Subchapter V in the Eighth Circuit: The data from the first 18 months

Claud Mccoid

Congress originally conceived the new Subchapter V to “streamline the bankruptcy process by which small business debtors reorganize and rehabilitate their financial affairs.” The new Subchapter became effective on February 19, 2020, and the COVID-19 pandemic began in earnest less than a month later. The pandemic caused Congress to almost triple the Subchapter V debt limit from approximately $2.7 million to $7.5 million. However, the increased debt limit will expire in March 2022 if Congress does…
By: Thompson Coburn LLP

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Innocent Spouse Relief Explained: Tax Relief for Spouses

A matter that we frequently see in the Tax Clinic that I operate, a person that is often misunderstood, is that of innocent wife or husband reduction. Typically, the purpose of giving innocent husband or wife aid is to, as a single court place it: “protect a single partner from […]