Trust Your Business Matters to an Experienced Lawyer
Small businesses that are overwhelmed with debt may be eligible for Chapter 7 bankruptcy. If it is not possible to restructure the business's debts or if the business lacks adequate assets, Chapter 7 provides a means to liquidate the business in an orderly fashion. In the case of unincorporated businesses, Chapter 7 can eliminate debt and allow you to start a new business.
Faletti Law Office PC offers Chapter 7 bankruptcy services to small businesses in Colorado. With nearly three decades of experience, attorney Harold Faletti has the knowledge and skill to assist small businesses with debt relief. For a free consultation, please call a Denver small business bankruptcy attorney at 720-863-4426 or contact us online.
Small Business Liquidation
In Chapter 7 bankruptcy, a trustee is appointed to handle the liquidation of assets. Non-exempt property and collateral will likely be sold to pay the business's creditors. This can include secured debts such as vehicle or equipment loans. Some tools of the trade, however, are exempt.
When a small business files Chapter 7, it may benefit from:
- The discharge of some of its debts
- Sole proprietors discharged from personal obligations to the business's debt
- The elimination of leases
Another benefit of bankruptcy is the automatic stay of collection activities. Businesses, officers of corporations and individuals receive the protection of the automatic stay provided by bankruptcy. The automatic stay prevents creditor harassment, phone calls and all other collection actions while the bankruptcy is in progress.
Arvada Small Business Chapter 7 Attorney
To schedule a free consultation, please call 720-863-4426.
