Small business reorganization lawyer in knoxville

small business reorganization lawyer in knoxville ” It takes effect on February 19 Financially troubled small businesses will have a better shot at avoiding liquidation and achieving reorganization under a new addition to the Bankruptcy Code that goes into effect early next year. The aim of the SBRA is to give small businesses the benefits of Chapter 7 and Chapter 11 bankruptcy, without suffering as many of the drawbacks. , then you know Chapter 11 is time Many small businesses found traditional chapter 11 proceedings too difficult and expensive, and not a practical tool for reorganization. The result is that you become empowered to run your business instead of your business running you. Coury. The Small Business Reorganization Act of 2019 (SBRA) was enacted in August 2019 and became effective on February 19, 2020. The SBRA created a new type of chapter 11 debtor that gets special/different treatment under the bankruptcy law – a “subchapter 5” debtor. please call our office at (865) 328-7993 so we can get you into our office to speak with an attorney at a free appointment to see about filing a Chapter 13 or a Chapter 7. They will ensure payments are disbursed under the terms of your reorganization plan. Bonapfel . Creating a new subchapter under Chapter 11 of the Bankruptcy Code, the new law was designed to promote efficiency and simplicity for small businesses looking to reorganize by applying for Chapter 11 bankruptcy. Small Business Reorganization Act of 2019 “Reorganizes” Ch. Debtor representation in Bankruptcy , primarily Chapter 11 reorganization of individuals, corporations, partnerships, limited liability companies, and other entities. It is also referred to as Subchapter V of Chapter 11. [116th Congress Public Law 54] [From the U. The panel will explore the new requirements for filing and confirming a small business case under the new Subchapter V of Chapter 11 of the Bankruptcy Code, which became effective on February 19, 2020, and will address the potential issues you and your clients are likely to confront in seeking to successfully effectuate a reorganization thereunder. A petition may be a voluntary petition, which is filed by the debtor, or it may be an involuntary petition, which is filed by creditors that meet certain requirements. On August 23, 2019, Congress passed, and the President signed into law, Public Law 116-54 known as the “Small Business Reorganization Act of 2019” or “SBRA. Johnson, Esq. Small businesses who are facing cash flow issues due to the financial impacts of the Covid-19 Virus are ideal candidates for… On August 23, 2019, the President signed the Small Business Reorganization Act of 2019 (H. A well-functioning bankruptcy system, specifically for small businesses, allows businesses to reorganize, preserve jobs, maximize the value of assets and ensure the proper allocation of resources. The Small Business Reorganization Act (SBRA) of 2019 added a new subchapter V to Chapter 11 of the Bankruptcy Code (11 U. The Benefits of the Small Business Reorganization Act of 2019 Small businesses in NJ can now restructure cost-effectively while continuing to operate. Although Chapter 11 of the U. Executive Office for U. Our Miami small business reorganization lawyers can assess your financial circumstances to determine whether you may be able to take advantage of these significant changes. 576. Get help now. If you’re a small business in danger of going under, it might be the right option for you and finding the right attorney can help you get through this complex process with a William E. Johnson, Esq. SBRA aims to assist small business debtors to resolve their outstanding debts in more condensed and cost-efficient Chapter 11 proceedings. Member 901. If you have ever had the unpleasant experience of participating in a Chapter 11 bankruptcy, as a creditor, debtor, defendant, etc. Since 1983. Such an entity is able to file for Chapter 11 itself. This small change will dramatically increase the number of companies that can take advantage of the SBRA’s provisions in the coming months. S. The law creates special provisions in Chapter 11 which intend to make the Chapter 11 bankruptcy framework more workable for small businesses. Allen is skilled in providing legal assistance to startup companies and small businesses, with exceptional experience in mergers and acquisitions. Small Business Debtor The COVID-19 pandemic and resulting public health crisis will have devastating effects for countless small businesses, as “social distancing” – undoubtedly the phrase of the year 2020 – has caused dramatic reductions in demand in the airline, restaurant, hotel, oil and gas, and retail industries. Congress has lessened the burden a little with a new Small Business Reorganization Act (the “Act”). Given the widespread economic impact of COVID-19, this could be a very valuable bankruptcy tool for those individuals and businesses that qualify. From Business: Bullock Law Firm, PLLC, is licensed in and serves all counties in Tennessee. Being a Fellow in the Knoxville Bar Foundation. The time to file a Chapter 11 is when there is still money in the system. Brad Sagraves is a shareholder with the firm practicing in the areas of business law, tax, probate and estate planning. The average business attorney in Knoxville for hire on UpCounsel has over 10 years of legal experience in a variety of business law related areas to best help you with your unique business legal matters. Traditionally, a struggling small business had two options—a chapter 7, allowing a trustee to liquidate the business’ non-exempt assets; or a chapter 11, allowing the business to conform to a reorganization plan, but with increased oversight, high administrative costs, long delays, and higher upfront attorney retainers. On August 23, 2019, President Trump signed the Small Business Reorganization Act of 2019 (“SBRA”) into law. For over 30 years, the Tennessee Small Business Development And if you're not willing to say goodbye to your small business yet, you may consider filing for Chapter 11 bankruptcy. A skilled and experienced small business attorney can help you plan for those challenges, overcome your obstacles, and eventually grow your business to its full potential. The SBRA is scheduled to take effect on February 19, 2020. McMurry & Company, PC, is a certified public accounting firm that has been providing services to individuals and small businesses in the West Knoxville area since 1983. The SBRA became effective February 19, 2020, making it quicker and less expensive for small businesses to go through a Chapter 11 reorganization. This program will cover current and ethical issues in Bankruptcy Chapters 7, 11, and 13. 