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By
David F. Mills
on
September 1, 2020

Re-opening your business while COVID-19 remains a significant health threat is risky, but the financial ramifications of keeping your business closed may be just as risky. As you prepare to re-open, it is crucial to have a thorough plan. Without a proactive plan to navigate your reopening, you could be blindsided by a legal issue significant enough to take out your business for good.

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Re-opening your business while COVID-19 remains a significant health threat is risky, but the financial ramifications of keeping your business closed may be just as risky. As you prepare to re-open, it is crucial to have a thorough plan. Without a proactive plan to navigate your reopening, you could be blindsided by a legal issue significant enough to take out your business for good.

Today, farm bankruptcies remain on the rise, spiking even higher on the heels of a global pandemic. Here is what you need to know about the impact of COVID-19 on the farming industry.

If you are considering bankruptcy, taking out additional loans or simply closing your business for good, contact a business bankruptcy attorney to discuss your options.

What can small business owners in North Carolina do during COVID-19 to protect their business from shutting down?

In response to COVID-19, the local, state and federal government have created initiatives to help small businesses survive the COVID-19 pandemic by restoring lost revenue with low interest loans and other forms of financial relief.

According to the American Farm Bureau, farm debt was at an all-time high in 2019 and bankruptcies increased by more than 20 percent.

David Mills is joining Narron Wenzel, P.A. as part of the law firm’s ongoing growth and commitment to serving the Smithfield community.

If you are unable to pay your bills and feel like your debt is spiraling out of control, then Chapter 13 bankruptcy may help you and your family to take control over your finances.

The most important benefit of Chapter 7 is the discharge and forgiveness of your debt. For many families suffering from the high cost hospital bills or unemployment, Chapter 7 will provide much needed financial relief.

The U.S. Bankruptcy Code recently evolved, and this time it’s positive news for family farms. Chapter 12, the portion of the Bankruptcy Code dedicated to the bankruptcy of agricultural businesses, has been amended to increase the qualifying debt ceiling from $4.1 million to $10 million - a jump that will help scores of family farms who were previously ineligible to seek bankruptcy as a debt relief option.

Address
102 South Third Street
P.O. Box 1567
Smithfield, NC 27577
support
919-934-0049
adwyer@narronwenzel.com
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