New changes in the bankruptcy code allow small business to file for Chapter 11 reorganization under Subchapter V which is a streamlined process. Unlike the more cumbersome and expensive Chapter 11 for larger corporations, the new process is designed for small businesses.It is a reorganization to earn your way out of debt by paying only a percentage of what is owed to your unsecured creditors; break leases; and catch up on taxes and mortgage payments.
