A short message: Register for TitleNow Popup Webinar & Changes in bankruptcy law.

 There have been some changes in the bankruptcy laws that you might find of interest.

Dear Members,

Short message this week.  Check out our TitleNow PopUp Webinar for this week.  It's a conversation with Dr. Anirban Basu that first aired a couple of weeks ago.  Lots of good conversation about the economy so take advantage of the 30 minute break and listen in!  Thursday, Noon, 30 minutes.  Free!  Here is a link to register https://attendee.gotowebinar.com/register/6205026109646692107.

Changes in bankruptcy law.  There have been some changes in the bankruptcy laws that you might find of interest.  The Small Business Reorganization Act of 2019 was passed last year with an effective date of February 19, 2020.  This act created a new Subchapter V of Chapter 11.  Because it was passed pre-pandemic, it did not contemplate the need for a higher threshold for debt relief.  Hence, the cap was increased in the CARES act to $7,500,000 (for a one year period).    Statistics show that 80% of small business Chapter 11 filings in the first four months after the effective date of February 19, 2020 were under Subchapter V. And I believe Florida leads the way in the highest number of bankruptcy filings since the first of the year!  For more detailed information, here is a link to a memo prepared by Mishele Schutz, Fund Commercial Services Senior Underwriting Counsel, and John St. Lawrence, Fund Legal Education Attorney.  https://www.thefund.com/TheFund/media/PDFs/Subchaper-V-Memo-Final.pdf

That's all for this week!  I am late in getting this out to you so more info will be coming next week!

Stay safe and let us know how we can help you.

Melissa Jay Murphy
Executive Vice President, Chief Legal Officer,
General Counsel and Secretary