In the past five years, Congress implemented a popular bankruptcy law known as Subchapter V to help small businesses declare bankruptcy and continue operating. The aim of this program was to make it easier and more affordable for these businesses to shed debt and stay afloat. However, some critics argue that the law could potentially limit or restrict the rights of creditors.
To examine the impact of Subchapter V on small businesses and creditors, a task force at the American Bankruptcy Institute conducted a study. The future of the program is uncertain as certain pandemic-era modifications are set to expire this summer unless Congress takes action to extend them.
Despite concerns raised about its potential impact on creditors, Subchapter V has been seen as a valuable tool for small businesses facing financial challenges. As policymakers decide the future of the program, it will be important for them to carefully consider these issues and balance the need for debt relief with the rights of creditors.
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