Darrell Smith of the Sacramento Bee reported in his article "Road to Recovery - Its still rough going for small businesses" on the impact that the economy has had on Sacramento small businesses. More than 500 local firms have filed for bankruptcy protection in the first quarter of this year. Sacramento is said to be a small-business town, which provides nearly 90% of the local private sector jobs. In order for Sacramento small business to get back on track, they need the SBA to back loans. Without these loans, Sacramento small businesses can not hire, expand and stay afloat. Resulting, in Sacramento business seeking protection and the services from local Sacramento bankruptcy attorneys, such as Brooks & Carpenter, attorneys at Law.
I have talked to some local companies that were once providing SBA loans to Sacramento small businesses and they have advised that their loans have dropped 70%.
Every week, I meet with Sacramento small business owners who need help because that they have not been able to acquire loans for operating cash and expansions. Chapter 13 can help reorganize, reduce and restructure debt for some small Sacramento business owners. Chapter 13 can provide immediate relief for sole proprietors. Chapter 11 can provide relief for sole proprietors, Limited Liabilities Company, Partnerships and Corporations.
