Denver Bankruptcy Attorneys - Law Office of Andrew McKenna

    Free Initial Consultation

    303-730-8819
  • EVENING AND WEEKEND APPOINTMENTS AVAILABLE

    Contact us today at 303-730-8819, or use our CONTACT PAGE to request your free Telephone Consultation with Andrew F. McKenna, The Bankruptcy Attorney.

  • Business Debts

    The Great Recession was devastating to many businesses. Many did not survive. Many others will never completely recover. Filing for Chapter 11 business re-organization bankruptcy in Denver has helped countless businesses survive and even thrive through the cyclical periods of our up-and-down economy. Consider General Motors – which came through one of the largest corporate bankruptcies in U.S. history and emerged as the world’s largest and strongest automaker.

    In other cases, filing Chapter 7 may be the best course of action to secure the survival of a small family-run business.

    Denver business bankruptcy lawyers at The Law Office of Andrew McKenna understand the struggles many businesses are facing. For many family-owned operations, decades of sweat equity and sacrifice have gone into the endeavor. Taxes, competition, and other issues can threaten survival. Small business loans can be tough to get. Credit card debt and the personal debts of ownership can push a business to the brink of extinction.

    Business Bankruptcy in Denver

    • Chapter 7 Business Bankruptcy: A powerful tool in the fight for survival is to file a Chapter 7 bankruptcy for the business owner or couple, with “doing business as” to cover business debts. You are still entitled to personal exemptions, which include $60,000 home equity, car equity, and vehicles or other tools used for business purposes.
    • Chapter 11 Business Reorganization Bankruptcy: Is a more complex form of bankruptcy that permits a business to be protected from creditors while devising a repayment plan. The goal is to exit the process on safer financial ground with the time necessary to meet financial obligations while continuing to operate.

    Dealing with Small Business Bankruptcy in Colorado

    One of the key elements influencing what type of bankruptcy you can file is the structure of the business entity.

    • Sole proprietorships cannot file for bankruptcy as they are not a recognized legal entity. In this case, bankruptcy must be accomplished through the personal bankruptcy of the owners. This can be advantageous, however, as owners who are on strong financial ground make for stronger businesses in the long run.
    • An individual with mostly business debt does not have to pass the means test under the bankruptcy reform act of 2005, meaning they can file for Chapter 7 and seek elimination of most debts.
    • A corporation – whether a C Corp, S Corp or Limited Liability Corporation, can file for either Chapter 7 or Chapter 11.
    • Chapter 13 is only available to individuals; it permits an individual to establish a 3-5 year repayment plan. Certain remaining debts can be forgiven at the end of the process. Still, this can be a powerful tool for an individual who is liable for business debts when the business has substantial assets worth protecting.

    Contact a Colorado Bankruptcy Attorney Today

    If you need bankruptcy assistance in Denver or would like more information, call The Law Office of Andrew McKenna today at 303-730-8819 for a free consultation or contact us online. We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code. Serving clients in Denver and throughout Colorado, including Aurora, Englewood, Lakewood and Boulder.

    Denver Bankruptcy Help – 303-730-8819– Free Consultation

  • ANDREW McKENNA’s CREDENTIALS

    20 Years of Experience
    NACBA Member
    Only represents consumers
    BBB Accredited, A+ Rating

    • STOP FORECLOSURES
    • STOP WAGE GARNISHMENTS
    • STOP VEHICLE REPOSSESSIONS
  • Find me on Google+

    Address:

    North Metro Denver Office – 11154 Huron
    St. Northglenn, CO 80234

    South Metro Denver Office – 3801
    E. Florida, Suite 400, Denver, CO 80222

  • MEMBERSHIPS

    Click for the BBB Business Review of this Attorneys & Lawyers - Bankruptcy & Taxes in Denver CO
  • Facebook Iconfacebook like buttonTwitter Icontwitter follow buttonRSS FeedRSS FeedRSS Feed