{"id":5834,"date":"2022-10-07T06:56:43","date_gmt":"2022-10-07T11:56:43","guid":{"rendered":"https:\/\/sheppardlawoffices.com\/?page_id=5834"},"modified":"2023-11-16T10:08:29","modified_gmt":"2023-11-16T15:08:29","slug":"subchapter-5-bankruptcy","status":"publish","type":"page","link":"https:\/\/sheppardlawoffices.com\/bankruptcy\/subchapter-5-bankruptcy\/","title":{"rendered":"Subchapter 5 Bankruptcy in Columbus, OH"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"5834\" class=\"elementor elementor-5834\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-18493be elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"18493be\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4aa2157\" data-id=\"4aa2157\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-be1a1d4 elementor-widget elementor-widget-heading\" data-id=\"be1a1d4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 30-04-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Subchapter 5 Bankruptcy Attorney in Columbus, Ohio\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c6f9d05 elementor-widget elementor-widget-text-editor\" data-id=\"c6f9d05\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 30-04-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><span style=\"font-weight: 400;\">Are you a business owner burdened with debt and considering filing for <\/span><a href=\"https:\/\/sheppardlawoffices.com\/bankruptcy\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">bankruptcy, <\/span><\/a><span style=\"font-weight: 400;\">but your options are limited?<\/span><\/p><p><span style=\"font-weight: 400;\">Chapter 11 bankruptcy protection can be a source of relief for companies experiencing severe financial troubles and having accumulated significant debt. However, several financially struggling small businesses cannot utilize Chapter 11 in the same way that financially-challenged large companies could because the process is too expensive, too time-consuming, or simply not practical.<\/span><\/p><p><span style=\"font-weight: 400;\">Small <a href=\"\/mount-vernon\/\">firms who wish to file for bankruptcy<\/a> now have access to a new alternative that is more flexible than previous ones. If you are interested to find out how you can achieve <\/span><a href=\"https:\/\/sheppardlawoffices.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">financial relief for your small business<\/span><\/a><span style=\"font-weight: 400;\">, get in touch with our qualified subchapter 5 bankruptcy attorney in Columbus, OH, immediately!<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bf96d6e elementor-widget elementor-widget-heading\" data-id=\"bf96d6e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Why do I need a Subchapter 5 Bankruptcy Lawyer in Ohio?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9a231a0 elementor-widget elementor-widget-text-editor\" data-id=\"9a231a0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">You are not necessarily required to hire an attorney to file for a bankruptcy petition. But with the complexity of the bankruptcy process and the frequently high stakes involved, it is in your best interest to seek advice from an experienced subchapter 5 bankruptcy attorney in <a href=\"\/columbus\/\">Columbus<\/a>, OH.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Sheppard Law Offices have successfully handled all types of bankruptcy cases and know how to place you on the best path to achieving financial relief. We know bankruptcy law and how it can be applied to your case!<\/span><\/p><p><span style=\"font-weight: 400;\">We can guide and assist you with the following:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Account for all of your income and liabilities\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Create an effective repayment plan<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">File all your paperwork within the given timeframe<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Negotiate with your creditors on your behalf\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Represent you in all legal bankruptcy proceedings\u00a0<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">We can assist you and your company in getting back on your feet and receiving a fresh start. Contact us immediately and discover how our capable subchapter 5 bankruptcy attorney in Columbus can be your best help. <\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1dd219b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1dd219b\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-d90a345\" data-id=\"d90a345\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-573db72 elementor-widget elementor-widget-text-editor\" data-id=\"573db72\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tCall Sheppard Law Offices today for more information on