1079]] Public Law 116-54 116th Congress An Act To amend chapter 11 of title 11, United States Code, to address reorganization of small businesses, and for other purposes. Coury concentrates his practice in bankruptcy and creditors’ rights law, business reorganizations, workouts, and business and commercial litigation. By Blakeley E. The Small Business Reorganization Act allows for the following in the Chapter 11 process: First, The total secured and unsecured debts must be under $2,725,625. Businesses and business owners contemplating a possible reorganization under the SBRA must be mindful that if the Extension Act does not quickly become law, then on March 27, 2021, the SBRA debt limit will revert from $7,500,000 to $2,725,625, and many companies currently eligible for relief under the SBRA will no longer qualify. Oliver, explains the new law in our 13-part series, Bankruptcy Buzz. 608 Mabry Hood Road, Suite 202 | Knoxville, Tennessee 37932. Knoxville Bankruptcy Attorney Is bankruptcy a good option for you? At The Pope Firm, we know that even thinking about bankruptcy can be quite scary for a lot of people, but we want you to know that it really does not have to be. 1091) (SBRA), which is intended to “simplify the process for small businesses to use bankruptcy as a means of reorganization. Ga. Subchapter V was designed to promote an efficient and economical way for small businesses to reorganize their debts. Our attorneys specialize in these areas: Small businesses forced to file for bankruptcy protection due to financial stress brought on by the coronavirus pandemic may find some relief, thanks to recent changes in federal bankruptcy law. 7 million in debt will be able to file for bankruptcy in a timelier and more cost-effective manner. President Trump in August signed the “Small Business Reorganization Act of 2019,” which adds new Subchapter V to Chapter 11. Frantz, McConnell & Seymour, LLP attorney Michael W. Wolfe Memorial Federal Tax Conference, University of Tennessee, Knoxville, TN (October 30, 2015) “Business Law Update,” Dixon Hughes Goodman LLP Annual Executive Briefing Series (October 20, 2015) If you believe that you could take advantage of the protections and benefits provided under the Small Business Reorganization Act of 2019, or any other bankruptcy chapter, please do not hesitate to contact Attorney Paul Murphy-Ahles at (717) 975-9446 for a free consultation to discuss your options for relief. The annual cost per employee of complying with federal regulations is significantly higher for smaller firms than larger firms Filed a chapter 11 reorganization case in order to prevent foreclosure and lawsuits from putting company out of business Negotiated settlement of unsecured claims with creditors’ committee whereby creditors received close to 60% on their claims over 3 years from future profits. Subchapter V provides a quicker, simplified process small business debtors can elect to use for their chapter 11 bankruptcy reorganizations. The Small Business Reorganization Act (“SBRA”) went into effect on February 19, 2020. We are Knoxville bankruptcy attorneys who understand how crippling Subchapter V Small Business Reorganizations. A “small business case” allowed a small business debtor to combine the hearing on its disclosure statement with plan confirmation. Ewell was recently recognized by Best Lawyers as the 2021 “Lawyer of the Year” for Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law in the Knoxville area. This month, the Small Business Reorganization Act of 2019 officially went into effect. The SBRA was enacted in response to criticisms that the Chapter 11 reorganization process had become very expensive and Chapter 11’s protections were thus often unavailable to small businesses. There is some help for a small business owner. REORGANIZATION ACT OF 2019. Charles R. This is especially so in light of the Small Business Reorganization Act, which can help to guide your tactics and drafting. The CLE program "Bankruptcy Case Law Update 2020" was originally presented and recorded on December 17, 2020. Representing mid-size and small businesses and individual debtors in all Chapters of Bankruptcy, including: Chapter 7 - liquidation, Chapter 11 - business and individual reorganization, Chapter 12 Saalfeld Griggs is a respected Oregon business law firm with clients throughout the Willamette Valley and the Pacific Northwest. But the Bankruptcy Court must first approve the hiring of the various professional. The National Bankruptcy Conference, an advisory body comprising scholars, lawyers, […] The second session will feature an experienced panel of practitioners who will discuss the newly passed Small Business Reorganization Act, H. Bankruptcy Judge, N. Included in the cost of the program is a Friday evening networking reception and dinner at The Park Grill . The Small Business Reorganization Act of 2019 addresses these obstacles. Kevin S. Part 1 of 13: On August 23, 2019, the Small Business Reorganization Act of 2019 (SBRA) was signed into law and became effective on February 29, 2020. Many laud the Small Business Reorganization Act of 2019 as a win-win for small business and creditors alike. 19, 2020. SBRA took effect on Feb. Revised and Updated July 2020 . On August 23, 2019, the President signed the Small Business Reorganization Act of 2019 (H. LawInfo has the Tennessee small business law information you need from the first steps of starting a business to registering for taxes. Two On August 23, 2019, President Trump signed the Small Business Reorganization Act of 2019 (“SBRA”) into law. §§ 1181-1195 (Subchapter V). Building a business is an exciting and time-consuming endeavor. HAVEN Act and the Small Business Reorganization Act Written by: Adam D. He is licensed to practice law in New York and obtained his legal degree after his graduation from Harvard Law School. The Small Business Reorganization Act of 2019, which created Subchapter V of chapter 11 of the Bankruptcy Code, became effective on February 19, 2020 (11 U. In February 2020, a new subchapter of Chapter 11 of the Bankruptcy Code took effect relaxing the procedures and time frame and substantially reducing reorganization costs for small businesses. The Small Business Reorganization Act is a new law designed to make it easier and quicker for small businesses to file for Chapter 11 bankruptcy. Summary for Small Business Debtors: ABI LAW REVIEW [Vol. It is codified as new Subchapter V of Chapter 11, §§1181-1195, and became effective on February 19, 2020. However, the signing into law of the Small Business Reorganization Act of 2019 (SBRA) aims to address some of these issues. The law will take effect in February 2020. 75 million were ineligible for Chapter 11 relief unless a creditor committee was created and approved a reorganization plan. It provides streamlined procedures for the expedited reorganization of “small business debtors,” which are defined as businesses with aggregate debts of not more than $2,725,625. C. Authors: Matthew R. S. 7. In addition to providing a more streamlined process, the SBRA has also made it easier for business owners to retain equity interests, even without creditor support. SLG Client Alert: Senate Passes Small Business Reorganization Act (HR 3311). At the Barnes Law Firm, we’re proud to be members of the Knoxville small business community and value the opportunities we’ve been given. With over 60 years of combined experience, Knoxville attorneys Moore & Brooks will seek the best solution for individuals or businesses in financial distress. July 7, 2020 On February 19, 2020, the Small Business Reorganization Act of 2019 (SBRA) went into effect and streamlined the Chapter 11 bankruptcy process for small businesses. C. g. NTRODUCTION. If bankruptcy is appropriate for your situation, your lawyer will help you decide whether Chapter 7 bankruptcy (often used by individuals or