Experienced Bankruptcy Attorneys in Colorado – (720) 809-8310
In today’s business world sudden and unpredictable local and national changes in the business climate can spiral even the best managed small business into an untenable cash flow position. Saving the business and when necessary extinguishing the owner’s personal debt position can allow the freedom to start over, turn the page and start anew.
With the help of a knowledgeable and experienced Longmont bankruptcy attorney you can figure out if the backstop of bankruptcy is right for you. When considering bankruptcy, you need someone by your side that is as dedicated to your best interests. At Jorgensen, Brownell & Pepin, P.C., our attorneys aggressively protect our client’s interests and can guide you through your entire bankruptcy claim.
Is Bankruptcy Your Next Step?
Bankruptcy is not right for everyone, but it could be the right step on the road to recovery. There are various forms of bankruptcy that cater to individual needs when it comes to outstanding debt, these include: chapter 11, chapter 7, and chapter 13 bankruptcy.
Chapter 11 bankruptcy is a popular option for small businesses that have positive balance sheets but cash flow interruptions. Many times, there is no reason for struggling small businesses to close their doors due to cash flow irregularities. When a business files for chapter 11 bankruptcy it typically entails the act of reorganizing the current debt on record into something that resembles a payment plan that can be paid off over time while maintaining the engine of income into the future. Many times, the owners have personal liability as guarantors of the debt and a coordinated Chapter 11 with one of the personal plans or the bargaining position those plans evoke can be engineered with very favorable end results.
Chapter 13 bankruptcy is extremely similar to chapter 11 bankruptcy but for personal use. There are organizational tactics and payment plans put in place to pay back a debt over time. Under this form of plan important assets can be held-on-to, collection actions and foreclosures can be curtailed, and unsecured debt can be forestalled and reduced.
Chapter 7 bankruptcy is typically bankruptcy that is targeted toward individuals who have acquired an insurmountable load of debt, usually from guarantees on business borrowing. Chapter 7, unlike chapter 13 and chapter 11, does not allow the individual to keep encumbered assets but allows the debtor to walk away free of debt and or negotiate with creditors to reaffirm at advantageous amounts.
Do you think that negotiations with creditors with the threat of bankruptcy is right for you? Contact our firm today and find out what one of our compassionate attorneys can do for you.