bankruptcy\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-4974fd8\" data-id=\"4974fd8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4d903ca elementor-widget__width-auto elementor-align-left elementor-tablet-align-center elementor-widget elementor-widget-button\" data-id=\"4d903ca\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"tel:(614)%20523-3106\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon elementor-align-icon-left\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-phone-alt\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">(614) 523-3106<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b9bb946 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b9bb946\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-21eba43\" data-id=\"21eba43\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ef8dbee elementor-widget elementor-widget-heading\" data-id=\"ef8dbee\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is Subchapter 5 Bankruptcy?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ea2c064 elementor-widget elementor-widget-text-editor\" data-id=\"ea2c064\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignright wp-image-5839 size-full\" title=\"subchapter 5 bankruptcy attorney columbus, oh\" src=\"https:\/\/sheppardlawoffices.com\/wp-content\/uploads\/2022\/11\/subchapter-5-bankruptcy-attorney-columbus-oh.webp\" alt=\"subchapter 5 bankruptcy attorney columbus, oh\" width=\"400\" height=\"300\" srcset=\"https:\/\/sheppardlawoffices.com\/wp-content\/uploads\/2022\/11\/subchapter-5-bankruptcy-attorney-columbus-oh.webp 400w, https:\/\/sheppardlawoffices.com\/wp-content\/uploads\/2022\/11\/subchapter-5-bankruptcy-attorney-columbus-oh-300x225.webp 300w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/> Subchapter 5 bankruptcy is a type of bankruptcy that falls under Chapter 11 of the <\/span><a href=\"https:\/\/uscode.house.gov\/view.xhtml?path=\/prelim@title11\/chapter11\/subchapter5&amp;edition=prelim\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">United States Bankruptcy Code<\/span><\/a><span style=\"font-weight: 400;\">. Chapter 11 bankruptcy is frequently referred to as &#8220;reorganization&#8221; bankruptcy. In 2019, subchapter 5 was created to the code to increase small businesses&#8217; access to reorganization bankruptcy.<\/span><\/p><p><span style=\"font-weight: 400;\">Under Subchapter 5 bankruptcy, small business owners can reorganize debt and set a plan to repay the remaining debt without ceasing operations. One of the most frequently mentioned characteristics of a Subchapter 5 bankruptcy is the possibility of the business owner eliminating unsecured debt through the plan.<\/span><\/p><p><span style=\"font-weight: 400;\">Suppose your business is struggling and your last option is to file for Chapter 11 bankruptcy under subchapter 5. In that case, it is in your best interest to seek legal assistance from a credible subchapter 5 bankruptcy attorney in Columbus, OH.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-abcc6b1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"abcc6b1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e566e64\" data-id=\"e566e64\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-29efc0c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"29efc0c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-d16b2a3\" data-id=\"d16b2a3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-723a931 elementor-widget elementor-widget-image\" data-id=\"723a931\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 30-04-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t<a href=\"\/locations\/columbus\/\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"956\" src=\"https:\/\/sheppardlawoffices.com\/wp-content\/uploads\/2020\/01\/Contact-Sheppard-Law-Columbus-Ohio.jpg\" class=\"attachment-large size-large wp-image-1398\" alt=\"\" srcset=\"https:\/\/sheppardlawoffices.com\/wp-content\/uploads\/2020\/01\/Contact-Sheppard-Law-Columbus-Ohio.jpg 800w, https:\/\/sheppardlawoffices.com\/wp-content\/uploads\/2020\/01\/Contact-Sheppard-Law-Columbus-Ohio-251x300.jpg 251w, https:\/\/sheppardlawoffices.com\/wp-content\/uploads\/2020\/01\/Contact-Sheppard-Law-Columbus-Ohio-768x918.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-317d332\" data-id=\"317d332\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7d44de7 elementor-widget elementor-widget-image\" data-id=\"7d44de7\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"\/locations\/newark\/\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"956\" src=\"https:\/\/sheppardlawoffices.com\/wp-content\/uploads\/2020\/01\/Contact-Sheppard-Law-Newark-Ohio.jpg\" class=\"attachment-large size-large wp-image-1400\" alt=\"\" srcset=\"https:\/\/sheppardlawoffices.com\/wp-content\/uploads\/2020\/01\/Contact-Sheppard-Law-Newark-Ohio.jpg 800w, https:\/\/sheppardlawoffices.com\/wp-content\/uploads\/2020\/01\/Contact-Sheppard-Law-Newark-Ohio-251x300.jpg 251w, https:\/\/sheppardlawoffices.com\/wp-content\/uploads\/2020\/01\/Contact-Sheppard-Law-Newark-Ohio-768x918.