small business owners), Chapter 13 bankruptcy (where debt repayment plans are established to help you get back on track), Chapter 11 (business reorganization) or some other form of Iowa-specific bankruptcy Chapter 11 bankruptcies are referred to as a “reorganization,” they’ll generally allow someone to keep their business running while they get things back on track. The number of Subchapter V filings since the Small Business Reorganization Act of 2019 became effective in February of 2019 have been modest. Although the name of the act references business, this new type of Bankruptcy reorganization can also be used by a regular individual person. Their expected recoveries will remain too low to justify Knoxville, Tennessee 37902-2526 U. Whether you are a small business or a consumer, we will make sure your best interests are represented in the courtroom and at negotiations. Effects of Chapter 11 Bankruptcy on a Business Chapter 11 is a business reorganization bankruptcy that permits businesses to continue operations while also reorganizing debts through a debt repayment plan. For business owners in Memphis, Knoxville or Nashville, it’s important to understand state and federal laws and know how to proceed when a legal issue develops. And not many people noticed when this law, the Small Business Reorganization Act, took effect just two months ago—perhaps because, as written, the new provisions applied only to businesses or Greylock Capital Management says it’s really nothing more than a small business that should be allowed to use special bankruptcy rules to quickly cancel a lease on its expensive, midtown Reduced costs, expedited processes for small businesses — Up until March 2020, small businesses that owed more than roughly $2. The business and corporate attorneys at Hodges Doughty & Carson PLLC are experienced in representing buyers and sellers in transactions involving stock purchases, asset acquisitions, incentive earn outs, stock exchanges, and mergers or tax-free reorganizations. By: Coleman Torrans. Civil Litigation Lawyers Provide Strong Representation for Knoxville, TN Clients Trusted counsel for small businesses in Maryville, Sevierville, Clinton, Lenoir City & Loudon. It added a subchapter to Chapter 11 bankruptcy rules designed to address stumbling blocks for small businesses trying to reorganize and stay viable. On Feb. In short, Chapter 7 is liquidation “Tennessee’s New Nonprofit Business Corporate Act and A New FASB,” Singleton B. §§ 1181-1195) to the Bankruptcy Code. Born and raised in West Tennessee, Heather has practiced law since 1998. 19, 2020, under Subchapter 5 to Chapter 11 of the Bankruptcy Code. S. Many small businesses in the post-Covid 19 world we live in are headed to closure unless a radical solution can be found and found fast. The financial consequences of COVID-19 have hit small businesses especially hard, and they need help – NOW! The Small Business Reorganization Act (SBRA) – commonly known as Subchapter V, referring to new Subchapter V of Chapter 11 of the Bankruptcy Code – may provide a much-needed lifeline to small businesses struggling to survive this As discussed in a previous post, on Friday, the Small Business Reorganization Act was signed into law and will take effect in 180 days. We have a quick As discussed in a previous post, on Friday, the Small Business Reorganization Act was signed into law and will take effect in 180 days. 3311). Browse comprehensive profiles including education, bar membership, awards, jurisdictions, and publications. Small Business Reorganization Act Signed Into Law—A New Frontier for Small Business Bankruptcies By Kyle Arendsen on August 27, 2019 Posted in US On August 26, 2019, President Trump signed the Small Business Reorganization Act ( “ SBRA ”) into law. 28: 251 252 I. Find your Knoxville, TN Reorganization Lawyer on Lawyer. Brenda's practice includes all aspects of debtor-creditor rights, with emphasis on debtor representation in Chapter 11 bankruptcies and small business reorganization. m. Chapter 13 of the United States Bankruptcy Code , often referred to as “debt consolidation” or “personal reorganization”, allows an individual or married couple to do as Jefferson County is doing and restructure debt. They provide their clients with a more comprehensive view of their bankruptcy options. Reorganization lawyers in Knoxville, Tennessee, with 95 local profiles. Newton is an attorney at Mayer and Newton Bankruptcy Specialists. Elmore, Stone & Caffey, PLLC is a law firm located in Knoxville serving individuals and businesses across the state of Tennessee. The City of Knoxville will host a public meeting regarding the proposed reorganization of Article IV of the City of Knoxville's zoning ordinance on Thursday, January 15, 2009 at 6:30 p. Small businesses make up most of the Chapter 11 filings. In August of 2019, the President signed into law the Small Business Reorganization Act (“SBRA”). They are unlikely to be paid enough to make it worth the effort. S. First, it creates a new subchapter within chapter 11 for “small business debtor reorganization” cases. That radical solution is a Subchapter V small business reorganization under Chapter 11 of the Bankruptcy Code. Call (865) 328-7993 now to set up your complimentary consultation. Small businesses seeking debt relief through Chapter 11 often face high costs, procedural challenges, and other roadblocks along the way. Save. Through passage of the Small Business Reorganization Act of 2019 (SBRA), effective February 19, 2020 The recently enacted Small Business Reorganization Act of 2019 provides a more efficient and cost-effective Chapter 11 bankruptcy option for individuals and small businesses. She completed her legal education in 1988, graduating from the University of Tennessee College of Law. LLC, Attorney at Law in Knoxville assists Tennessee businesses seeking Chapter 11 bankruptcy protection. The Small Business Reorganization Act of 2019 (SBRA), which took effect earlier this year, added a new Subchapter V to Chapter 11 of the Bankruptcy Code, intended to make Chapter 11 more affordable, efficient, and beneficial for small businesses (especially those whose owners might otherwise lose their equity in a traditional Chapter 11 case). However, under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), a small Small businesses are responsible for nearly two-thirds of job growth in this country. A Guide to the Small Business Reorganization Act of 2019 is a comprehensive explanation of the new subchapter V of chapter 11 of the Bankruptcy Code that qualifying debtors may elect and other changes to the Bankruptcy Code that the Small Business Reorganization Act of 2019 (“SBRA”) enacted. By Hon. The Small Business Reorganization Act (“SBRA”), which took effect on February 19, 2020, added a new subchapter V (five) to the Bankruptcy Code (Sections 1181 through 1195) and is designed to reduce costs and facilitate the bankruptcy process for small business debtors who elect to proceed under the subchapter. Simply describe your case and you'll be matched to the top Knoxville Small Business attorneys near you. The Small Business Reorganization Act of 2019 (SBRA) went into effect in February 2020. Securities and Exchange Commission Office of Reorganization 950 East Paces Ferry Road, Suite 900 Atlanta, GA 30326-1382 This is especially so in light of the Small Business Reorganization Act, which can help to guide your tactics and drafting. For more information on Chapter 11 Reorganization Of Small Business, a Complimentary consultation is your next best step. The new Bankruptcy Code will provide for a more compact and easier version of Chapter 11 Reorganizations for small business corporate and individual debtors. While coverage of the CARES Act has focused primarily on tax relief and provisions to extend loans and other forms of assistance to impacted businesses and individuals, the law also temporarily expanded eligibility for companies seeking bankruptcy protection under the recently enacted Small Business Reorganization Act of 2019 (“SBRA”). 