Anyone who has gone through the process of filing for Chapter 11 Bankruptcy in the State of Arizona knows that it is far from simple. In fact, it seems at times that the process is meant to confuse you.
That's why it's absolutely crucial to, whenever possible, hire an expert attorney who can guide you through the ins and outs of filing for chapter 11.
Before you get started, however, there are a lot of questions you can get answered right here, right now.
For everything else, I encourage you to reach out via email at [email protected].
What is Chapter 11 Bankruptcy?
A chapter 11 bankruptcy, commonly called a reorganization proceeding, provides businesses and individuals the opportunity to restructure their debts. It does this by proposing a "plan of reorganization". This plan is contingent on court approval.
The UsCourts.gov website is an invaluable tool for someone who is newly investigating the bankruptcy process, regardless of what US state they're living in.
The UsCourts.gov website is an invaluable tool for someone who is newly investigating the bankruptcy process, regardless of what US state they're living in.
How is Chapter 11 Bankruptcy different from Chapter 7 Bankruptcy?
A chapter 7 bankruptcy is a liquidation plan in which a trustee is appointed to gather a debtor’s non-exempt property and sell it. They can then distribute the proceeds to the debtor’s creditors based on the amount of the debt. The "honest debtor" will receive a discharge of those debts. This amount is limited by what the bankruptcy code allows to be discharged. There are exceptions for certain tax debts, student loans, support debts and others.
How do I know if Chapter 11 Bankruptcy is a good choice for me or my business?
This requires an analysis of your financial condition and business prospects. The first thing that I do is gather information from you. I then advise you, my client, as to which type of bankruptcy proceeding is most appropriate, if any, given your situation.
Tip #1: the sooner you get the advice of a knowledgable and competent attorney, the better off you'll be in the long-run.
If I’ve decided to file, when should I file for Chapter 11 Bankruptcy?
This requires some analysis based on the financial condition of you, the debtor. It also requires a fair share of planning. Some transfers are voidable under certain situations and must be analyzed. Once that has been completed, a decision is made - with your attorney acting as a guide in this process - as to the best time to file. Business operations and future profitability must also be considered, as well as any pending issues like a trustee’s sale of real estate or a pending execution of a judgment.
Is there anything special about filing for Chapter 11 in Arizona versus other states?
Where you file is based on where your primary residence has been the last six months and/or where the majority of your assets are located. This sometimes needs to be analyzed based not only on those factors but where the law is most favorable - as it can vary from court to court and federal circuits.
Are there any online resources that you use, or that I can look at, to get more information about Chapter 11 Bankruptcy in Arizona?
The Arizona bankruptcy court offers assistance to persons who need bankruptcy protection but can’t afford a lawyer. However, in my professional opinion, that only tends to work for simple cases. Most individuals filing for bankruptcy require the help of a competent and experienced attorney.
Don't see your question answered here? Ask Tom.
Questions answered on this page:
What is Chapter 11 Bankruptcy?
How is Chapter 11 Bankruptcy different from Chapter 7 Bankruptcy?
How do I know if Chapter 11 Bankruptcy is a good choice for me or my business?
If I've decided to file, when should I file for Chapter 11 Bankruptcy?
Is there anything special about filing for Chapter 11 in Arizona versus other states?
Are there any online resources that your use, or that I can look at, to get more information about Chapter 11 Bankruptcy in Arizona?
Reach Out to Thomas Littler, Esquire
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