Businesses most often file for bankruptcy under Chapter 11 or Chapter 7 of the Bankruptcy Code. While Chapter 11 historically has proven more useful to large businesses, changes under recent federal laws may make it a good option for small businesses during the COVID-19 outbreak. A standard filing under Chapter 11 involves agreeing with creditors on a proposed reorganization plan, which will be confirmed by a court if enough creditors accept it. This allows the business to continue operating, which would not be possible if the business filed for bankruptcy under Chapter 7. The seven largest unsecured creditors of the business will form a creditor committee to monitor the operations of the business and help develop the reorganization plan. The creditor committee process can become costly, since it may involve retaining attorneys and experts to investigate the business. Also, a reorganization plan may not be finalized for over a year after the debtor files, due to the complexities of negotiating with creditors. The cost and inefficiency of Chapter 11 thus have made it unattractive to many small business owners in the past.   Sometimes a small business will file for bankruptcy under Chapter 7, although this chapter is more commonly associated with individual bankruptcy. After the business files, a bankruptcy trustee will liquidate its assets and distribute the proceeds among creditors. However, a Chapter 7 discharge is not available to businesses that have shut down already. Most small businesses that have closed because of the COVID-19 outbreak thus will not qualify for this form of relief. Chapter 7 may be more attractive to sole proprietors than other business owners. This is because sole proprietors who file under Chapter 7 can receive a discharge for personal debt as well as business debt. Thus, they can greatly reduce their overall debt burden and rebound more quickly from the COVID-19 outbreak. A sole proprietor with a service-oriented operation may even be able to keep the business open by relying on their own labor, while the bankruptcy trustee sells the assets of the business. However, the bankruptcy trustee has the discretion to decide whether a business can stay open in these circumstances. A trustee sometimes may allow a business to stay open if it has liability insurance, or a trustee may not allow a business to stay open at all.  Bankruptcy under Subchapter V of Chapter 11 sometimes resembles a Chapter 13 bankruptcy. Subchapter V eliminates the creditor committee requirement in Chapter 11 and allows a bankruptcy trustee to monitor the debtor’s payments. Thus, the owners retain greater control over the business. Subchapter V also provides more efficient relief. A debtor submits their proposed reorganization plan within 90 days of filing for bankruptcy. It requires approval from a judge but not from creditors. A judge will approve a plan if it is fair and equitable, and if it seems at least reasonably likely to succeed. Often, a plan allocates the disposable income of the debtor toward repaying creditors over the next three to five years. To remain eligible for this relief, the business must keep up with plan payments during the applicable time. These benefits come with certain specific requirements. For example, the business must submit a wide range of financial disclosures and reports throughout the process. The managers of the business must attend a series of meetings, including a debtor interview, a scheduling conference, and a Section 341 meeting of creditors. The business also must keep up with taxes and insurance, and it must allow inspections of its property, books, and records with reasonable notice.  The Consolidated Appropriations Act of 2021 (CAA) included additional amendments to the Bankruptcy Code in an attempt to make bankruptcy more equitable during the coronavirus pandemic. The CAA allows small business debtors under the SBRA to request a 60-day extension to perform obligations arising under a lease of non-residential property, such as paying rent, if the debtor has experienced a material hardship due to COVID-19. This is in addition to the 60 days already afforded under section 365(d)(3) of the Bankruptcy Code. Debtors may also take 210 days, rather than 120 days, to decide whether to accept or reject non-residential property leases, with the option to extend this deadline by an additional 90 days with the permission of the bankruptcy court. Respond to the questions below, select the Forum link, then click on Create Thread and type in your posting.  To respond to a minimum of 2  classmates, first, click on one of their postings, read it, and then select REPLY.  Please type your NAME in the Subject field.  1. Many small businesses throughout the U.S. have struggled to survive the challenges posed by the novel coronavirus. If a business is overwhelmed by debt, its owners may decide to file for bankruptcy. Do you know of any business or company that closed down or filed bankruptcy because of suffering during the pandemic? Explain by discussing an example and what you learned through this article that must be done when under Bankruptcy? 2. The word “bankruptcy” has historically always been associated with something bad or something wrong caused by business mistakes or lack of money. What are benefits you consider as good about business filing for bankruptcy? Discuss why by supporting your answer with an example(s) of how it can work out for a business? 3. Under Chapter 7 a creditor committee must monitor the operations of the business and help develop the reorganization plan. The creditor committee process can become costly, since it may involve retaining attorneys and experts to investigate the business. Businesses must always think ahead about how to pay for issues when they arise. If you are a small business owner how would you pay for the attorney fees and still keep up with taxes and insurance? 