3 reviews. In an attempt to make chapter 11 more streamlined and less expensive for debtors, Congress amended the bankruptcy code to add a brand new reorganization chapter: Subchapter V. The SBRA streamlines the Chapter 11 process, with the aim to make small business bankruptcies faster and less expensive, and also enables equity holders to retain their equity Enter the Small Business Reorganization Act of 2019 (SBRA). At the center of this spirit is the Knoxville Chamber whose team works every day to drive regional economic prosperity. Every day, people find new ways to take advantage of opportunities offered to make their mark, to realize their dreams. The act is commonly known as “Subchapter V”. SBRA aims to assist small business debtors to resolve their outstanding debts in more condensed and cost-efficient Chapter 11 proceedings. In August, 2019, Congress enacted the Small Business Reorganization Act (“SBRA”). 19, 2020, a new law went into effect known as SBRA, or the Small Business Reorganization Act of 2019, also known as “Subchapter 5”. Knoxville is a thriving city that represents the positive energy and camaraderie that fuel the spirit of East Tennessee. Trial Attorney . Powell III, Esq. Chapter 11 bankruptcy reorganization is commonly associated with larger corporations, but it is available to qualifying small businesses. On March 20, 2020, Congress approved, and earlier this month the President signed, the Small Business Reorganization Act of 2019 (SBRA 2019) which streamlines existing rules governing the efforts of small businesses to restructure successfully under Chapter 11 of the Bankruptcy Code. §§ 1181-1195). Patten is a member of the State Bar of Montana. Search. At Bullock Law Firm, PLLC, we work hard to ensure satisfaction in every case. A "small business" is one with fewer than 500 employees, as defined by the Small Business Administration. The Act is intended to ensure “that small businesses will be able to reorganize and rehabilitate their financial affairs effectively under the Bankruptcy Code,” said American Bankruptcy Institute Navigating the Small Business Reorganization Act as a Creditor. He gives 4 reasons a corporation might decide to file a Chapter 7 bankruptcy. Paul W. 1978 - Knoxville Edition. S. Most unsecured creditors have little incentive to act energetically in bankruptcy proceedings. Knoxville, Tennessee Area · Researched and coordinated the reorganization of the business from a corporation to an LLC Attorney, Small Business Owner Chapter 11 provides for reorganization, usually involving a corporation or partnership. C. The law goes into effect 180 days after signing. <<NOTE: Aug. The Small Business Reorganization Act and the CARES Act: Basics of Subchapter V Reorganizations and Current Developments Description: In the current economic environment, many bankruptcy attorneys must decide whether to take their small business clients into the unfamiliar territory of Chapter 11. On Feb. How Subchapter V Can Help Small Businesses Reorganize Their Debt. Powell III, Esq. Charles R. Generally, Chapter 11 is intended for the reorganization of businesses with significant debt, and may allow your small business to propose a plan for profitability post-bankruptcy and continue to operate while temporarily The first bill is the Small Business Reorganization Act (H. A new law that took effect last year to expand the number of small businesses eligible to restructure their debts through a streamlined bankruptcy process is set to expire on March 27, 2021. Commonly referred to as Subchapter V, the SBRA was enacted in an effort to reduce the cost and expense of small business bankruptcy reorganizations. The Small Business Reorganization Act. The SBRA provides debtors who qualify as a small business debtor the option to proceed under the new subchapter V instead of proceeding The Small Business Reorganization Act of 2019, which takes effect this month, simplifies the process for small businesses to use bankruptcy as a means of reorganization. please call our office at (865) 328-7993 so we can get you into our office to speak with an attorney at a free appointment to see about filing a Chapter 13 or a Chapter 7. Herring . , Suite S-700, Knoxville, TN 37919-4074. The SBRA, which is embodied in Subchapter V of Chapter 11 of the Bankruptcy Code, retains some components of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, including one-step confirmation, while adding new The Small Business Reorganization Act is a new bankruptcy law, effective February 2020, aimed at opening new protocols to help small business successfully reorganize under federal bankruptcy. Book a Free Consultation Call The rapid deterioration of the American job market (and the world job market) will make it tough on San Diego businesses in the coming months. Small Business Attorneys Corporation & Partnership Law Attorneys Family Law Attorneys. See full list on abi. The goal of the Act was to streamline the Chapter 11 process and reduce the costs for those debtors that qualify. Supplemented November 2020 and April 2021 . Their goal is to provide their clients with high-quality accounting and tax services that maximize after-tax profits through appropriate entity selection and properly structured On Aug. Regional Enhancement Path to Prosperity propels economic growth through a focus on developing the key support mechanisms that enhance new business attraction and existing industry expansion. Instructor: The Nuts and Bolts of Basic Real Estate Law Presented by the Tennessee Young Lawyers Conference, Lawyers Title Insurance Corporation and Tennessee Valley Title Insurance Co. See full list on bakerdonelson. For years, small business debtors struggled to reorganize effectively after filing for Chapter 11 Bankruptcy. Classifieds On August 23, 2019, President Trump signed the Small Business Reorganization Act (SBRA) into law, intended to streamline bankruptcy reorganizations for small business debtors with limited aggregate liabilities. Recent changes in the bankruptcy law benefit small businesses, and Van Horn Law Group filed the first small business Chapter 11 under the new rules of the Small Business Reorganization Act in the Southern District of Florida on February 26. Through our work with a number of small businesses in the Knoxville area, we have developed valuable expertise in accounting and tax practices that can immediately benefit any new or existing business. , you're sued by a customer). Bankruptcy Code does contain provisions addressing small business debtors, many small businesses