Alternatives to Bankruptcy in Longmont, CO
Debt Relief Attorney for Small Businesses in Boulder County & Beyond
Despite excellent planning and careful decision-making, your small business suffered serious setbacks due to economic forces beyond your control. With ever-changing economic conditions, unexpected disasters, and all of the other factors that can affect the health of your business, you need to know what options you have when times are hard. If your business is under financial duress with little hope for the future, consider bankruptcy. But bankruptcy is not always the best option, so exploring other options is always the first step.
I, Patrick O’Malley, have been a lawyer for nearly 20 years and a businessman for more than 30. Having worked in many types of industries, I understand the unique challenges every business faces. I know how to survive the hard times and thrive in the good times. After taking the time to understand your unique enterprise, your financial situation, and your objectives, I develop the right bankruptcy alternative for your business, or the right bankruptcy plan.
Alternatives to Bankruptcy
When you are headed towards insolvency, you have various options at your disposal. If you want to rescue your business, you will need to implement these options as soon as possible and with dedicated legal counsel in your corner. Bankruptcy is a powerful solution for hundreds of thousands of companies every year, but it can have serious consequences, and I generally recommend it only when a small business is in dire financial straits. This is why I will take the time to help you assess every possible alternative.
Your non-bankruptcy options may involve:
- Developing a business plan that will reduce expenses, increase sales, and put together a profit margin that will work. I advise you on the legal impacts of your various restructuring ideas.
- Hibernating your business while you wait for an economic upturn. This would involve cutting back to the core basics of keeping your business running at the minimum level. In the meantime, you work elsewhere, either as a paid or contracted employee, or creating a new entrepreneurial enterprise suited to current market conditions.
- Negotiating with creditors and contracting parties. You may ask for a meeting with creditors or contract counterparties to discuss your situation. On your behalf, I can work to see what concessions may be negotiated, such as reduced interest on loans or other debt, extended terms, or a forbearance period. This can apply to both secured and unsecured debt. Workout plans give you time to catch up.
- Selling your business, or selling assets. This may be difficult if you are overextended in this bad economy. However, if your business has a long history of profitability, is in a desirable location, or has a popular and well-established brand, selling all or parts of it, may be the solution.
He's a really sharp guy who knows his stuff.- H. Morgan Cavanaugh