Mastering the Art of Online Learning: Your Guide to Acing Online Courses

Introduction

In recent years, the popularity of online courses has skyrocketed, offering learners the flexibility to acquire new skills and knowledge from the comfort of their homes. However, succeeding in online courses requires a different approach compared to traditional classroom settings. To help you make the most of your online learning experience, this article presents essential strategies and tips to ace your online courses.

1. Set Clear Goals and Plan Ahead

Before embarking on an online course, establish clear goals and objectives. Determine what you hope to achieve by the end of the course and break down your goals into manageable milestones. Create a study schedule that aligns with your other commitments, ensuring you allocate dedicated time for coursework, assignments, and revision.

2. Create a Productive Study Environment

Establishing a conducive study environment is crucial for online learning success. Find a quiet, well-lit space where you can concentrate without distractions. Remove any potential interruptions, such as notifications from social media or email. Organize your study materials and have a reliable internet connection to ensure seamless access to course materials.

3. Actively Engage in the Course

Active participation is key to mastering online courses. Engage with course materials, including videos, readings, and interactive components. Take comprehensive notes, highlighting key concepts and ideas. Participate in discussion boards, forums, and virtual meetings to interact with instructors and peers, fostering a sense of community and enhancing your understanding of the subject matter.

4. Manage Your Time Effectively

Online courses offer flexibility, but it’s essential to manage your time wisely to avoid falling behind. Create a detailed schedule, allocating specific time slots for coursework, assignments, and studying. Break down larger tasks into smaller, manageable segments to prevent procrastination. Prioritize tasks based on deadlines and dedicate focused time to each one, ensuring consistent progress throughout the course.

5. Develop Effective Communication Skills

Online courses often rely on written communication, making it crucial to hone your skills in this area. Be concise and clear in your written responses, paying attention to grammar and spelling. Actively participate in discussions, asking thoughtful questions and providing constructive feedback to your peers. Regularly check your course emails and notifications, ensuring you stay updated with any important announcements or changes.

6. Utilize Available Resources

Take full advantage of the resources provided by your online course platform and instructors. Familiarize yourself with the learning management system (LMS) and explore its features. Access supplementary materials, such as textbooks, lecture slides, and external resources recommended by instructors. Utilize online libraries, research databases, and tutorial services to deepen your understanding of the subject matter.

7. Stay Motivated and Engaged

Maintaining motivation throughout an online course can be challenging, particularly when faced with competing priorities or a lack of face-to-face interaction. Set short-term goals and reward yourself upon their completion. Connect with fellow learners through virtual study groups or online forums to foster a sense of camaraderie. Regularly remind yourself of the benefits and personal growth associated with completing the course successfully.

8. Seek Support and Clarification

Don’t hesitate to seek support or clarification when needed. Reach out to your instructors for guidance or clarification on course material. Utilize online discussion forums to ask questions or engage in collaborative problem-solving. Leverage the support services provided by your course platform or institution, such as technical support or academic advising.

Conclusion

Online courses present unique opportunities for self-paced learning and personal growth. By setting clear goals, creating a productive study environment, actively engaging with course materials, and managing your time effectively, you can maximize your chances of acing online courses. Remember to stay motivated, seek support when needed, and make the most of the available resources. Embrace the flexibility and adaptability of online learning to achieve your educational goals.