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-c7fd442\" data-id=\"c7fd442\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e785974 elementor-widget elementor-widget-image\" data-id=\"e785974\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"\/locations\/mount-vernon\/\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"956\" src=\"https:\/\/sheppardlawoffices.com\/wp-content\/uploads\/2020\/01\/Contact-Sheppard-Law-Mt-Vernon-Ohio.jpg\" class=\"attachment-large size-large wp-image-1399\" alt=\"\" srcset=\"https:\/\/sheppardlawoffices.com\/wp-content\/uploads\/2020\/01\/Contact-Sheppard-Law-Mt-Vernon-Ohio.jpg 800w, https:\/\/sheppardlawoffices.com\/wp-content\/uploads\/2020\/01\/Contact-Sheppard-Law-Mt-Vernon-Ohio-251x300.jpg 251w, https:\/\/sheppardlawoffices.com\/wp-content\/uploads\/2020\/01\/Contact-Sheppard-Law-Mt-Vernon-Ohio-768x918.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-45a7d4d elementor-widget elementor-widget-heading\" data-id=\"45a7d4d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is the Difference Between Subchapter 5 and Regular Chapter 11 Bankruptcy?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cfb92b3 elementor-widget elementor-widget-text-editor\" data-id=\"cfb92b3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The most significant difference between a standard Chapter 11 bankruptcy and a Subchapter 5 bankruptcy is <\/span><b>complexity and control.<\/b><\/p><p><span style=\"font-weight: 400;\">A Subchapter 5 business bankruptcy is <\/span><b>less expensive and more streamlined <\/b><span style=\"font-weight: 400;\">than a typical Chapter 11 bankruptcy. Furthermore, a Subchapter 5 bankruptcy places the business owners in the helm, as they keep their equity, retain control, and are the only party who can submit a debt restructuring plan.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d9b5b5 elementor-widget elementor-widget-heading\" data-id=\"4d9b5b5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How Does Subchapter 5 Bankruptcy Work?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-06c2305 elementor-widget elementor-widget-text-editor\" data-id=\"06c2305\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Before you consider filing for subchapter 5 bankruptcy, it is strongly recommended to consult with a subchapter 5 bankruptcy attorney in Ohio who has the knowledge and experience to guide you.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Subchapter 5 bankruptcy is appropriate for a small business that meets the debt cap and wants to keep operating. An experienced bankruptcy attorney will work with you to thoroughly evaluate the information and documents on your company&#8217;s revenue, assets, debts, and expenses. Federal tax returns, balance statements, and other related financial documents establishing debt owed and current business operations are typical examples of these documents.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">As soon as the petition is filed, an &#8220;automatic stay&#8221; is imposed, and your creditors are forced to suspend all collection efforts, including calls, litigation, and bank levies. This also begins the 90-day period, during which you must submit a reorganization plan to the United States bankruptcy court for approval.<\/span><\/p><p><span style=\"font-weight: 400;\">A plan of reorganization outlines the following for the court and creditors:\u00a0<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How you intend to pay certain creditors by determining your net monthly revenue;<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How much you intend to pay back to all creditors &#8211; secured creditors are entitled to at least the value of the collateral, while unsecured creditors are not required to be repaid in total, and;<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The terms under which you will pay back these creditors &#8211; plans can last between three and five years.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">The repayment plan and bankruptcy court approval are the most crucial elements of a successful chapter 5 bankruptcy. Therefore, pre-petition planning with your Ohio bankruptcy attorney for your subchapter 5 plan of reorganization is essential to avoid unnecessary delays and costs. This is very important, considering the repayment plan must be filed within 90 days.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-de814b1 elementor-widget elementor-widget-heading\" data-id=\"de814b1\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What Are the Benefits of Subchapter 5 Bankruptcy?