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Small Businesses With Tax Problems Have Another Option

On Behalf of | May 28, 2020 | Firm News

If you have a small business facing tax problems, threats of levies or garnishments by the IRS or the GA Department of Revenue, you may have another new option to consider.  There is now a Subchapter 5 under Chapter 11 bankruptcy law that allows for a bankruptcy stay while you reorganized, that may allow you to keep your business open.  See Small Business Restructuring Act article – https://www.nytimes.com/article/small-business-bankruptcy-coronavirus.html.  This option is worth considering if you have creditors that refuse to cooperate in dealing with debts.