still struggle when filing for Chapter 11. Irion offers practical, effective and aggressive representation in the legal areas of: Intellectual Property Protection Strategies Patent Drafting and Patent Prosecution Business Transactions and Litigation Personal Injury Medical Injury and Civil Litigation We strive to provide prompt, passionate, and professional legal representation in every situation by thoroughly Small businesses facing mounting debt obligation from an SBA loan may seek a small business reorganization under the new bankruptcy law. Knoxville is a thriving city that represents the positive energy and camaraderie that fuel the spirit of East Tennessee. . Goggans Nathaniel S. Small businesses would often end up in liquidation under chapter 7 of the Bankruptcy Code, or simply abandon the notion of filing bankruptcy altogether. It is tailored to their needs and limited resources, streamlining the entire process to help small businesses recalibrate their finances and achieve a new Knoxville bankruptcy attorney Dan Scott says there is no discharge available in a corporation's Chapter 7 bankruptcy. In February 2020, a new subchapter of Chapter 11 of the Bankruptcy Code took effect relaxing the procedures and time frame and substantially reducing reorganization costs for small businesses. Find the best business attorney serving Knoxville. ) Hon. Bankruptcy Judge, N. The Small Business Reorganization Act of 2019 (“SBRA”), effective February 19, 2020, enacts a new subchapter V of chapter 11 and makes conforming changes in several provisions of the Bankruptcy Code and title 28. 5. President Trump signed the Small Business Reorganization Act (SBRA) on August 23, effective 180 days from this date. A career in law is filled with firsts, and with helping clients navigate their way through the unfamiliar language and rituals of the law. Ga. SHORT question: should i worry about the small business reorganization act of 2019? answer: creditors should beware of significant new protections being given debtors under the small business reorganization act! the history of small business bankruptcies. R. Only a single lawyer in each practice area and designated metropolitan area is honored as the “Lawyer of the Year,” making this accolade particularly significant. Paul W. 3311). Small Business Reorganization Strategies. D. KNOXVILLE, Tenn. The SBRA is commonly referred to as Subchapter V, referring to the new Subchapter V of Chapter 11 of the Bankruptcy Code, which may provide a much needed lifeline to the many small businesses struggling to survive the economic fallout resulting from the global pandemic and its impacts on small businesses. D. Keelan Forey, Esq. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. Free profiles of 6 top rated Knoxville, Tennessee business organizations attorneys on Super Lawyers. The Small Business Reorganization Act As noted in our earlier post , the Small Business Reorganization Act (SBRA), which became effective February 19, 2020, was enacted to address concerns that typical chapter 11 reorganization cases were too expensive and burdensome for smaller businesses. 1886 PROFESSIONAL EXPERIENCE. THE LAW OFFICES OF MAYER AND NEWTON. S. Congress delayed the start date of SBRA for six months, but on February 19, 2020, SBRA became effective. It is a powerful tool that helps small business reduce the cost and time to file a Chapter 11 while retaining a stake in the company and creditors are repaid more when compared to liquidations. July 7, 2020 On February 19, 2020, the Small Business Reorganization Act of 2019 (SBRA) went into effect and streamlined the Chapter 11 bankruptcy process for small businesses. , trucking, real estate, small businesses, and financial concerns. Walter W. This column is provided through the Knoxville Bar Association, your trusted source for lawyer referrals. R. Home | About Us | Archive | Distribution Locations. Being listed in the Best Lawyers® of America in Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law, Corporate Law and Bankruptcy Litigation since 2015. Subchapter 5 was enacted for purposes of creating a new streamlined and less costly chapter 11 option for those engaged… Longleaf Law Partner’s bankruptcy law expert, Cindy G. Find the best collections attorney serving Knoxville. Presenters: Thomas H. President Trump signed the Small Business Reorganization Act (SBRA) on August 23, effective 180 days from this date. Generally, the SBRA does two things. Get the information and legal Small Business Reorganization Act Provides New Tools To Assist Struggling Businesses Chapter 11 of the Bankruptcy Code was enacted to provide financially troubled businesses an opportunity to reorganize by restructuring bank debt, discharging trade debt, and rejecting burdensome contracts and leases. Chapter 11 for Small Businesses. If you are a sole proprietor, you are not eligible to file this type of bankruptcy case as you are considered an individual in the eyes of the bankruptcy court. However, small business growth is limited by the cost of regulatory compliance. The new law, which FactorLaw will further summarize in future blog posts, adds a new subchapter to the Bankruptcy Code that is designed to make the process less expensive and more feasible for small businesses (defined as persons engaged in a commercial or As a result, most small business owners only hire an attorney experienced with business matters when confronted with a serious legal problem (e. On February 19, 2020, the Small Business Reorganization Act (SBRA), which added a new subchapter to the United States Bankruptcy Code, became effective. Knoxville Bankruptcy Attorney Serving Clients Throughout All of East Tennessee. 23, 2019 - [H. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) expands a new law that streamlines the Chapter 11 bankruptcy process for small businesses to include a larger group of small businesses. Licensed for 13 years. In addition to The U. , May 24-25, 1993; National Business Institute, Advanced Real Estate Law in Tennessee If you are looking for a top rated Knoxville business attorney that charges reasonable rates for quality work, you have come to the right place. com Knoxville Bankruptcy Attorney have solved finance-related problems of all sizes for years. Congress in 2019 enacted the Small Business Reorganization Act (SBRA), which became effective on February 19, 2020, creating a new “Subchapter V” of Chapter 11. Keelan Forey, Esq. If you can no longer afford the monthly payments on your bills such as credit card payments, medical bills, loans, etc. The House of Representatives passed it on July 25, 2019; The Senate passed it on August 1, 2019; and The President signed it on August 23, 2019. Chapter 11 is often thought of as being long, intrusive, costly, and drawn out, and to some extent, for large multimillion dollar companies that file for reorganization, that can be true. Subchapter V is available exclusively to small-business debtors and provides a new option that is intended to be quicker and cheaper; it also offers less oversight and fewer reporting requirements than a traditional The firm filed for bankruptcy protection under a new law for small businesses. Last Updated March, 2021. Logue, Woolf, McClane, Bright, Allen & Carpenter, PLLC The Small Business Reorganization