COLORADO BANKRUPTCY LAWYER
Call for an Initial Consultation - (720) 809-8310
Problems with debt can impact all aspects of a business and make for incredible challenges. Fortunately, the U.S. government has recognized that businesses of all sizes can struggle and so provides the pathways businesses can take when debt has become an insurmountable problem.
If your business is struggling with debt, bankruptcy might be an option for you to find solid financial ground. The U.S. Bankruptcy Code was created to help honest and unfortunate debtors who through a range of situations have fallen on tough times. Although bankruptcy can enable debtors to better manage their finances and find relief from debt through discharges, the process, especially for a business, is not an easy one to navigate without help.
At Jorgensen, Brownell & Pepin, P.C., our bankruptcy lawyers guide clients step-by-step through their debt relief journeys by providing personalized evaluations, exploring their options, and delivering the counsel and representation they need to successfully handle the process.
Discuss your current situation and explore your debt relief options during a initial consultation. Call (720) 809-8310 to speak with a Longmont bankruptcy attorney.
Why Jorgensen, Brownell & Pepin, P.C.?
- More than 30 Years of Experience
- Focus on Personalized Service & Communication
- Step-by-Step Legal Guidance and Counsel
- Confidential Consultations
As bankruptcy attorneys, we provide the comprehensive support local business owners need to address their problems with debt, explore all available options, and protect their rights. By focusing on all issues clients face, and providing the assistance and tools required for future success, we help guide clients through their legal journeys and toward a brighter financial future.
We can help with a range of debt and bankruptcy issues, including:
- Chapter 7 Bankruptcy
- Chapter 11 Bankruptcy
- Chapter 13 Bankruptcy
Chapter 7 and Chapter 11 Bankruptcy
When it comes to business bankruptcy, you will have the option to file under Chapter 7 or Chapter 11 of the U.S. Bankruptcy Code. Because these two Chapters entail different procedures, and because there are different requirements and resulting effects, it is important to strategically choose the Chapter of bankruptcy that works most appropriate for your particular situation, needs, and goals.
- Chapter 7 Bankruptcy – Also known as liquidation bankruptcy, Where business debt is personally guaranteed by the owners, a combined Chapter 7 liquidation may be the best option. Following liquidation, remaining unsecured debts can be eliminated through a discharge. The business, however, will be dissolved. Please note that certain debts are considered non-dischargeable.
- Chapter 11 Bankruptcy – Reorganization bankruptcy, as Chapter 11 bankruptcy is also known, entails a lengthier process of restructuring your debts and creating a Chapter 11 plan that normal business cash flows can accommodate. There is no absolute limit on the duration of a Chapter 11 case. Upon confirmation of the Chapter 11 plan, prepetition debts will be discharged. However, the Chapter 11 debtor is required to make plan payments and is bound by the provisions of the plan of reorganization. The confirmed plan creates new contractual rights, replacing or superseding pre-bankruptcy contracts. Please note that certain debts are considered non-dischargeable. Chapter 11 bankruptcy may be an option for business owners who wish to keep running their business but simply need to realign their debt.
- Chapter 13 Bankruptcy – Chapter 13 is very similar to Chapter 11 in that debts are reorganized. Chapter 13 is available only to individuals. However, if you operate your business as a sole proprietorship, Chapter 13 may be the right choice. A Chapter 13 payment plan will last three to five years. At the end of the payment plan, any remaining debt you owe on unsecured loans can be discharged. Please note that certain debts are considered non-dischargeable.
While Chapter 7, 11, and 13 bankruptcy can halt debt collections actions through an automatic stay, they vastly vary in scope and impact. Because each Chapter of bankruptcy has its unique benefits, careful evaluations with a proven lawyer are essential to choosing the right path, maximizing benefits for your unique situation, and achieving your goals.
At Jorgensen, Brownell & Pepin, P.C., we strive to provide insightful and compassionate service backed by extensive experience, and we know it can make the difference for struggling businesses. If you have questions about your current financial situation, debt relief options, and how our award-winning attorneys can help you, do not hesitate to take the first step toward financial freedom by reaching out to our firm for help
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
I am so grateful- D.H.
The service from James was professional and resulted in a satisfactory outcome.- T.W.
What a fantastic person to have at the front desk.- M.H.
We will use him again should the need arise.- L.J.
Thank you for your support and professionalism and never giving up.- Joan