On August 23, 2019, President Trump signed into law the Small Business Reorganization Act (“Act”), which is intended to make bankruptcy reorganizations a faster, more efficient, and more affordable debt-management option for small businesses.
The sole shareholder (“Shareholder”) of the Borrower signs a personal guaranty for his Company’s loan. Due to circumstances unrelated to the Company, the Shareholder files for bankruptcy, eventually receiving a Chapter 7 discharge.
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