Bankruptcy Alternatives

Alternatives to Colorado Bankruptcy

While Colorado bankruptcy can be an effective debt relief solution for many, it is not the best option for all debt problems. In fact, for some individuals and businesses, alternatives to bankruptcy may be preferable.

Alternatives to Colorado Bankruptcy for Consumers

Colorado Springs Bankruptcy attorney Bankruptcy Alternatives

Alternatives to Colorado bankruptcy may be preferable for some individuals and businesses. Here’s a look at some common alternatives to Colorado bankruptcy. Contact us to find out more about your best debt relief options.

For individuals who are struggling with serious debt, pursuing alternatives to bankruptcy can be a good option when those individuals are earning an income and they have enough money to cover their living expenses and some of their debt obligations. Specifically, some of the more viable alternatives to Colorado bankruptcy for consumers can include:

  • Debt Settlement, through which consumers can try to negotiate a lower settlement on their outstanding debt with creditors. With debt settlement, consumers may have to be able to pay off the settlement amount in one lump sum payment, and they should be aware that creditors are under no obligation to agree to settlements.Additionally, consumers should be aware that working with debt settlement companies can come with some risks and that successfully settling debts will usually have tax repercussions.
  • Debt Consolidation, through which consumers can consolidate their debts into a single monthly payment. In some cases, it can be possible for consumers to get good (low) interest rates on these debt consolidation loans and/or to have their total monthly payments substantially reduced.However, as with debt settlement, there are some risks associated with debt consolidation, and it’s important for consumers to be aware of these risks so that they can avoid sabotaging their own debt relief efforts.

Alternatives to Colorado Bankruptcy for Businesses

For businesses, effective alternatives to Colorado bankruptcy can include:

  • Debt Workouts, which are agreements between businesses and creditors that set forth repayment plans. This bankruptcy alternative can be a good option when a business that is struggling with debt has started to show some profits but just needs some additional time to get caught up on its outstanding debt.With debt workouts, creditors usually want some reassurances that a business will not file for bankruptcy before repaying the outstanding debt; such reassurance can come in the form of working with one of our experienced Colorado Springs business bankruptcy lawyers.
  • Ceasing Business Operations, which can be a viable alternative to  bankruptcy when the continuing operation of the business will result in missed payroll, nonpayment of payroll or sales taxes and/or the improper utilization of customer deposits.With this option, our Colorado Springs business bankruptcy attorneys can help businesses work with creditors to inform them of the noncollectibility of unsecured debts; our lawyers can also help settle verifiable personal guarantee claims against the owners and directors of a business.

Colorado Springs Bankruptcy Lawyers at the Law Office of Jon B. Clarke, P.C.

Are you ready to find out if an alternative to Colorado bankruptcy is right for you? If so, it’s time to contact the trusted Colorado Springs bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C. Our Colorado Springs bankruptcy attorneys bring more than 35 years of experience to our clients’ cases, making them effective at successfully resolving even the most complex bankruptcy cases on behalf of individuals and businesses alike.

To find out more about how we can help you, contact us today by calling (303) 779-0600 or by emailing us using the contact form on this page. We also encourage you to complete and submit a Business or Consumer Debtor Analysis Form so that we can provide you with detailed professional advice.

From our offices based in Denver and Greenwood Village, we provide people throughout Colorado with the highest quality debt relief legal services.