A Business Bankruptcy Attorney is a highly skilled legal professional who helps individuals or businesses in Phoenix or across the country who are facing financial problems and need to file for bankruptcy relief. They can help you decide whether Chapter 7 (often used by individuals or small business owners), Chapter 13 (where debt repayment plans are established to help you get back on track), or a Chapter 11 business reorganization is best for your situation and needs.
There are a number of benefits to filing for bankruptcy, but it can be confusing and time-consuming if you do not have the right knowledge and guidance from an experienced Phoenix business lawyer who knows what they’re doing. Fortunately, there are many qualified and experienced Phoenix business lawyers who can help you navigate the process so you can begin enjoying the relief that bankruptcy provides.
Recommendations from Lead Counsel independently verifies Business Bankruptcy Attorneys in Phoenix and checks their standing with Arizona bar associations to ensure they’re competent and able to handle the unique circumstances of your case. They also offer a thorough background check on their credentials and experience, including proof of compliance with ethical and disciplinary requirements.
The best Phoenix business bankruptcy attorneys have a strong commitment to making the entire legal process as light and stress-free as possible for their clients. They take pride in putting their clients at ease and providing them with constant updates, so they can make informed decisions throughout the bankruptcy.
When you meet with the best Phoenix Business Bankruptcy Attorney, they will discuss your current financial situation and provide you with a comprehensive assessment of your options for dealing with the company’s debts and assets. They will also review your budget to determine which bankruptcy strategy may be the most effective for your company’s current needs and financial standing.
In deciding which option is the best for your business, it’s important to consider the company’s future goals. Your Business Bankruptcy Attorney will likely recommend a chapter 11 (“reorganization”) or chapter 7 (“liquidation”) bankruptcy depending on your company’s needs.
Chapter 11 (“reorganization”) – This option allows a business to propose a plan to restructure debt and repay creditors over a period of time up to five years, which is typically the most desirable solution for most companies. The plan must be accompanied by a detailed accounting of the company’s operations and finances, which is usually done on a regular basis.
Often times, the most successful Chapter 11 plans involve restructuring a large percentage of the company’s debts. These plans can be complex and may require extensive negotiations with creditors.
However, if the company is unable to restructure its debts, or it has substantial assets that can’t be restructured, then liquidation is often the only option. In a chapter 7 liquidation, the company literally closes down and all its assets are sold to pay off creditors.
A bankruptcy is a legally binding and court-supervised process designed to provide people who are struggling with substantial debts the opportunity to obtain a fresh start by reducing their monthly payments. By negotiating with creditor representatives in a fair manner, bankruptcy gives debtors a chance to regain control of their lives and their money.