In New Jersey, Chapter 11 bankruptcy is for those who want to get out of debt without liquidation. Chapter 11 allows business owners to keep their company in operation, which enables them to earn long-term revenue and pay debts more efficiently. If your business has been struggling as a result of COVID-19, you should consider a Subchapter V Bankruptcy.
Subchapter V Bankruptcy
Subchapter V is focused on helping local small businesses throughout North Jersey find debt relief. It helps organizations speed up and reduce the costs of filing bankruptcy reorganization under Chapter 11. There are multiple criteria required to file a Subchapter V, for example, your total secured and unsecured debt must not exceed $2,725.625.