A great bankruptcy lawyer must be:
A great bankruptcy lawyer must be well-versed in a variety of fields, including taxation, labor relations, divorce, and business law, to name a few. This requires a good bankruptcy attorney be constantly learning new law.
Perhaps now you can see why I think bankruptcy law is fascinating.
Dealing with debt or making plans for the future of your assets can be extremely stressful. Don’t go through either of these trying times by yourself. As an Arizona bankruptcy and asset protection lawyer I want to help you in making long-term life changes today that will lead to a better tomorrow. Schedule a free initial consultation with Diane L. Drain to learn more about how we can help you navigate Chapter 7, Chapter 13, and plan for your future.
Small Business Bankruptcy
Bankruptcies may be necessary to keep aggressive creditors from shutting down a viable but overburdened business. This is known as a Chapter 11. A corporate bankruptcy is frequently filed in conjunction with a personal bankruptcy, depending on circumstances.
Small Business Liquidation via Chapter 7 Bankruptcy
Chapter 7, on the other hand, is an option for a company that wants to stop operations and close down the business through the Arizona bankruptcy court.
Business Continues to Operate via a Chapter 11 Bankruptcy
When a company wants to reorganize its debts and emerge from bankruptcy as a healthy, viable company, Chapter 11 is used. There are frequently benefits to proceeding in this organized manner rather than allowing the company’s creditors to engage in a feeding frenzy akin to a school of piranha devouring its prey. Declaring bankruptcy can provide access to benefits that would otherwise be unavailable if the business did not file for bankruptcy (such as tax breaks, or reducing the secured debt on depreciating assets). I refer these companies to other highly qualified chapter 11 bankruptcy attorneys.