Act. This program, presented by seasoned bankruptcy and corporate transaction attorneys, examines the various steps to take in anticipation of a possible bankruptcy and how to minimize the damage when bankruptcy happens. Navigating the Small Business Reorganization Act as a Creditor. Summary for Small Business Debtors: Congress Amends Small Business Reorganization Act to Assist More Small Businesses The Small Business Reorganization Act (SBRA) became effective February 19, 2020. This month the Small Business Reorganization Act (SBRA) goes into effect, impacting approximately 40% of small business who reorganize in bankruptcy and their creditors. S. Avoiding Insolvency: A Powerful Tool Small Businesses in the US Are Overlooking Small businesses affected by the COVID-19 virus: “Don’t lose the opportunity to take advantage of the Small Business Reorganization Act while you still can”, says Mark Horoupian, Partner at Sulmeyer Kupetz. The Small Business Reorganization Act of 2019 streamlines existing rules governing the efforts of small businesses to restructure successfully under Chapter 11 of the Bankruptcy Code. Under the Small Business Reorganization Act certain debtors are able to voluntarily elect to proceed under a new subchapter V of chapter 11 of the Bankruptcy Code. At the center of this spirit is the Knoxville Chamber whose team works every day to drive regional economic prosperity. He has been listed in the Mountain State Super Lawyers under business bankruptcy since 2009 and in Best Lawyers of America under bankruptcy and creditor debtor rights/insolvency and reorganization law and bet-the-company litigation since 2011. S. Recipient, American Jurisprudence Award, Remedies. W. First, it creates a new subchapter within chapter 11 for “small business debtor reorganization” cases. Since 2003, she has worked in Knoxville, Tennessee where she helps people and small businesses. The Combination of the Small Business Reorganization Act of 2019 (SBRA), and the Coronavirus Aid, Relief and Economic Security Act (CARES Act) Create New, Streamlined, Less Expensive Bankruptcy Reorganization Route for Many Small Businesses. Avvo Rating: 9. On August 23, 2019, the Small Business Reorganization Act of 2019 (SBRA) was signed into law, creating “Subchapter V” in Chapter 11 of the Bankruptcy Code as part of an effort to streamline the structuring process for small businesses (defined as those whose total noncontingent Small Business Reorganization Attorneys serving Miami, Fort Lauderdale, Weston, Orlando and surrounding areas Chapter 11 Business Bankruptcy Lawyers Southern Florida Chapter 11 bankruptcy is most commonly utilized by corporations that are overwhelmed by debt and are seeking relief under the federal bankruptcy code. This program, presented by seasoned bankruptcy and corporate transaction attorneys, examines the various steps to take in anticipation of a possible bankruptcy and how to minimize the damage when bankruptcy happens. R. Note : The following is a general discussion on the specified topic or issue and may not be relied on as legal advice in any specific case or matter you encounter. Ragsdale and John B. This Article suggests that the Act further erodes the position of most unsecured creditors. However, legal help is a cost of doing business that often saves you money and helps your business in the long run. S. Bankruptcy Code and fills a much-needed gap for debtors caught between Chapter 11 and Chapter 13. 3311. S. A Law Firm practicing Business Law. Gay St. C. In most cases, it is not wise to file under Chapter 11 as an individual, since Chapter 13 is less expensive and easier. Michael P. C. 73 million in debt the power of reorganization with a few key simplifications. As experienced small business reorganization lawyers, we can advise you of the multitude of debt relief strategies available to small business owners. People in business or individuals can also seek relief in Chapter 11. Griffith and Jill H. The Small Business Reorganization Act is now law, according to the Mediatbankry blog. It provides Chapter 12-type relief for small businesses within Chapter 11. Tennessee Small Business Development Centers - State Lead Center, Murfreesboro, Tennessee. Dickenson, Hodges, Doughty & Carson, PLLC Gregory C. Open for Business. S. Now, the Small Business Reorganization Act of 2019 presents an unprecedented solution for small business debtors who meet the requirements for Subchapter V. Bonapfel (U. The Debtor In Possession has the right to hire lawyers, accountants, appraisers and other professional. Paul W. Our services includes Business Disputes and Commercial Litigation, Real Estate Litigation Knoxville Bankruptcy Attorney Serving Clients Throughout All of East Tennessee. The Small Business Reorganization Act (SBRA) went into effect on February 19, 2020. We are located in Morristown, Knoxville, and Sevierville, TN. Please call 865-672-8496 or contact me online to discuss your situation and needs in a free initial consultation. This Act is much-needed and long overdue. Effective on February 19, 2020, small business owners have exclusive access to Subchapter V of Chapter 11 Bankruptcy. This Subchapter V allows small businesses with liabilities less than $2,725,625 (as a result of the COVID-19 pandemic, this debt limit has been increased to $7,500,000 … Small Business Reorganization Act of 2019 (SBRA) The Small Business Reorganization Act of 2019 (SBRA) was signed into law on August 23, 2019. C. This Subchapter V allows small businesses with liabilities less than $2,725,625 (as a result of the COVID-19 pandemic, this debt limit has been increased to $7,500,000 … But in 2019, Congress passed a new law, the Small Business Reorganization Act, designed to make Chapter 11 bankruptcy easier and quicker for many businesses. The SBRA created “Subchapter V” of the Bankruptcy Code to distinguish small business bankruptcies from typical larger Chapter 11 cases. Under this new subchapter of the Bankruptcy Code, businesses with less than $2. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) expands a new law that streamlines the Chapter 11 bankruptcy process for small businesses to include a larger group of small businesses. give firms with less than $2. 5 million for a year. This new bankruptcy option is commonly referred to as Sub V. (423) 265-6565. The “Small Business Reorganization Act of 2019” adds new Subchapter V to Chapter 11. (865) 450-5455 6223 Highland Place Way Ste 102 Knoxville, TN 37919 Miller Law. In 2019, Congress’ introduction of the Small Business Reorganization Act added a new “Subchapter V” to Chapter 11, streamlining bankruptcy procedures for small businesses and providing new tools designed to achieve more successful restructuring. Long, Ragsdale & Waters, P. The Law Office of Van R. Adjunct Professor, University of Tennessee School of Law, 1998, 1999. 