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b58b57f elementor-widget elementor-widget-text-editor\" data-id=\"b58b57f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The following advantages are available to you if you declare bankruptcy for your small business under Subchapter 5:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Continued business operations.<\/b><span style=\"font-weight: 400;\"> As long as you adhere to the payment plan, you will retain ownership of your company and be able to continue operating it. While the repayment plan is in effect, you must also pay your unsecured creditors all of your disposable income.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Faster bankruptcy process.<\/b><span style=\"font-weight: 400;\"> Subchapter 5 bankruptcy is intended to provide a more accessible option for smaller enterprises. With fewer reporting obligations and less potential for creditors to disrupt the process as a whole, a Subchapter 5 corporate bankruptcy is significantly quicker and, thus, less expensive than a conventional Chapter 11 bankruptcy.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Creditor approval is not required. <\/b><span style=\"font-weight: 400;\">Permission from your creditors is unnecessary for the bankruptcy court to approve your reorganization plan if the court determines that the plan is reasonable and just. A standard Chapter 11 bankruptcy repayment plan requires creditor approval.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Only your business or company can file a repayment plan. <\/b><span style=\"font-weight: 400;\">In some Chapter 11 bankruptcy petitions, creditors have the opportunity to propose a plan on your behalf. However, only your company can submit a repayment plan under Subchapter 5.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>No disclosures are needed.<\/b><span style=\"font-weight: 400;\"> In ordinary Chapter 11 bankruptcy cases, you must submit a comprehensive disclosure statement to the bankruptcy court. The statement offers a summary of your company and assesses whether or not you can pay back your debtors. In Subchapter 5 cases, no declaration is required.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Appointment of a special trustee. <\/b><span style=\"font-weight: 400;\">You will be allowed to continue running your firm during the bankruptcy process, but a trustee will be appointed to oversee its daily activities. The bankruptcy court will consider the trustee&#8217;s suggestions while deciding whether to approve the restructuring plan.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Your company expenses will be paid in installments. <\/b><span style=\"font-weight: 400;\">When filing a Chapter 11 bankruptcy petition, you must pay all of the administrative costs on the same day the repayment plan takes effect. Subchapter 5 allows you to spread out the payments for the expenses throughout the plan.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">If you want to take advantage of the benefits of Subchapter 5 bankruptcy, reach out to a seasoned Columbus subchapter 5 bankruptcy attorney immediately to get the process started.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a9b674 elementor-widget elementor-widget-heading\" data-id=\"1a9b674\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Who Are Eligible for Subchapter 5 Bankruptcy?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bb59c64 elementor-widget elementor-widget-text-editor\" data-id=\"bb59c64\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">To be eligible to file for bankruptcy under Subchapter 5, a company must meet two requirements:\u00a0<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A company must be actively engaged in business activities, and its total debt must not exceed $2.75 million. Insider debts cannot be included.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The revenue generated by the company&#8217;s operations must constitute at least half of the total debt. Businesses whose primary activity is the ownership and operation of a single property are ineligible.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">To ensure you qualify, an experienced subchapter 5 bankruptcy lawyer in Ohio can help you assess your company situation and if you meet the requirements.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-10ffdbb elementor-widget elementor-widget-heading\" data-id=\"10ffdbb\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Creditors Still Enjoy Some Protections under Subchapter 5 Bankruptcy\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e57a2b6 elementor-widget elementor-widget-text-editor\" data-id=\"e57a2b6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Subchapter 5 makes it easier for small businesses to file for reorganization bankruptcy, although Chapter 11 still provides creditors with the following advantages:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Creditors are entitled to at least the same amount from the reorganization they would have received if you had filed for bankruptcy under Chapter 7.