A Chapter 11 bankruptcy may enable you to keep the business doors open — and the key to a successful Arizona Chapter 11 bankruptcy is an attorney who knows the statutes inside and out.
The Advantages of Chapter 11 Bankruptcy for Arizona Businesses
Chapter 11 Bankruptcy has several advantages for businesses having difficulty meeting their financial obligations. Soon after you hire an Arizona Chapter 11 bankruptcy attorney the creditors will be required to cease collections activities.
Reorganizing Finances Under Arizona Chapter 11 Bankruptcy
In Arizona, when you file for Chapter 11 bankruptcy,you’re essentially substituting your current debt repayment plan for a reorganized plan you’ll be more easily able to pay off. It could involve lengthening terms and a host of other adjustments. Each Arizona Chapter 11 bankruptcy filing is different, hence the reason why it’s important to consult with a skilled debt relief litigator.
How An Arizona Chapter 11 Bankruptcy Can Protect A Business’ Assets
Sometimes, business owners are in danger of losing their assets as a result of falling behind on payments. But after filing for Chapter 11 Bankruptcy in Arizona, you’ll most likely be able to hold onto your property until you can submit an acceptable repayment plan to the court. This means you’ll no longer be in danger of foreclosure, asset seizure, levies against property and the appropriation of bank accounts by the IRS.
Running a Business while Under Arizona Chapter 11 Bankruptcy
In the time that business owners are setting up a Chapter 11 bankruptcy plan, they’ll remain in complete control of their companies. However, there is a degree of supervision. During this time, if appropriate, you can choose to sell your property to pay debts, and the bankruptcy will allow time to wait for a fair price.
The Duties Of An Arizona Chapter 11 Bankruptcy Attorney
Chapter 11 Bankruptcy is a highly complicated proceeding, and business owners will need the advice of a highly experienced Arizona bankruptcy attorney. Failing this, efforts to save your business may be lost.
Our Arizona Chapter 11 Bankruptcy attorneys are knowledgeable about all of the statutes, rules and regulations associated with bankruptcy, and we will be able to guide you to the best bankruptcy solution suited for your situation.
We’re discreet and know how to get the proceedings done as quickly and quietly as possible.
Who Can File For Chapter 11 Bankruptcy In Arizona?
Both businesses and individuals can file for Chapter 11 bankruptcy in Arizona, though not everyone qualifies. First and foremost, you must meet a certain financial threshold; moreover, you must be able to convince a judge that your business is worth more as a whole as opposed to the sum of its parts. Essentially, the courts want to feel comfortable that you will, eventually, be able to meet the requirements of the pay-back plan.
It’s best to contact an Arizona Chapter 11 bankruptcy lawyer to determine if you meet the financial requirements for this class of debt relief.
If you’re facing a foreclosure, lawsuits from creditors, tax liens, repossessions or wage garnishments, it may be time to contact and Arizona Chapter 11 bankruptcy attorney. Hiring a Chapter 11 Bankruptcy attorney could be the first step in saving your business. Contact us today.