The cost of the Great Recession has taken its toll on the employed, the unemployed and on "mom and pop" too, though there may finally be some light at the end of the tunnel.
Monday at 7 p.m. on the Philadelphia CNN-News affiliate WFMZ-TV, The American Law Journal presents, "Bankruptcy and Small Business: 'Mom and Pop' on the Brink." Joining host Christopher Naughton are debtor's attorney Dexter K. Case of Case, DiGiamberardino & Lutz, creditor's attorney Timothy P. Duggan of Stark & Stark and U.S. Bankruptcy Judge Judith H. Wizmur of the District of New Jersey.
The panel looks at the latest in loan modifications as well as Chapters 11 and 13 for "mom and pop" businesses. According to Duggan, "These businesses have been so efficient at cutting back, at cutting costs, that there's nothing left. They don't have the ability to present a [Chapter 11] plan."
With several state and county programs ending soon, some see it impacting the individuals and the small businesses, with a coming foreclosure spike in early 2013. But as bad as it's been, there's hope: Small-business bankruptcies dropped by a third in 2012.
The American Law Journal airs on Mondays at 7 p.m. as well as Sundays at 5:30 p.m. on the CNN-News affiliate for Philadelphia, WFMZ-TV 69. Visit http://bit.ly/ALJchannels for all cable and satellite systems. FiOS system subscribers tune to channel 15.
This program is now available for viewing on www.LawJournalTV.com and YouTube.
Next week on The American Law Journal: "Roe v. Wade 40 Years on: The Legal History and Future of Reproductive Rights." •
