Helping Colorado Small Business Using Chapter 13 Bankruptcy
By Bankruptcy Attorney on Feb 24, 2007 in Chapter 13 Bankruptcy
What can Chapter 13 bankruptcy do for your business? You may be surprised.
Colorado Sole Proprietorship
A business that is a sole proprietorship may reorganize its assets and debts in a Colorado bankruptcy, 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, or other business entity generally may not reorganize under Chapter 13 of the bankruptcy code. However, the business owner may use Chapter 13 and sometimes Chapter 7 bankruptcy to eliminate their personal debt, including personally guaranteed loans to the business. This may reduce the amount of money the business needs to distribute to the owner and therefore reduce some of the stress on the financials of the business. A bankruptcy attorney can help you decide whether these legal strategies may benefit you or your business.
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