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">There is a possibility that secured creditors will maintain their rights to the property that you have pledged as security.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Protecting their collateral and applying for relief from the automatic stay are options open to secured creditors.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">Creditors can use these powers to pressure you into providing preferential treatment for them within the framework of your restructuring plan. A strategic and skilled Ohio subchapter 5 bankruptcy attorney can assist you in exploring your options and pursuing your best interest. Call us today to discuss your bankruptcy matters!<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-50db57c elementor-widget elementor-widget-heading\" data-id=\"50db57c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Call our Experienced Subchapter 5 Bankruptcy Attorney in Columbus, OH, Now!\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-57b6cb1 elementor-widget elementor-widget-text-editor\" data-id=\"57b6cb1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Filing for Subchapter V of Chapter 11 bankruptcy is a big decision that can affect your company and your finances for years to come. And although it is intended to be simpler than traditional Chapter 11, the process is still complex.<\/span><\/p><p><span style=\"font-weight: 400;\">Sheppard Law Offices understands the Bankruptcy Code and its implications. We are confident in working towards achieving financial relief for your company. Our Columbus law firm also offers <\/span><a href=\"https:\/\/sheppardlawoffices.com\/family-law\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">family law<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/sheppardlawoffices.com\/estate-planning\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">estate planning<\/span><\/a><span style=\"font-weight: 400;\">, and <\/span><a href=\"https:\/\/sheppardlawoffices.com\/tax\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tax<\/span><\/a><span style=\"font-weight: 400;\"> services. Let us help you address all your concerns!\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Contact Sheppard Law Offices and set up a <\/span><a href=\"https:\/\/sheppardlawoffices.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">free consultation<\/span><\/a><span style=\"font-weight: 400;\"> to determine the best course of action to help get out of your precarious financial situation!<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fd5c296 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fd5c296\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c29d059\" data-id=\"c29d059\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ee853ba elementor-widget elementor-widget-text-editor\" data-id=\"ee853ba\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div>Contact Sheppard Law Offices and\u00a0<a href=\"https:\/\/sheppardlawoffices.com\/kenneth-l-sheppard-jr\/\" target=\"_blank\" rel=\"noopener nofollow noreferrer\">Attorney Kenneth L. Sheppard, Jr<\/a>. to schedule your free initial consultation.<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Subchapter 5 Bankruptcy Attorney in Columbus, Ohio Are you a business owner burdened with debt and considering filing for bankruptcy, but your options are limited? Chapter 11 bankruptcy protection can be a source of relief for companies experiencing severe financial troubles and having accumulated significant debt. However, several financially struggling small businesses cannot utilize Chapter [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":5840,"parent":1417,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/sheppardlawoffices.com\/wp-json\/wp\/v2\/pages\/5834"}],"collection":[{"href":"https:\/\/sheppardlawoffices.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/sheppardlawoffices.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/sheppardlawoffices.com\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/sheppardlawoffices.com\/wp-json\/wp\/v2\/comments?post=5834"}],"version-history":[{"count":19,"href":"https:\/\/sheppardlawoffices.com\/wp-json\/wp\/v2\/pages\/5834\/revisions"}],"predecessor-version":[{"id":7006,"href":"https:\/\/sheppardlawoffices.com\/wp-json\/wp\/v2\/pages\/5834\/revisions\/7006"}],"up":[{"embeddable":true,"href":"https:\/\/sheppardlawoffices.com\/wp-json\/wp\/v2\/pages\/1417"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sheppardlawoffices.com\/wp-json\/wp\/v2\/media\/5840"}],"wp:attachment":[{"href":"https:\/\/sheppardlawoffices.com\/wp-json\/wp\/v2\/media?parent=5834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}