are secured.

  • 30+ Years of Combined Legal Experience
    Our team of attorneys has extensive knowledge of bankruptcy and estate planning law, with over three decades of combined experience between them.
  • Solutions Fit for Your Unique Case
    No two individuals, or their cases, are ever identical. We seek to provide viable solutions that your unique case deserves.
  • Constant Client Communication
    You won't be out of the loop! We make sure all of our clients are up-to-date with the status of their case.
  • Free Consultations
    Why pay to have a conversation? Our phone, video and in-person consultations are 100% complimentary.