The Scottsdale bankruptcy lawyers at Canterbury Law Group are uniquely qualified to represent debtors, creditors, trustees and committees in both personal and commercial bankruptcies. Bankruptcy law provides for the reduction or elimination of certain debts, and can provide a timeline for the repayment of non-dischargeable debts. It also permits individuals and organizations to repay secured debts with more favorable terms to the borrower. The range of services our Scottsdale bankruptcy attorneys provide depends on an individual’s or a company’s unique situation but may include business bankruptcy, Chapter 7, adversary proceedings, restructuring, Chapter 11, creditor representation, Chapter 5 claims and Chapter 13.
Business Bankruptcy Attorneys
Bankruptcy allows a company to efficiently sell assets or to liquidate in a controlled manner. Just like any other business strategy, bankruptcy should be considered early enough to be a viable strategy to preserve the business’s assets and help it continue as a going concern. Bankruptcy can also be an important tool for assisting in an orderly wind down and liquidation of a business and its assets. In addition to the some of the strategic benefits, liquidating through bankruptcy can provide numerous benefits over merely dissolving your entity.
Filing Chapter 7
The most common form of bankruptcy in the United States, Chapter 7 bankruptcy, provides individuals with a discharge of all debt which are “dischargeable” under the Bankruptcy Code. In a Chapter 7, all of the debtor’s non-exempt assets on the petition date are liquidated through the priorities set forth in the Bankruptcy Code. At the time of filing, the bankruptcy code establishes the creation of your “debtor’s estate” which includes all “non-exempt assets.” As a Debtor you have various duties and obligations, including significant duties of co-operation, which are owed to the Trustee. These obligations are designed to assist the Trustee in the administration of your bankruptcy estate. The bankruptcy lawyers will counsel you regarding these duties, which if followed, will make your case run smoothly. Unfortunately, many debtors who are not fully informed of these obligations run the risk of not receiving a discharge of some or all or their debt. If you’re thinking of filing Chapter 7, here are some recommendations from our expert lawyers and Scottsdale legal team:
- Complete the Mandatory Credit Counseling – Before you can file chapter 7 bankruptcy, it is essential to complete credit counseling. It is a mandatory step before you can file and often requires paying a fee. Otherwise, your filing will not be allowed to continue.
- File All Chapter 7 Paperwork – Complete and file all necessary paperwork in court. Make sure all of your paperwork is accurate. Determine any fees associated with your filing.
- Meet With Your Creditors – Approximately one month after filing the petition, you will need to meet with your creditors, an arrangement made by the court. During this important meeting, your creditors will question you regarding your finances and property. Typically this meeting involves only a few people connected with the credit card companies to whom you owe your debt.
- Attend the Personal Financial Management Instruction Course – In addition to your credit counseling course, a personal financial management course generally costs about $30 and is necessary for completing your filing of chapter 7. If you skip the money management course, you risk dismissal of your case.
Our firm’s lawyers have broad experience in representing creditors in multiple industries including lenders, lessors, landlords, retailers, farmers and other PACA claimants. If you recently received notice that one of your customers or clients is filing bankruptcy, you may have to invoke your creditors’ rights immediately in bankruptcy court to preserve your future ability to collect what is still owed to you. Time is often of the essence, call us today to schedule your consultation with an attorney about preserving your rights to be paid.
Chapter 5 Claims
Chapter 5 in the U.S. Bankruptcy code deals with the distribution of assets belonging to the debtor, exemptions and exceptions to what type of debts can be discharged and the entire estate. The team of litigation lawyers at Canterbury Law Group in Scottsdale, AZ are experts that can help achieve the best results possible in your bankruptcy case.
Filing Chapter 13
A Chapter 13 bankruptcy is not a per se liquidation but rather involves a restructuring of debt over a three or five-year period, pursuant to a plan which is filed with, and approved by, the court. This plan allows a debtor to pay its creditors a percentage of the amounts owed to them. Like in a Chapter 7, in a case under Chapter 13, the court appoints a Trustee. Pursuant to the terms of your Chapter 13 plan, you make one single global monthly payment to the Trustee, who then pays the creditors their pro-rata share of what is owed.
The primary goal of a business bankruptcy is to reorganize a business, which entails a restructuring of the company’s debts so the business can continue to operate. There are many ways that this can be accomplished, ranging from selling assets to closing down sites or reducing personnel. It is critical to understand that bankruptcy affords a business the opportunity to propose and implement these changes, without the looming threat that creditors will shut the business down for good. Contact our experienced business bankruptcy attorneys for a
Filing Chapter 11
More individuals, usually with a high net worth, are turning to Chapter 11 to solve their bankruptcy needs. The bankruptcy attorneys at Canterbury Law Group have significant experience with Chapter 11 filings, which tend to be very complex, and are capable of filing an individual case under Chapter 11 as mandated by the facts of each individual case.
Filing for bankruptcy can be an intimidating process and people are often ashamed of doing it. However, a real challenge when filing for bankruptcy is not securing the services of trusted legal representation like the bankrupcty lawyers at Canterbury Law Group. The legal process can be very demanding and tedious. Without the help of an experience lawyer it is common to miss important deadlines, make mistakes on required forms and to misunderstand certain rules or terms which can be detrimental to your case. The bankruptcy lawyers at Canterbury law Group work diligently with bankruptcy clients to secure their fresh financial freedom.
The bankruptcy attorneys at Canterbury Law Group are experienced experts in all areas of bankruptcy cases in the Phoenix area.