Loveland Bankruptcy Attorney
Help Your Business Achieve Relief from Debt
Is your business struggling with debt? If so, you may be eligible to file for bankruptcy. The U.S. government recognizes bankruptcy as a valid way for honest individuals and businesses to solve the problem of overwhelming debt and move forward with greater financial freedom. However, there are many legal complexities involved in the bankruptcy process, making experienced legal help imperative.
The Loveland bankruptcy lawyers at Jorgensen, Brownell & Pepin, P.C. provide personalized attention for businesses pursuing bankruptcy, and can guide them through each and every step of the process. Our goal is to help organizations find relief and start to grow again.
Find out if you are eligible for bankruptcy and how to take your first steps with our legal help. Call (720) 809-8310 today or contact us online to schedule your initial and confidential consultation.
Types of Business Bankruptcy
There are a variety of bankruptcy types, each designated for different circumstances:
·Chapter 7 Bankruptcy - In this form of bankruptcy, a business settles their debts by selling off their assets and then dissolving. Their assets will be “liquidated,” which means they will be used as payment toward outstanding debt. A single trustee will handle the liquidation process, relieving shareholders of any liability for the company’s debt.
·Chapter 11 Bankruptcy - Chapter 11 bankruptcy is a recommended option for businesses that wish to continue, but need to restructure their repayment plan. This form of bankruptcy is typically more ongoing, and involves establishing new agreements and contractual rights to help make debt-repayment more bearable and realistic.
·Chapter 13 Bankruptcy - Only an individual can file for Chapter 13, although this might be a good option for you if you are a sole proprietor of a company. Similar to Chapter 11, Chapter 13 involves restructuring the debt and repayment plans. It will last from three to five years, after which point some of the debt can be discharged.
It is important to remember that not all types of debt can be discharged through Chapters 7 and 13 bankruptcy. These non-dischargeable debts include:
- Child support and spousal support (alimony)
- Any fines incurred for breaking the law
- Some types of tax debt
- Debts incurred after someone’s death
- Student loans (the court can make exceptions)
- Income tax debt (the court can make exceptions)
Let us Help You Achieve Financial Freedom
If your business is facing financial crisis due to overwhelming debt, our Loveland bankruptcy lawyers at Jorgensen, Brownell & Pepin, P.C. can help you understand all of your legal options. We have extensive experience helping businesses and business owners recover from difficult financial strain, and are prepared to help you as well.
Call us today at (720) 809-8310 or send us a message online to schedule your initial and confidential consultation.