The circumstances of your business will determine the kind of bankruptcy available to you. If you are a corporation, an LLC, or a partnership, you can file chapter 7, or chapter 11. Be aware though, that a trustee appointed to your case can sue the partners on behalf of the creditors, if assets fall short of debts.
Why is your business failing? Your Parker CO bankruptcy lawyer will ask this question in order to be better able to advise you if you should reorganize, or liquidate. The reorganization process can be expensive, and time consuming – it will require the personal participation of owners, and managers. You might choose a chapter 7 liquidation instead, if your debt is extreme, and the business seems unredeemable.
Let years of experience in bankruptcy law help you make the right choice. Talk to a Parker CO bankruptcy lawyer. Call the Parker Lawyers firm today: 303-841-9525.