CPAs advising their clients about bankruptcy should be aware of a more efficient and affordable alternative to Chapter 11: Subchapter V 11 bankruptcy. Lamar Hawkins outlines this new pathway to financial stability in an article for AZ CPA.
Subchapter V 11 offers streamlined features which can result in significant savings. Businesses and individuals could potentially save 50% of legal fees, when compared to Chapter 11 bankruptcy. Lamar provides more detail, including:
- Required qualifications for Subchapter V 11
- The administrative steps involved in filing for Subchapter V 11
- Unique features of this type of bankruptcy, including the “V Trustee” and a typical timeline
- Why Subchapter V 11 is an easier, less time consuming and more affordable option for businesses and individuals than Chapter 11
Lamar recently confirmed the Arizona’s first Subchapter V 11 bankruptcy plan and Guidant is working on more than 10 others. As one of the state’s leading bankruptcy attorneys, Lamar assists clients with all phases of commercial and consumer debt workout and bankruptcy services. He also serves as the chair of the Arizona Board of Legal Specialization’s Bankruptcy Law Advisory Commission.