Bankruptcy / Debtor-Creditor / COVID-19 – Coronavirus Issues
The attorneys at Catafago Fini LLP have decades of experience dealing with bankruptcy and debtor-creditor litigation, negotiations and settlement. Our attorneys have clerked for bankruptcy courts and federal courts, and have helped shaped the law in these areas for decades.
The COVID-19 – Coronavirus pandemic makes it especially important for businesses and individuals to have experienced attorneys guiding them through this challenging environment. New bankruptcy laws are being passed to ensure that businesses will survive this challenge, and individuals will be able to reduce or eliminate debt so that they can protect their families.
Businesses and individuals must now immediately assess all their options, including:
- Businesses and individuals must now immediately assess the option of bankruptcy protection. Bankruptcy courts have the power to lower or eliminate debt.
- The Coronavirus Aid, Relief, and Economic Security (CARES) Act was recently signed into law, implementing broad relief for individuals and businesses affected by COVID-19. One of the sections of the CARES Act receiving less attention is a temporary amendment to the Bankruptcy Code to provide streamlined reorganization procedures for businesses with debt of less than $7.5 million.
- Bankruptcy courts have the power to allow reduced debt to be paid over longer amounts of time, to allow businesses and individuals to ride the storm and manage their debts and assets as the Coronavirus crises subsides.
- For example, a Chapter 11 bankruptcy allows businesses to reduce or eliminate debt, and thus allow businesses to survive and emerge as the pandemic is defeated.
- Every tenant and landlord needs experienced litigators and bankruptcy counsel to deal with the immediate issues they are confronted with, including bankruptcy, litigation, negotiations for reduced rent, settlements, and government assistance.
Call Catafago Fini LLP today for a free consultation. 1-212-239-9669.
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