In addition to being a dedicated bankruptcy lawyer, M. Jonathan Hayes frequently contributes to the Los Angeles & San Fransico Daily Journal.
On October 26, 2020, attorney Hayes’s article “Small Business Chapter 11 Update: Where Are We 8 Months In?” was published by the Daily Journal. In the article, attorney Hayes reviews the impact of the Small Business Reorganization Act of 2019 eight months after it was signed into law. While the purpose of the act was to establish a cheaper, quicker route for small businesses to reorganize under Subchapter V of the Bankruptcy Code, attorney Hayes notes that some small businesses have misconceptions about the reorganization process and whether they get to keep assets or eliminate debts. He also explains the role of the trustee under Subchapter V, the “ 7-day package”, and filing the plan of reorganization within 90 days.
On November 27, 2019, the Daily Journal published another of attorney Hayes’s articles titled, “Thinking Out Loud About the New Small Business Chapter 11.” In this article, Mr. Hayes discusses the new rules for filing bankruptcy under Chapter 11. In particular, attorney Hayes explains what debtors can expect if they elect to use the new law and have to file their petition within 90 days, as well as how to get a better picture of future profits to determine what the debtor can pay.
To find out more about bankruptcy options for small businesses, please don’t hesitate to get in touch with Resnik Hayes Moradi LLP to speak to one of our knowledgeable and experienced attorneys. Give us a call today at (213) 344-0043 to set up a 30-minute free consultation.