Small Business Bankruptcy Services in Longmont
Based in Longmont, Serving Clients Statewide
Thriving as a small business in the 21st century already wasn’t easy. Rapid technology shifts make adjusting to consumer trends seriously challenging. Small businesses are always exceptionally sensitive to economic downturns. Now we are in the third recession in two decades, and the worst recession in living memory. Most small business owners are in pure survival mode.
I, Patrick O’Malley, am here to help your small business overcome severe financial adversity. With 50 years of combined legal and entrepreneurial experience, I understand what a business needs to thrive and what legal tools to use. While I primarily provide bankruptcy legal services, my focus is to find the best way for you to get out of your financial bind. Together, we can explore all options to determine which ones will most effectively accomplish your business and personal goals.
Are you a Colorado business owner looking for small business bankruptcy services? Call (720) 674-7311 or contact my firm online today to begin with a complimentary case evaluation by phone, video, or in our Longmont office.
Is Bankruptcy Right for Your Business?
Bankruptcy law is a centuries-old debt relief option. Today the process depends on which chapter of bankruptcy best serves your goals. There are numerous factors involved: the types and amount of debt, assets, income, profits, and contract and non-contract rights and obligations.
Business Bankruptcy Solutions helps you with these types of small business bankruptcy:
- Chapter 7. Often called liquidation bankruptcy, the business owner dissolves the company and frees themselves from debt. If the business is to continue, it cannot use Chapter 7.
- Chapter 11. Chapter 11 restructures the debt and contracts of a company. Small business owners use Chapter 11 Subchapter V. It allows the firm to reduce debt and modify contracts. Management continues in place, running the business and retaining the business assets. The business will need a reliable source of revenue, however, to qualify for the required three to five year payment plan.
- Chapter 13. Like Chapter 11, Chapter 13 restructures debt into a payment plan. The plans last up to five years, eliminating debts by the end of the plan term, with no loss of assets. However, this option only available to individuals and sole proprietors, not business entities.
Each chapter of bankruptcy is unique, but all provide a powerful benefit: the automatic stay. A court order takes effect when the bankruptcy is filed. The stay prohibits creditors and debt collectors from most collection attempts.
Wish to explore other options outside of bankruptcy? I can also guide you with the best bankruptcy alternatives for your small business!
Let’s Get Started Today
Of all the steps you will take to help your business survive adversity, retaining professional and experienced support is the most productive. I founded Business Bankruptcy Solutions because I like putting my skills to work for entrepreneurs like you. When you need financial and legal solutions for your business, hire someone who knows where you are coming from and how to build the future you deserve.