Michelle Hendler, Co-Chair of the Creditors’ Rights and Bankruptcy Practice Group in Shutts & Bowen LLP’s Miami office, was recently interviewed by Miami Today to discuss the contributing factors causing local businesses to file for bankruptcy in Miami-Dade.
As Miami Today reports, individual debtor bankruptcy cases are up 30% compared to this time last year. According to the article, this increase of business and personal bankruptcy cases is partially explained by the expiration of the 2020 CARES Act, which had temporarily increased debt limits to allow small businesses to qualify for reorganization under the Small Business Reorganization Act. “It was faster and easier for small businesses to get in and theoretically reorganize more efficiently,” said Michelle. However, the temporarily increased debt limit of $7.5 million under Subchapter V of Chapter 11 is now back to what it was originally, at $2.7 million.
To read the article in full, click here.
About Michelle G. Hendler
Michelle Hendler is a Partner in the Miami office, where she is a Co-Chair of the Creditors' Rights Practice Group. In working to resolve disputes in and outside of the courtroom, Michelle focuses her practice on real estate and creditor's rights matters. She represents lenders, real estate investors, and special servicers in commercial foreclosures, loan enforcement actions, guaranty claims, and note sales, and she represents court-appointed receivers.