OR call us at 602-456-6085 today.
American companies frequently use the bankruptcy process to reorganize and help a business survive through difficult economic times. For similar reasons, Chapter 7 bankruptcy and Chapter 13 bankruptcy make sound financial sense for individuals and married couples who have fallen behind due to mounting debts caused by medical expenses, job loss and other difficulties.
One of the most notorious recent corporate bankruptcies in Arizona involves the local National Hockey League franchise, the Phoenix Coyotes. Since moving from Winnipeg in 1996, the club has not had a great deal of success, never making it past the conference quarterfinals and failing to make the playoffs as often as not. That led to financial troubles and previous owner Jerry Moyes’s decision to put the team in bankruptcy. NHL records indicate that the Coyotes lost $36.6 million this season.
One example of the major complexities that can arise in this type of business bankruptcy is the ongoing agreement that the team has with the City of Glendale, which built the Jobing.com Arena to host the Coyotes. Due to that obligation, the bankruptcy court prevented Moyes from selling to a Canadian buyer who would have relocated the team. The NHL finally emerged as owner, essentially by default, and is trying to bring in a new owner who may be able to make the business succeed in Arizona.
Consumer Bankruptcy Can Provide Effective Debt Relief
The closest analogy to this process is the liquidation of assets for a consumer who qualifies for Chapter 7 bankruptcy. Certain property – by no means all assets – must be liquidated to satisfy the claims of creditors to complete a discharge of debts owed by an individual or married couple. Arizona bankruptcy law details exemptions from the liquidation process, including retirement accounts, $150,000 in homestead equity, $5,000 in value in motor vehicles (double this value for a couple), and household items such as furniture.
Best of all, the process is much more simple. A Phoenix bankruptcy lawyer can further explain how the consumer bankruptcy process proceeds much more quickly than a large-scale business bankruptcy. But in the end, the goal is the same: to give the bankruptcy applicant a fresh start and a brighter financial future.
Other ways we may be able to help…
Our Locations
- Phoenix Office – New Wright Law Offices 2999 N. 44th St., Ste 600 Phoenix AZ 85018 Telephone: 602-456-6085 / 866-703-3287 Phoenix Law Office
- Phoenix Office – Old Wright Law Offices 668 N. 44th St., Ste 320 Phoenix AZ 85008 Telephone: 602-456-6085 / 866-703-3287 Phoenix Law Office
- Scottsdale Office Wright Law Offices 7135 East Camelback Road, Ste 230 Scottsdale AZ 85251 Telephone: 480-845-0145 / 866-703-3287 Scottsdale Law Office
- Tempe Office Wright Law Offices 2238 S. McClintock Dr. Tempe AZ 85258 Telephone: 480-845-0145 / 866-703-3287 Tempe Law Office
- Avondale Office Wright Law Offices 12725 W Indian School Rd, Suite E-101 Avondale AZ 85392 Telephone: 623-258-4480 / 866-703-3287 Avondale Law Office
- Mesa Office Wright Law Offices 4856 E. Baseline Rd. Suite #104 Mesa, AZ 85206 Telephone: 480-845-0145 / 866-703-3287 Mesa Law Office
- Glendale Office Wright Law Offices 20325 N. 51st Ave., Suite 134 Glendale, AZ 85308 Telephone: 623-258-4480 / 866-703-3287 Glendale Law Office
What our clients are saying…
Mr. Wright and his staff were amazing. They made a negative situation a lot better and turned it into a positive. Could really tell they care helping people and I will refer their Phoenix Bankruptcy Attorney firm to friends and family. Thanks again.
I called around looking for the right bankruptcy lawyer and came across Benjamin Wright. He personally called me for the consultation seeing how I live in Kingman AZ. He was very helpful from the start and his staff was very friendly and explained any questions I had, sorry for all the questions. I would definitely recommend Wright law offices, and I do!! Thanks for everything, you made what seemed like a hard thing to do simple!! You guys rock!!!
Great lawyer, he really helped my mother out of a jam. She was totally new to bankruptcy and he talked with us for about an hour and a half to make sure she wouldn’t be worried.
Ben is a kind and down to earth attorney. He worked around my busy schedule as a single mom (school, full-time job, and daycare pick up and drop off times). He explained absolutely everything to me and was good about e-mailing. I am writing this review as a THANK YOU.
I had a very positive experience with Attorney Wright. He or his staff returned my e-mails and calls promptly (even after business hours occasionally). His fees were reasonable. He was patient with me when I showed up in court missing an important document. He is aggressive, but fair and nice.