small business reorganization

Small business reorganization is a legal process that helps a struggling company restructure its debts and operations to become financially stable and continue its business. It involves developing a plan to repay creditors over time, often with reduced payments or extended deadlines. The goal is to avoid liquidation and preserve the business, jobs, and value. Reorganizations are typically overseen by a court or agreed upon by creditors, providing the business with a fresh start while managing its financial difficulties responsibly.