Phoenix Chapter 11 Bankruptcy Lawyer
Protect Your Arizona Business Through Chapter 11 Bankruptcy
Many businesses have been hit hard by the recent economic downturn. Many businesses struggle to meet tax, payroll or other debt obligations — and many find they have fallen too far behind to catch up without having to terminate operations. When faced with this option, Chapter 11 bankruptcy may be your best option for relief.
Chapter 11 bankruptcy allows large businesses to restructuring debt and continuing operations under a plan of reorganization supervised by the bankruptcy court. At the Phoenix law office of AZBK Lawyers, we will help you understand your rights, options and obligations under Chapter 11 and determine if it is the right choice for your business.
Call (602) 648-3274 or contact our Arizona attorney to schedule an appointment to find out how we can help you. Your initial consultation is free.
Phoenix Chapter 11 Guidance
Arizona attorney Ben Wright has helped many businesses successfully navigate the Chapter 11 process. Business debtors may find themselves in need of Chapter 11 protection for many reasons: overwhelming judgments, multiple lawsuits by multiple plaintiffs that need to be organized or consolidated, or simply a significant drop in the volume of business that has resulted in the business falling behind on taxes, payroll and other business debt.
While a Phoenix Chapter 11 bankruptcy is generally filed in connection with a corporation or partnership, individuals who have guaranteed the debt of a business, as well as creditors, may initiate a petition. The process is typically quite lengthy, and it is critical to work with legal counsel familiar with the complex legal and procedural requirements involved.
Your Trusted Counsel at Every Step
Attorney Wright has the experience, skill and knowledge necessary to guide you through steps involved with a Chapter 11 bankruptcy. We will thoroughly review the financial situation of your business and if Chapter 11 is appropriate, prepare the petition and required schedules and documentation required by the bankruptcy court, including:
- Schedule of assets and liability
- Schedule of current income and expenditures
- Schedule of executory contracts and unexpired leases
- Statement of financial affairs
For individual filers, we will also provide a certificate of credit counseling and evidence of payment from employers, along with a statement of monthly net income and anticipated changes.
After filing the petition and schedules, we will then prepare and submit the disclosure statement and plan of reorganization with the bankruptcy court. The disclosure statement, which functions similar to a prospectus, must provide sufficient information about the business for creditors to make informed decisions about the debtor. The plan of reorganization — where there “rubber meets the road” — sets out the payment sequence, including priority of creditors, payment amount and timing. The confirmation process can be very time-consuming and energy-intensive, but you can take assuring knowing that attorney Wright will provide reliable and dedicated counsel every step of the way.
Learn more about Chapter 11 bankruptcy in Arizona by visiting our blog.