By Ben Wright of Wright Law Offices. Arizona residents considering bankruptcy need to be aware that there is a difference between a consumer bankruptcy filing and a business bankruptcy filing. In other words, there are different rules that need to be followed depending upon where and how your debts are incurred. Bankruptcy code 11 U.S.C. [...]
News of another financially distressed business filing for reorganization through a Chapter 11 bankruptcy has become so commonplace that people forget that another option for a business confronted by insurmountable financial challenges is Chapter 7 liquidation. For companies with little hope of structuring a plan to continue operations and emerge from bankruptcy as a functioning [...]
Many people see bankruptcy as symbolic of failure. In fact, bankruptcy can provide a fresh start for an individual or entity. Small companies to large corporations in Arizona and across the country use business bankruptcy to continue business operations while negotiating with creditors. In the case of an east coast ski resort, mild winter weather [...]
Business owners in Phoenix, Arizona, are all too aware of the effect a struggling economy has had on their cash flow and accounts receivable payments. Business owners across the country who made the difficult decision to pursue a business bankruptcy have saved their companies by using the business reorganization process to drastically cut costs. For [...]
Thanks to our still-troubled economy and the mortgage and foreclosure crisis that is wreaking havoc on homeowners across the country, Maricopa County readers have probably gotten used to hearing about bankruptcy in the news. After all, it seems like there is some new story or report on bankruptcy every day. Sometimes, when a concept [...]
People associate business bankruptcy with failure that occurs when a business owner could not compete in a highly competitive market. Fashion designer Betsey Johnson might have fit that description in 2012 when, after 35 years in business, dwindling profits and mounting debt forced her to close the 63 shops that sold her clothing designs for [...]
As Eastman Kodak struggles to handle its obligations under a business bankruptcy filing, the third quarter postings indicate that the losses for the company were $312 million. This is almost $100 million more than the $222 million loss posted for the third quarter of 2011. Part of the reason may come from a 19 percent [...]
Electric cars could become common sights on Arizona highways in the near future, but one automaker that set out to break the nation's dependency on fossil fuels might not be around to see it happen. With 75 percent of its workers now unemployed following a mass layoff and a $529 million loan from the U.S. [...]
Arizona-based Rural/Metro. Corp., which is owned by Warburg Pincus LLC, has filed for Chapter 11 bankruptcy protection. The company has negotiated an agreement with certain creditors to help obtain new capital while reducing company debts by approximately 50 percent. The chief financial officer claimed that the proposed plan will allow the company to continue to [...]
Those who own businesses in the state of Arizona may be interested in learning about why ECOtality, an electric car-charging company, may be closing its doors for good. In a recent filing, the company disclosed various problems with the SEC and stated that it was exploring options for restructuring or selling the entire business and/or [...]