Check out this bankruptcy business information if your business is in debt. You can also contact the Denver bankruptcy lawyer at the Law Office of Jon B. Clarke.
Chapter 13 Bankruptcy Attorney in Denver
In a Chapter 13 bankruptcy, there is a reorganization of the company’s debt. Most businesses that wish to remain in business select reorganization, rather than liquidation. Chapter 13 generally applies to individual consumers with smaller debts. Corporations and partnerships cannot file under Chapter 13, but self-employed individuals and individuals who own unincorporated businesses are eligible…
Read moreBusiness Bankruptcy Resource Links
Useful Bankruptcy Resource Links Legal Information Institute This page, maintained by the Cornell University Law School, provides general information about bankruptcy. American Bankruptcy Institute The ABI is a multi-disciplinary, nonpartisan organization dedicated to research and education on issues related to bankruptcy and insolvency. This site contains general information, news and various other online resources. American…
Read moreFrequently Asked Questions about Business Bankruptcy
Q: What are the fundamental purposes of bankruptcy? A: First, bankruptcy allows a debtor a judicially supervised method of resolving debt, either through liquidation of assets or through restructuring of debt. The business can pay off its debt, and in reorganization cases, the business can still remain in operation. Second, the creditor can receive some…
Read moreBusiness Bankruptcy and Reorganization Information
One of the leading business bankruptcy law firms in Colorado, Jon B. Clarke, P.C., helps businesses facing creditor pressures to obtain debt relief through bankruptcy and reorganization, through Chapter 11 reorganizations, Chapter 7 bankruptcy filings. There are also some creative alternatives to bankruptcy. The firm focuses on steering struggling businesses and their owners through troubled…
Read moreBusiness Bankruptcy – Overview, Options and Procedures
The primary purpose of bankruptcy is to deal with debts that cannot be paid in full without some sort of court-monitored plan. The debtor may wish to close its business and liquidate its assets to pay its debts or the debtor may wish to reorganize its debt and enter into a repayment plan while continuing…
Read moreLiquidation Under Chapter 7
In a Chapter 7 bankruptcy, the debtor’s assets are liquidated and the proceeds are distributed to creditors. Partnerships, sole proprietorships and corporations, in addition to individuals, are eligible to file under Chapter 7. However, unlike individuals, these business entities are not eligible to receive a discharge. 11 U.S.C. § 727(a)(1). Chapter 7 business liquidations are…
Read moreChapter 11 Bankruptcy Procedures
Chapter 11 allows for the reorganization of debts. Chapter 11 also allows a business to continue to carry on routine operations in the ordinary course of business while going through the reorganization. Corporations, partnerships and sole proprietorships are all eligible for Chapter 11 reorganization. 11 U.S.C. § 109. If a corporation files under Chapter 11,…
Read moreIssues to Consider Before Filing Bankruptcy
Businesses that are struggling to pay debt or that are facing other financial difficulties may wonder how to fix their financial problems. There are several bankruptcy and non-bankruptcy options that a stressed business may consider using to help it out of a tough spot. An experienced attorney can explain these options to you and help…
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