The three main bankruptcy options for small businesses in Colorado are Chapter 7, Chapter 11, and Chapter 13. 

Chapter 7 is considered a liquidation, where assets are sold to repay creditors. Chapter 11 is a reorganization option typically favored by larger businesses. Chapter 13 is often the best option for small business owners, as it allows for a repayment plan without losing assets. 

Consulting a bankruptcy attorney can help you determine the best course of action for your business.

Subchapter V of Chapter 11 can provide small businesses with a faster timeline for resolution and greater flexibility in negotiating with creditors. Subchapter V also appoints a dedicated trustee to work with the debtor and creditors to facilitate a reorganization plan without paying quarterly fees to the U.S. Trustee Program.

Generally, if your business is organized as a corporation or an LLC, your personal assets are protected from bankruptcy. This means your personal property, such as your home, car, and savings, are typically not at risk. 

However, there are exceptions. You could be at risk if you have used personal assets to fund business expenses or put personal property up as collateral. Understand the exceptions by consulting a bankruptcy attorney, who can help you assess your situation and protect your assets.