Bankruptcy & Restructuring
McAllister Garfield’s bankruptcy and restructuring practice, led by Dan Garfield, solves its clients’ problems in times of financial or other distress by providing in- and out-of-court solutions to businesses in numerous industries, including cannabis, real estate, transportation, manufacturing, energy, construction, retail, and financial institutions.
Filing for bankruptcy can be a stressful time for everyone involved. At McAllister Garfield, our bankruptcy lawyers are dedicated to businesses navigate the complexities of debt and restructuring. Our experienced attorneys can help you select the right bankruptcy plan with your best interests in mind.
We take pride in our wide legal knowledge and fierce negotiating skills allowing us to offer tailored advice to businesses. Our team understands that resources are extremely limited in these circumstances which is why we aim to handle matters quickly and efficiently.
The firm’s clients in bankruptcy proceedings include Chapter 7 and 11 debtors, secured and unsecured creditors, debtor-in-possession lenders, creditors’ committees, acquirors, and Chapter 7 trustees. The firm also represents parties in receiverships, particularly in the marijuana industry, which is barred from using the bankruptcy courts due to federal illegality, and assignments for the benefit of creditors (ABCs). Outside bankruptcy, our team represents borrowers, secured lenders, creditors, acquirors, and others in restructuring and workout transactions.
The firm also represents clients in bankruptcy litigation, including preference and avoidance matters, fraudulent transfers, nondischargability actions, and appeals.
The firm routinely serves as local counsel for regional and national law firms with matters in Colorado.
Who Needs a Bankruptcy Attorney?
- Is your business experiencing continued decreases in cash flow?
- Are you unable to meet debt obligations such as loans and lease payments?
- Are you behind on taxes?
- Has it become difficult to meet payroll?
- Are you getting consistent calls from creditors?
- Have company executives pooled personal money to satisfy debt or payroll?
If you answer “yes” to any of these questions, it might be time to discuss your options with a bankruptcy lawyer. There are various bankruptcy options that can help entrepreneurs endure economic challenges and gain better control of their economic future.
Contrary to popular opinion, filing for bankruptcy is not the end of the world. In fact, a bankruptcy can represent an important opportunity to start fresh and explore new ventures. With the right legal assistance, you will be in a better position to maximize your remaining assets and persevere long-term.
Chapter 7 Business Bankruptcy
For businesses that must cease operations, a chapter 7 bankruptcy is typically the best option. During this process, the debtor company stops operations, and a bankruptcy trustee is appointed to liquidate the assets of the company. The collected cash from the liquidation will be used to pay off creditors.
Chapter 11 Reorganization
In a chapter 11 business bankruptcy, the debtor proposes a plan of reorganization to ensure business continuity and debt fulfillment over time. The company can either reorganize through an orderly process or hold a bankruptcy sale for all its assets. McAllister Garfield also assists with small business “Subchapter V” bankruptcies.
Bankruptcy is often a complex and stressful process. For this reason, we strive to deliver highly personalized solutions on time and within your budget.
Our hands-on team of attorneys will give you an honest evaluation of your legal options We will be upfront about pricing and ensure you get through the entire process.