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.
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.
Ways we can help…
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.