Chapter 11 Bankruptcy
Filing for Chapter 11 Bankruptcy can be challenging. Let our team of highly knowledgeable and experienced bankruptcy attorneys help you find the right path to becoming debt free. Are you a small business? Do you want to remain in business despite the bankruptcy? Then Chapter 11 Bankruptcy may be the best option for you.
Wondering if filing Ch. 11 Bankruptcy is a good option?
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Chapter 11 is unique in that it doesn’t call for liquidating the debts as Chapter 7 does. It rather restructures the terms of repaying the loans. It is commonly used by companies who aren’t looking to go out of business, but to restructure their loans in such a way to allow them to continue daily operations while repaying their lenders.
Chapter 11 is mostly used by corporations and businesses. There are some individuals to whom we may recommend filing Chapter 11, if they don’t qualify for either Chapter 7 or Chapter 13 (which centers around repayment as well).
The route we recommend you take will be specific to your exact situation. Reach out to our attorneys in Denver to get your free consultation. We will discuss your options to getting debt-free as fast as possible.
What to Expect with Chapter 11 Bankruptcy
Most people or businesses in Colorado who are filing for Chapter 11 will have four months to submit a plan. Sometimes this timeframe gets extended depending on the circumstances. An experienced Chapter 11 Bankruptcy attorney will help protect what is most important to you as you go through the complex legal process of reorganizing your debts together. Once your Bankruptcy has been approved, you’ll be on a very specific repayment plan, that should be achievable for you, and fair to the lenders.
Oftentimes creditors will lower interest rates and work with you on the payment schedule to improve their chances at repayment. After all, if the Chapter 11 doesn’t go through, the debtor may end up going the route of Chapter 7. This involves relinquishing your assets to repay your outstanding debts. And depending on the assets they have available to liquidate, the lender may or may not recoup as much of their money through Chapter 7.
The court will want a proposal that is in the best interest of your creditors. We want to get you out of debt as fast as possible. Our firm has more than 60 years of experience between our attorneys. We know how to fight for the best possible outcome for your scenario. The procedure of classifying each of your creditors and establishing a plan that will work for everyone can be difficult, as it needs to be done meticulously. Our bankruptcy attorneys will work together with you from the very first bit of paperwork through to the final approval.
Are you thinking about Chapter 11 Bankruptcy in Denver, Colorado Springs, Fort Collins, Boulder, Loveland or any nearby areas? Call our legal team today at (303) 623-4357 to schedule a free case evaluation.