An accomplished attorney, Michael Guyerson holds an AV rating by Martindale Hubble, in addition to certification as a business and bankruptcy specialist by the American Bankruptcy Institute. Since 2016, Michael Guyerson has served as senior counsel at the Buechler Law Office in Denver, Colorado, where he manages the firm's civil litigation and commercial bankruptcy lines of business.Business or commercial bankruptcy refers to a legal proceeding that takes place when a company can no longer repay its debts. The exact process, which takes place in a federal court, depends on how a business is legally structured.Sole proprietorship bankruptcies typically occur as a Chapter 13 reorganization filing, since these businesses are legal extensions of the individual owner. Chapter 13 filings are usually reserved for individuals, and the “chapter” refers to the section of the United States Bankruptcy Code that governs the process.Legal business entities, such as corporations and partnerships, typically file for bankruptcy under Chapter 7 or Chapter 11. Chapter 7 bankruptcies, or liquidations, are used when a business lacks a viable future. Alternatively, a Chapter 11 filing may be used when there is hope to improve the company’s financial position. A Chapter 11 filing involves a planned business re-organization monitored by a court-appointed trustee.
Accomplished Denver attorney Michael Guyerson joined the commercial bankruptcy and civil litigation law firm of Buechler and Garber, LLC, in 2016 as general counsel. Over the course of his 30-year career, Michael Guyerson has become well-versed in matters of commercial and individual bankruptcy, including both Chapter 11 and Chapter 13 filings.Also known as a wage earner’s plan, Chapter 13 bankruptcy filings provide gainfully employed individuals with debt adjustment support and, over time, a debt free life. In most cases, debtors propose a repayment plan for all or part of the original debt to be paid back over a span of three to five years. There are a number of benefits of declaring Chapter 13 bankruptcy compared to the liquidation approach of Chapter 7.Preventing a home from going into foreclosure is arguably the most notable advantage of Chapter 13. In fact, individuals may even be able to use Chapter 13 as a method of rehabilitating delinquent mortgage payments, though they are still expected to make all live mortgage payments during the repayment period. Furthermore, with the exception of a mortgage on a primary residence, Chapter 13 filings can extend secured debts over the duration of the repayment plan, which may lower individual payments.Additional benefits of Chapter 13 bankruptcy include protection of co-signers on consumer debts and a streamlined repayment process to a single trustee. For more information about Chapter 13, contact a knowledgeable bankruptcy attorney.
