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"Business"
Question:
I need to dissolve and file bankruptcy for my small business (Chapter C Corp) that is no longer operating. Is this something your office handles, or do you work only on personal bankruptcies?
Answer:
Yes, if necessary, our office can handle and file corporate chapter 7 bankruptcies. More importantly, we can sit down with [...]
Continue Reading →Question:
I am a manager of a Limited Liability Company (LLC). The LLC owned an apartment complex which was sold last year. I am now informed that there are some vendors with outstanding debt. A vendor sued the LLC, and the court awarded a judgment. Question 1: Since the LLC has no assets, can I [...]
Continue Reading →This fact comes as no surprise to this office; we represent many small business owners and franchise owners in bankruptcy and debt restructuring. Morningstar.com recently released an article cataloging some of the higher profile Restaurant bankruptcies and the underlying causes; The Casual Restaurant Bankruptcy Epidemic.
Bankruptcy can be an effective tool [...]
Continue Reading →Question:
When closing a corporation prior to personally filing bankruptcy, can the shareholders get paid back salary that is owed to them from the sale of assets and if so what is an appropriate way of spending that back salary.
Answer:
You will want to sit down with an attorney and review your options. Practically [...]
Continue Reading →Question:
Why not file a Chapter 7 bankruptcy for a business? What’s the big deal? Wouldn’t it be easier?
Answer:
Generally the answer is “no.” A Chapter 7 bankruptcy results in assets of the business being administered by the Trustee, creditors must file proofs of claims, and the Trustee has a fiduciary duty [...]
Question:
What is the general strategy an attorney would take for handling a failed business and a business owner bankruptcy?
Answer:
Have the Client wrap-up the business and then file a personal bankruptcy listing all personal and business debts and listing any potential claims that are even remotely fathomable against the business and [...]
Question:
When should a Chapter 7 bankruptcy filing for a business be considered?
Answer:
It is important to note that a corporation cannot discharge debts in a Chapter 7 bankruptcy. Therefore the general strategy with a failed company and Client who has too much debt is to wrap-up the corporation and then file [...]
Colorado Sole Proprietorship
A business that is a sole proprietorship may reorganize its assets and debts under Chapter 13 of the bankruptcy code. This will allow the business and its owner to shed unwanted debt and keep assets necessary to run the business.
Colorado Corporation, LLC, or Other Business Entity
A Corporation, LLC, [...]
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