Chapter 11 is known as the bankruptcy large corporations file when they are in financial trouble. However, it works for individuals who do not qualify for Chapter 7 or 13. Other times, Chapter 11 is useful for people who need more time to repay mortgage arrearages, cram-down a car, and repay nondischargeable debts (such as payroll taxes, domestic support obligations, etc.). Our Broomfield chapter 11 bankruptcy lawyers will work with you to determine the benefits of this choice.
In 2019, Congress passed the Small Business Reorganization Act that created a Subchapter V to Chapter 11. This subchapter is to help small business debtors reorganize their financial problems. Small businesses with debts that are less than $7.5M can use this Subchapter V to save their business.
Chapter 11 is too complex of a topic to discuss online. Better to call our Broomfield chapter 11 bankruptcy attorneys and we can determine if Chapter 11, or another solution, will help you obtain financial freedom. Our lawyers work with people across Colorado, from cities like Arvada, Aurora, Centennial, Lakewood, Thornton, and Westminster.
