Sub Chapter V

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Sub Chapter V Bankruptcy Attorney In Ocean Springs, Mississippi

What Is A Subchapter V Bankruptcy?

In 2019, the Small Business Reorganization Act (SBRA) came into existence, creating Subchapter V of the U.S. Bankruptcy Code. This legislation significantly lessened the financial burden on businesses grappling with debts of $2.7 million or less. By February 2020, this law was in full effect. However, in the wake of the coronavirus pandemic, Congress decided upon a further expansion of the debt threshold to $7.5 million through the CARES Act. This groundbreaking amendment paved the way for not just small businesses but also medium-sized enterprises to sort out their growing debts, which were largely due to the enforced lockdowns during the pandemic. This is undeniably a solid opportunity for businesses, but the procedure can be intricate and demanding.


That's why at Sheehan & Ramsey in Mississippi, we're here for you. Our seasoned bankruptcy attorneys boast a high success rate in safeguarding affirmative results for our clients under Subchapter V cases. Get in touch with us to discover how we can assist you in your journey.

When you need debt relief, contact Sheehan & Ramsey for a bankruptcy lawyer near you. Call 228-400-7075 today for help finding the right bankruptcy options during a FREE consultation.

How Can a Subchapter V Bankruptcy Help Me?

Subchapter V bankruptcies offered by Sheehan & Ramsey in Mississippi provides the opportunity for your business to balance your debt over a span of three to five years. In this timeframe, it's necessary to allocate your company’s disposable income towards settling debts with your creditors. This arrangement benefits both you and your creditors—your debt payments are spread over more time, and your creditors receive a higher repayment amount. You stay in control of your operational activities and assets, with the added advantage of a third-party trustee guiding you to formulate a just plan with your creditors, aimed towards the best possible outcome for all involved parties.


Moreover, your administrative expenses can be distributed throughout the payment duration, increasing your likelihood of fully paying off the amount over time. This process is smoother, more efficient, and typically costs much less than a conventional Chapter 11 bankruptcy. If this approach to debt repayment and a fresh start appeals to you, don't hesitate to connect with one of our Subchapter V attorneys at Sheehan & Ramsey in Mississippi today.

Discover If Subchapter V Is the Best Solution for Your Business

If your business in Mississippi has been adversely affected by the current coronavirus pandemic or any other unexpected circumstance, a Subchapter V presents a ray of hope for your financial future. At Sheehan & Ramsey, we fully understand the challenges that you are facing, and we are ready to offer solid legal guidance tailored to your unique situation. If a Subchapter V proceeding ultimately serves your interests best, we will provide unwavering support throughout the process, ensuring that your business has the tools and resources it needs to keep moving forward, even in the most challenging of situations.


Our dedicated team is here to help you navigate this complex legal landscape with confidence. Schedule a meeting with one of our competent bankruptcy attorneys at Sheehan & Ramsey today, and take the first step toward regaining financial stability and peace of mind.

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Disclaimer: We are a debt relief agency. We are attorneys who help people file for bankruptcy relief under the bankruptcy code.

Have Questions?

Call Sheehan & Ramsey at 228-400-7075 today to speak to an attorney.

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