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The bill provides Key bankruptcy provisions within Sect. 1113 of the CARES Act changes eligibility threshold for businesses filing under new subchapter V of chapter 11 of the U.S. Bankruptcy Code from $2,725,625 of debt to $7,500,000; this is incredibly beneficial to aiding small businesses recover thru bankruptcy.

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When it comes to filing for bankruptcy, some Los Angeles residents may think it is a very easy process — as if someone can just up and file without much hassle. Other residents may think it is more complicated than it actually is, and thus incorrectly decide that bankruptcy is not the route for them.

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Approximately 18 months after the Federal Deposit Insurance Corp. seized the assets of First Regional Bank in Los Angeles, its holding company, First Regional Bancorp, has filed for Chapter 11 bankruptcy. At the time of the seizure, First Regional Bank had $2.18 billion in assets. The FDIC forced a sale to First Citizens Bancshares, Inc.

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If your business is facing significant debt, it may seem like it will never surface as a productive entity. This is especially true if you expanded too quickly and now find yourself facing lease issues in addition to normal business debt.

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