Small Business Reorganization Act of 2019 (“SBRA”) will provide small business debtors, which include individuals with business debt, a cost effective and efficient way of reorganizing. It offers higher debt limits than a Chapter 13, cramdown plans without the need for a consenting class, eliminates the absolute priority rule, gives the debtor the sole right to propose a plan, creates an opening to modify first mortgages on homestead, and the oversight of a subchapter v (Sub V) trustee with the objective of facilitating consensual plans and getting the debtor in and out of bankruptcy as quick as possible without the crushing administrative costs!
12/4/2019
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