23, 2019 133 STAT. The term “small business debtor” originated in 1994 with Congress’s first attempt at a streamlined chapter 11 process for businesses that had insufficient assets to fund a typical bankruptcy reorganization. Trustees . A large part of Kosnett Law’s practice focuses on representing small business debtors under SBRA. Businesses and business owners contemplating a possible reorganization under the SBRA must be mindful that if the Extension Act does not quickly become law, then on March 27, 2021, the SBRA debt limit will revert from $7,500,000 to $2,725,625, and many companies currently eligible for relief under the SBRA will no longer qualify. Last summer, Congress passed and President Donald Trump signed the Small Business Reorganization Act, and it went into effect in February. Conclusion. S. Bradley Sagraves. As part of the CARES Act, Congress amended the Small Business Reorganization Act (“SBRA”) in a crucial way – raising the maximum debt limit from $2,725,625 to $7. On February 19, 2020, the Small Business Reorganization Act (SBRA) went into effect. Bonapfel. The Small Business Reorganization Act of 2019 (SBRA) went into effect in February 2020. Search PUBLIC LAW 116–54—AUG. org Our Knoxville Chapter 11 attorneys have your best interests in mind and are committed to helping you make an informed decision about your future. SBRA added “Subchapter V” to the Bankruptcy Code, which Learn how the Knoxville Chamber strives to make Knoxville the premier location for businesses to locate, operate and expand by fulfilling our mission. 11 Bankruptcy Proceedings in Favor of Debtors. The transactions vary from year to year, and have included formation of a new business, acquisition of a new business, obtaining a working capital loan, negotiating and documenting a shopping center lease, securitization of receivables, and confirming a chapter 11 plan of reorganization. The Small Business Reorganization Act of 2019 (“SBRA”) became effective February 19, 2020. com. In late 2019, Congress passed and the President signed an important new law, the Small Business Reorganization Act (the "Act"). — Some small businesses across East Tennessee said they are struggling to hire employees and are having to compete with corporations to find people to fill positions. By happenstance, on February 19, 2020, soon after the first case of the COVID-19 virus (the “Virus”) was confirmed in the United States 1, the Small Business Reorganization Act (“SBRA”) became available as a form of debt relief for small businesses. Founded in Salem, Oregon in 1932, Saalfeld Griggs is large enough to handle complex business litigation and business transactions, yet small enough to develop close working relationships with its business clients. The Small Business Reorganization Act of 2019 (“SBRA”) was enacted into law on August 26, 2019. The law became effective on Feb. Bill to be Signed by President. The act is commonly known as “Subchapter V”. The new Small Business Reorganization Act (“SBRA”) came into effect on February 19, 2020. Egerton McAfee Armistead & Davis PC. The purpose of SBRA is to make it easier for smaller businesses to use Chapter 11 of the Bankruptcy Code to reorganize their debts, and continue operating. Subchapter V of The Small Business Reorganization Act of 2019: A New Opportunity for Successful, Cost-Effective Reorganization 1 Total Credit: 1 General On Demand Courses Allen Rothman has 35 years of experience as a corporate attorney. " "It's a self-guided mapped route of 42 stops in these several communities," ISU Community Tourism Specialist Diane Van Wyngarden said. S. For a family or small business facing an insurmountable amount of debt, a chapter 7 bankruptcy may be a good option. The Act is intended to ensure “that small businesses will be able to reorganize and rehabilitate their financial affairs effectively under the Bankruptcy Code,” said American Bankruptcy Institute The Small Business Reorganization Act (SBRA) is a law that was enacted a little over a year ago. If you can no longer afford the monthly payments on your bills such as credit card payments, medical bills, loans, etc. The SBRA is designed to simplify, expedite and reduce the cost of a business reorganization for a “small business debtor”. The SBRA provides debtors who qualify as a small business debtor the option to proceed under the new subchapter V instead of proceeding The Small Business Reorganization Act (SBRA) was signed into law in August 2019 and took effect in February 2020. The SBRA was enacted to address concerns that typical chapter 11 reorganization cases were too expensive and burdensome for smaller businesses. The law effectively makes it more difficult for creditors to contest small business Chapter 11 cases, but it also provides creditors in all bankruptcy cases How the Small Business Reorganization Act of 2019 Makes Chapter 11 Easier Los Angeles bankruptcy lawyers help small business debtors utilize a new procedure. However, with small businesses still acutely feeling the financial effects of COVID-19, lenders are wise to become more familiar with Subchapter V before bankruptcy filings are expected to rise in the The Small Business Reorganization Act (SBRA) went into effect on February 19, 2020. On August 23, 2019, President Trump signed the Small Business Reorganization Act (SBRA) into law, intended to streamline bankruptcy reorganizations for small business debtors with limited aggregate liabilities. Typical Small Business Legal Issues in Tennessee A small business may well be better off dealing with the absolute priority rule (see this linked article) and getting an immediate discharge upon plan confirmation, rather than paying the three to five-years penance as a small business. 0 stars. Most Recommended Legal Service Businesses in Knoxville, TN interested in networking with other business owners Solving small business problems gives owners a second chance and the knowledge to forever avoid similar mistakes in the future. 9. It was signed into law and took effect last year. Associate General Counsel for Consumer Law . Small business lawyer Knoxville. 671 likes · 2 talking about this · 14 were here. S. As discussed in Section C above, a transaction qualifies as a tax-free reorganization under Section 368 (here a “D” reorganization under Section 368(a)(1)(D)) will fall within the scope of Section 1202(h)(4), and the QSBS distributed or exchanged will generally be QSBS in the hands of the stockholders of the qualified small business. R. The Ledger - Est. Authors: Matthew R. Small Business Lawyers at 5616 Kingston Pike, Suite 301, Knoxville, TN 37919 A Law Firm practicing Small Business Law. SBRA is intended to make it easier and less expensive for small businesses to reorganize under… The Small Business Reorganization Act takes into account the unique needs of small businesses and streamlines existing reorganization processes. Compare top Tennessee lawyers' fees, client reviews, lawyer rating, case results, education, awards, publications, social media and work history. Michael P. SBRA (aka new Chapter 11v) will strike a balance between chapters 7 and 11 bankruptcies for small-business debtors. KNOXVILLE, Iowa — To help promote small towns in Iowa, Iowa State University's Extension and Outreach program created the "Great Iowa Road Trip. The SBRA was passed with the goal of providing troubled small businesses the opportunity to reorganize more quickly and efficiently while allowing creditors to get paid sooner. This course is taken in the spring of your third year. Every day, people find new ways to take advantage of opportunities offered to make their mark, to realize their dreams. , 14th Floor, Knoxville, TN. SBRA is a new addition to the U. 23, 2019, the Small Business