If your business is struggling with debt, you may not know where to turn. You may be worried that you are going to lose your business, face lawsuits, and potentially even face personal consequences, such as losing your home.
Our business bankruptcy attorneys are here to provide the hope, stability, and solutions you need to avoid worst-case scenarios and end up out of debt, while possibly saving the business you’ve worked so hard to build.
Whether you’re seeking bankruptcy for a small or large business, The Wink Law Firm will make your financial future brighter with legal strategies tailored to your goals.
How to Know When It’s Time to Call Us for Business Bankruptcy
It can be challenging to understand what actions you should take when you’re worried about going too deep into debt, losing your business, and how your debt may affect you personally.
You may need The Wink Law Firm’s business bankruptcy options, if:
- You are behind on your business lease payments.
- You are buried in high interest rates from merchant cash advances.
- Your bills from creditors are piling up, and they’re threatening to sue.
- You are not able to meet payroll obligations.
- Your profits are not enough to pay off your debt.
While your difficulties may seem overwhelming right now, our bankruptcy attorneys leverage the power of small business bankruptcy, which is your right.
How The Wink Law Firm Takes Care of You with Business Bankruptcy
It may feel hard to come to terms with your business’s current situation, but there’s good news: a bankruptcy strategy from The Wink Law Firm puts you back up on your feet and in control of your future.
Business Bankruptcy Options
- Remove your personal liability: Most small business owners are personally liable for their debt, including leases, Economic Injury and Disaster Recovery Loans (EIDL) to the SBA, and lines of credit, even if you have a Limited Liability Company (LLC). The bankruptcy attorneys at The Wink Law Firm will help you determine if you are personally liable for your business debt and develop a debt relief plan for both your business and, if necessary, you personally. If you are personally liable for the business debt, this may include dissolving your corporation or LLC, restructuring your business as a sole proprietor, and filing for personal bankruptcy.
- Discharge your debt and keep your business going: If you file Chapter 7 bankruptcy, your liability for both the personal and business debt will typically be discharged, and you may still be able to run your business as a sole proprietorship (i.e., no legal entity, but you and your business become one and the same). Restructuring your business away from the former corporation or LLC into a sole proprietorship can enable you to continue operating your business, keep business assets, and leave the business debt behind. In Colorado, you can even keep up to $60,000 worth of “tools of the trade” (your business’s assets such as equipment and inventory) if used to generate your primary source of income ($20,000 if for a secondary source of income).
- Move on to new opportunities: If you want to close your business entirely, that is possible, as well, and our business bankruptcy attorney can ensure your personal liability for your business debt is wiped away in Chapter 7 bankruptcy.
It is true that a corporation can potentially restructure their debt by negotiating with creditors in Chapter 11 bankruptcy. However, not all corporations succeed at restructuring and the fees associated with filing Chapter 11 are typically much greater than fees for Chapter 7 or Chapter 13. Because of this, Chapter 11 bankruptcy is often not cost-effective for most small businesses in need of debt relief.
Get a Free Business Bankruptcy Consultation Now
Colorado’s businesses are a vital part of our communities. You provide the products and services that improve our lives.
We want to see you continue to thrive and meet your goals as a business. On a personal level, our goal is to remove the worry and concern you’re experiencing now, and help you see a brighter future, free of debt.
Get in touch with our small business bankruptcy attorney now to find out what options for business bankruptcy will set you up for a fresh start.