There are some key provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that provide additional relief to those businesses and consumers who may be seeking to file a bankruptcy petition. The CARES Act, which became public law on March 27, 2020, was passed to deliver emergency assistance to businesses, families, and individuals affected by the COVID-19 pandemic.
Section 1113 of the CARES Act lays out all the changes in bankruptcy law, including:
All the provisions altered above will be amended to their original form following one year after the enactment of the CARES Act.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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