Reorganization Act of 2019 (SBRA) was signed into law and created a new Chapter 11 Subchapter V. Compare top Tennessee lawyers' fees, client reviews, lawyer rating, case results, education, awards, publications, social media and work history. For five years after graduating law school, she practiced with Young & Perl, We have industry qualifications in many of the sectors which are currently experiencing challenges, e. It is applicable solely to “Small Business Debtors” who file a bankruptcy petition on or after February 19, 2020 The Small Business Reorganization Act of 2019 is a new streamlined bankruptcy process for businesses that qualify as a small business and took effect on February 22, 2020. Small Business Reorganization Act of 2019 The Small Business Reorganization Act of 2019 creates a new sub-part of Chapter 11 under which small business debtors can reorganize using simplified and expedited procedures that make it easier for small business debtors to confirm a plan. Get help now. Quicker and Easier The law, which went into effect in February 2020, allows a debtor to obtain a Chapter 11 bankruptcy quicker and more efficiently than ever before. 3311]>> Be it enacted by the Senate and House of Representatives of the United States of America in So unless the business is run by its owner as a sole proprietor and has relatively little debt, Chapter 13 is not available. Our bankruptcy law allocates much more power to debtors and to secured claimants. 19, 2020, a new law went into effect known as SBRA, or the Small Business Reorganization Act of 2019, also known as “Subchapter 5”. If bankruptcy is appropriate for your situation, your lawyer will help you decide whether Chapter 7 bankruptcy (often used by individuals or small business owners), Chapter 13 bankruptcy (where debt repayment plans are established to help you get back on track), Chapter 11 (business reorganization) or some other form of Tennessee-specific Serving in various capacities in the Knoxville Bar Association, including the Board of Governors. Perrella. The Small Business Reorganization Act of 2019 (the “SBRA”) became effective on February 19, 2020, and is aimed at giving small business debtors a simpler and less costly avenue to successful reorganization. ” The SBRA adds new Subchapter V (11 U. There are several factors to consider in relation to bankruptcy of a small business, which will determine whether or not Chapter 11 is the right chapter under which to file. The new Bankruptcy Code will provide for a more compact and easier version of Chapter 11 Reorganizations for small business corporate and individual debtors. Department of Education 400 Maryland Avenue, SW Washington, D. g. The good news for small businesses is that last fall Congress enacted the Small Business Relief Act (“SBRA”) that went into effect on February 19, 2020. The law will take effect in February 2020. The Small Business Reorganization Act of 2019 was approved in August and went into effective February of 2020. Chapter 11 reorganization is only available for small businesses classified as a corporation or partnership of some kind. at the Cansler YMCA, 616 Jessamine St. Theus . 1079 Public Law 116–54 116th Congress An Act To amend chapter 11 of title 11, United States Code, to address reorganization of small businesses, and for other purposes. Maddox, Jr. 7 million in debt In August 2019, President Donald Trump signed the Small Business Reorganization Act of 2019 (SBRA or “the Act”) into law in an effort to address the fact that small businesses have struggled to reorganize under Chapter 11 of the Bankruptcy Code. Generally, the SBRA does two things. Find the right Small Business lawyer in Knoxville, TN. Secondly, A trustee who will not have a role in your business’s daily operation will be appointed. If you are the sole proprietor of a small business or own an LLC and you are struggling with business debt, you may have heard that the only way out is to file Chapter 7 bankruptcy. 20202 U. The Small Business Reorganization Act (SBRA), which became law in February 2020, streamlines and simplifies many of the rules applicable to small Chapter 11 reorganizations. Waters III. Senate’s historic $2 trillion relief package—the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”)—would temporarily expand the number of small businesses eligible to seek bankruptcy relief under the Small Business Reorganization Act of 2019 (the “SBRA”), which became effective on February 22, 2020. Small businesses may want to reconsider applying for loans because even small businesses unable to meet the restrictions or qualify for meaningful loan forgiveness under the PPP or PPPFA may still benefit from the Small Business Reorganization Act (“SBRA”), Subchapter V of Chapter 11 of the Bankruptcy Code, passed earlier this year on the Mr. R. Bankruptcy Reorganization for Individuals 1-877-581-3396 Bankruptcy attorneys helping clients file for Bankruptcy Protection Throughout Alabama, Mississippi, and Tennessee Bankruptcy Insights: The Small Business Reorganization Act Bankruptcy 10/17/2019. 11 U. The new law, which FactorLaw will further summarize in future blog posts, adds a new subchapter to the Bankruptcy Code that is designed to make the process less expensive and more feasible for small businesses (defined as persons engaged in a commercial or The Small Business Reorganization Act of 2019 is a new streamlined bankruptcy process for businesses that qualify as a small business and took effect on February 22, 2020. On August 23, 2019, President Trump signed into law four significant pieces of If a small business is a corporation or partnership, it is a separate legal entity from its shareholders and partners. The Small Business Reorganization Act of 2019 is a long-overdue and much-needed law. Business Lawyers at 1111 Northshore Drive, N. Dept of Education Office of General Counsel U. It was established by the Small Business Reorganization Act of 2019 (SBRA), which went into effect on February 19, 2020. Last Updated April, 2021. Government Publishing Office] [[Page 133 STAT. U. 1111 Northshore Drive, Suite S-570, Knoxville, TN 37919 Directions. was founded in 1986 by David Wilson Long, Dennis B. At the time it was enacted, it creates a new subchapter of Chapter 11 (SubChapter V), under which most business Debtors (including individuals with primarily business debt) with less than approximately $2. The law effectively makes it more difficult for creditors to contest small business… Read More »Small A GUIDE TO THE SMALL BUSINESS. 900 S. §§ 1181-1195 “Subchapter V”). This includes the ever-popular LLC. SBRA created a new Subchapter V of Chapter 11 of the United States Bankruptcy Code effective February 19, 2020. Here’s The Deal: "Mayer & Newton Law Offices has served as a chapter 7 trustee and has administered 15,000 cases in addition to being the debtor’s counsel on 200 chapter 11 cases for small business reorganization. Small business debtors have for decades found it difficult to reorganize efficiently under Chapter 11, a process that can be cumbersome and expensive. 3311; S. Why is this important? Prior to SBRA, struggling businesses had two options in bankruptcy, Chapter 7 and Chapter 11. The SBRA is scheduled to take effect on February 19, 2020. small business reorganization lawyer in knoxville