Bankruptcy Can Help Consumers, Companies, and Cities. Are States Next?

Bankruptcy Can Help Consumers, Companies, and Cities. Are States Next?2019-04-16T03:35:14-07:00

Bankruptcy is a common solution for consumers, and more than a million spouses and unmarried individuals sought bankruptcy protection under Chapter 7 and Chapter 13 in 2010. Small business owners frequently use Chapter 11 to reorganize an enterprise and emerge from a difficult stretch, and the recent massive bankruptcies of U.S. automakers were headline news. In troubled economic times, some American municipal bodies reach a point where Chapter 9 bankruptcy becomes necessary.

But no provision exists to allow individual American states to declare bankruptcy. Some policymakers have begun to advocate for allowing U.S. states to declare bankruptcy as a way to revisit long-term obligations such as pensions and health coverage and provide leverage against unions and bondholders.

The Chair of the House Judiciary Committee recently held hearings on the idea. While the collective budget deficit of U.S. states is predicted to exceed $120 billion in the coming fiscal year, the prospect of state bankruptcy provisions was met with little enthusiasm in Washington. Comments ranged from “a solution in search of a problem” to “useless” and “disruptive.”

For Consumers and Small Businesses, Bankruptcy Is a Time-Honored Debt Relief Solution

As daunting as the idea of a large government bankruptcy may seem, a massive corporate bankruptcy involving a company like General Motors can itself involve tremendous complexities. Business bankruptcy and consumer bankruptcy under Chapter 7 and Chapter 13 also require exacting attention to detail, backed by a close understanding of the client’s goals.

A small business owner can explore the potential for a second chance by seeking to retain control as a debtor-in-possession. By enlisting the help of an Arizona bankruptcy attorney to prepare a reorganization plan, an owner may be able to avoid liquidation and keep a sound idea going and valued employees working.

Consumers who want to consider bankruptcy among a range of debt relief options can learn a great deal in an initial consultation with a bankruptcy lawyer. Whether unexpected medical bills, job loss or an unmanageable mortgage caused the hardship behind a family’s predicament, powerful tools are available, ranging from complete discharge of unsecured debts and exemption of important assets to the automatic stay.

While it looks like states will not soon if ever be allowed to declare bankruptcy, an Arizona debt relief law firm may be able to help you stay in your home, stop creditor harassment and restore your financial stability.

Read more about our bankruptcy services…

Why should you hire our firm to represent you in bankruptcy?

Great question. Here are a few reasons:

  • 1. Bankruptcy is our sole area of practice. Attorney Wright has over 10 years of experience in the field of bankruptcy and has helped over 1000 people successfully file.
  • 2. Attorney Wright has an accounting background that is useful in analyzing complex financial documents. Prior to law school he obtained a degree in accounting from the University of Wisconsin School of Business. He exercised his strong numerical aptitude in the field of accounting, including several years with The Kohler Co., before ultimately deciding to pursue a law degree.
  • 3. New clients meet with an attorney during their first visit. We understand your time is valuable. It is important your questions are answered quickly and accurately so you can take appropriate steps to secure a better financial future and eliminate fear and stress.
  • 4. In business, referrals are the highest form of professional compliment. We frequently receive referrals from other lawyers and previous clients.
  • 5. Our firm is small which enables us to focus on quality over quantity. We don’t have billboards on the I-10 or banners affixed to public transportation. Our approach is a bit more understated. We care about people and doing things right and it shows in our low employee turnover and positive reviews.
  • 6. Perhaps the most important consideration is the cost of filing bankruptcy. We continuously assess our fees to ensure we offer fair and competitive pricing. We want to offer you a deal without sacrificing the quality of your experience.
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    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.


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