Is debt relief law available for businesses?

Yes, debt relief law is available for businesses in New Jersey. The Small Business Bankruptcy Reform Act of 2019 and the Small Business Reorganization Act of 2019 are two of the most important pieces of legislation related to debt relief for businesses. The Small Business Bankruptcy Reform Act of 2019 makes it easier for small businesses with up to $2.7 million in debt to reorganize and repay debt in a more manageable way. The Small Business Reorganization Act of 2019 also helps small businesses in New Jersey by allowing owners to create a repayment plan to repay creditors over a 3 to 5 year period. This can help small businesses keep their doors open while repaying their debt obligations. Additionally, Bankruptcy Code Chapter 11 is available for businesses to file for debt relief. Chapter 11 allows businesses to reorganize and restructure their debt, and can help businesses avoid liquidation. It’s important for small businesses in New Jersey to be aware of all the debt relief options available to them. Asking for professional advice can also be beneficial as it can help businesses develop a strategy to manage debt and focus on growth in the long term.

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Is debt relief law available for businesses?

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