Colorado Chapter 11 Bankruptcy Attorneys
How to File for Chapter 11 Bankruptcy in Colorado?
Chapter 11 bankruptcy is an effective tool for businesses because it not only prioritizes resolving debts but also enforces a plan of action that helps businesses get back on track, utilizing solutions that are mutually beneficial for both debtors and creditors.
Contrary to chapter 7 and chapter 13 bankruptcy, chapter 11 bankruptcy is not always voluntary because both businesses and creditors may file. Similar to chapter 7 and chapter 13, however, an automatic stay will be placed on your business’s debts, prohibiting creditors from making harassing calls, filing lawsuits, and garnishing your wages.
To begin your case, a chapter 11 bankruptcy petition must be filed by either you or creditors. Unless told otherwise, you must also file the following documents with the court:
- Schedules of assets and liabilities
- A schedule of current income and expenditures
- A schedule of executory contracts and unexpired leases
- A statement of financial affairs
Once the petition for chapter 11 bankruptcy is filed, you will be designated a “debtor in possession,” which means you keep possession and control of your assets while undergoing a reorganization of your debts under chapter 11 without a case trustee. You will still operate your business and perform the functions that a trustee performs under chapter 11, so you must prepare to handle record-keeping and fiduciary duties accordingly.
A significant element of the chapter 11 bankruptcy process is your reorganization plan accompanied by a written disclosure statement. The disclosure statement must inform creditors of your assets, liabilities, and business affairs to allow them to make informed decisions about your reorganization plan. As a result, you may experience issues reaching a solution if your creditors disagree with any provision within your plan.
Ready to speak with our Colorado chapter 11 bankruptcy lawyers? Please contact us at (888) 458-0991 to learn more.
Helping Businesses & High Net Worth Clients Restructure Their Debts
Businesses such as corporations, sole proprietorships, and partnerships that are drowning in debt may file for Chapter 11 bankruptcy, also known as reorganization bankruptcy. While filing for bankruptcy may seem like a recipe for disaster, many companies that file for chapter 11 bankruptcy stay afloat, allowing them to remain open and operating. However, the chapter 11 bankruptcy process is notoriously costly, extensive, and complex, which is why you must choose your legal counsel wisely.
Our team can analyze your business model, finances, and prospects to determine whether chapter 11 bankruptcy is right for you. At every stage of the process, you can count on us to apply a risk assessment approach to minimize the impacts and potential consequences of your case while protecting your best interests. Clients choose us to represent their bankruptcy cases because we go above and beyond to help them reach their bottom line: Financial stability.
In addition, Cantafio Nagel & Song PLLCobtains the following benefits:
- Cost-effective legal services
- A track record for successful case results
- 150 combined years of experience
- Small firm feel with big firm results
- Personalized attention and customized solutions
- Unwavering dedication and priority to your case
Call (888) 458-0991 Today
Chapter 11 bankruptcy allows businesses to keep their doors open while handling the repayment of their debts in a way that satisfies both parties. While it can be a complicated and burdensome experience, our Colorado chapter 11 bankruptcy lawyers hope to take some weight off your shoulders by applying our extensive knowledge of the legal proceedings and business and accounting concepts that impact your case.
We can help you formulate a practical, effective reorganization plan while guiding you through every step of your case. If you’re worried about dealing with creditors, know that you can count on us to go the distance to alleviate your stress while working to set you up for success.
To learn more about your legal options, contact us today!