The Wall Street Journal reported that the Senate introduced a new bipartisan bill aimed at making it easier for small businesses to take advantage of and use the bankruptcy process.
According to the Journal, many smaller companies avoid declaring Chapter 11, often finding the legal costs of bankruptcy protection prohibitively expensive.
The Journal said the new bill would cut costs by, among other things, cutting the time period for filing a repayment plan to 90 days and no longer requiring the automatic appointment of an unsecured creditors committee.
