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How a new bankruptcy law will help small businesses

“The biggest benefits would be the legal fees should be about half of a normal Chapter 11," says one lawyer. The law will also make it much harder for creditors to take away certain personal assets of the business owner, such as a home.

This Jan. 14, 2019 photo shows the logo for Pacific Gas & Electric Co. above a trading post on the floor of the New York Stock Exchange. The utility's wildfire liabilities forced it to enter bankruptcy. Now smaller businesses that need to file for bankruptcy will have an easier time, thanks to a new law. (AP Photo/Richard Drew, File)
This Jan. 14, 2019 photo shows the logo for Pacific Gas & Electric Co. above a trading post on the floor of the New York Stock Exchange. The utility's wildfire liabilities forced it to enter bankruptcy. Now smaller businesses that need to file for bankruptcy will have an easier time, thanks to a new law. (AP Photo/Richard Drew, File)Read moreRichard Drew / AP
    by Gene Marks
    Published