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Are you afraid of filing for bankruptcy? Don’t be, bankruptcy does not mean the end of the road when it comes to your financial security. The U.S. government put bankruptcy in place to help those that are going through hard times and don’t want to lose everything. Especially if you are the owner of a business that is struggling financially, bankruptcy could be your only option to escape debt unscathed. However, when dealing with bankruptcy you will need the help of a dedicated and honest law firm that will not take advantage of your current situation.
At Jorgensen, Brownell & Pepin, P.C., our Broomfield bankruptcy attorneys are prepared to assist you in filing for bankruptcy and will provide you with the compassionate representation you deserve through this difficult time. Our firm’s experience and knowledge in this legal area can guide you through the entire process providing you the best possible outcome. Contact us today to review your case with our attorneys and see if bankruptcy is right for you.
Types of Bankruptcy
When it comes to bankruptcy there are typically three different avenues that any individual can take, each with different outcomes and priorities.
The following are the main kinds of bankruptcy:
- Chapter 7 – is used to assist those who are struggling with their business assets and provides them an opportunity to liquidate their remaining business assets in order to pay off their debt. This also comes with the ability to discharge your remaining debt after the liquidation is completed; note that some debts are not dischargeable.
- Chapter 11 – is used to assist those in debt who are allowed to re-organize their debt portfolio and create a payment plan to pay off what is owed. This is typically a good option for business owners who are looking to not liquidate their business, but are looking to pay off their debt in a more organized manner; note that some debts are not dischargeable.
- Chapter 13 – is a form of bankruptcy similar to chapter 11, however, chapter 11 has no length of time regarding repayment of debt. Chapter 13 bankruptcy outlines a payment plan for debt that will last anywhere from 3 to 5 years and at the end of the payment plan all other debts may be discharged; note that some debts are not dischargeable.
Contact your Broomfield bankruptcy attorney today to begin reviewing your bankruptcy case.