OR call us at 602-456-6085 today.
Does your company or small business need a second chance? The goal of Chapter 11 bankruptcy is to enable a business to continue operating while eliminating debt. If a creditor is threatening to take your business’ property for collateral, speak with a Phoenix Chapter 11 bankruptcy attorney at Wright Law Offices, with locations in Phoenix and Scottsdale, Arizona. We will fight for you until we reach the very best outcome for your business.
Phoenix Business Bankruptcy Attorney
Call 480-845-0145 or
contact our legal team online to schedule a free consultation. We will conduct an in-depth review of the financial state of your business and identify your options.
Chapter 11 Business Reorganization
Chapter 11 bankruptcy is frequently referred to as “business reorganization” bankruptcy. When you successfully file for Chapter 11 bankruptcy, you can continue running your business as a debtor-in-possession.
At Wright Law Offices, we can help you create a debt reorganization plan to relieve your company of debt that is interfering with your regular business operations. Though every company is different, you may be able to avoid liquidation if the reorganization plan is presented and accepted by your creditors.
Attorney Ben Wright has significant experience working with creditors in pursuit of debt relief for our clients.
Speak to a Scottsdale Chapter 11 Bankruptcy Lawyer
It is important that you hire an attorney who knows how to create a successful debt reorganization plan and negotiate with your creditors.
Contact Wright Law Offices online or call 480-845-0145 to discuss your business needs in a free consultation. If our firm is not the best fit for you, we can refer you to another lawyer within our trusted network.
Five Important Things To Know About Chapter 11 Bankruptcy
Understanding the full picture is important when considering filing for Chapter 11 bankruptcy, and our Phoenix Chapter 11 bankruptcy attorney can help you do so. From the state of your business operations to the specifics of your reorganization plan, our team will ensure that you have a complete understanding of what Chapter 11 bankruptcy means for you and your business. Listed below are five of the most important things to know about Chapter 11 bankruptcy. To further understand Chapter 11 bankruptcy and how it may apply to your specific situation, contact our team at Wright Law Offices today.
- Business Operations Can Continue
One of the critical aspects of Chapter 11 bankruptcy is that it allows businesses to continue operations while they reorganize their debts. This type of bankruptcy does not mean the end of your business; rather, it provides a breathing space to restructure and strategize for future financial stability. Companies can generate revenue, pay employees, and even make new investments during this period, albeit under the supervision of the court.
- Your Reorganization Plan is Key
The cornerstone of a Chapter 11 bankruptcy case is the reorganization plan. This plan outlines how the business will deal with its debts, including which debts will be paid and which might be discharged or restructured. The plan must be realistic and fair, often requiring skilled negotiation and financial acumen. It is subject to approval by creditors and the bankruptcy court. For this reason, having a knowledgeable Phoenix Chapter 11 bankruptcy attorney is crucial to crafting a viable plan.
- Creditor Committees
In many Chapter 11 bankruptcy cases, a committee of unsecured creditors is formed to represent the interests of all unsecured creditors. This committee plays a significant role in the bankruptcy process, as it consults on the reorganization plan, investigates the debtor’s conduct and business operations, and participates in formulating a reorganization plan. Navigating these interactions can be complex, and guidance from a seasoned Phoenix Chapter 11 bankruptcy attorney is invaluable in doing so.
- Automatic Stay
Filing for Chapter 11 bankruptcy triggers an automatic stay, which temporarily halts most lawsuits, foreclosures, and all collection activities against the debtor. This stay provides a period of relief, allowing businesses to focus on restructuring without the immediate pressure of creditors’ claims. It’s a critical protection, but understanding its limitations and the actions creditors might still take is important, something a Chapter 11 bankruptcy attorney can help explain.
- Individual Filers
While Chapter 11 bankruptcy is commonly associated with businesses, individuals can also file for this type of bankruptcy, especially those with debts or assets exceeding the limits of Chapter 13. For individuals, Chapter 11 can be a tool for managing significant debt while retaining more control over their assets than in other forms of bankruptcy.
Our Dedicated Representation
We understand the complexities and nuances of Chapter 11 bankruptcy. Our aim is to provide clear, comprehensive guidance through this challenging process. If you’re considering Chapter 11 bankruptcy, it’s essential to have professional advice tailored to your unique situation. Contact Wright Law Offices today to schedule a consultation.
Phoenix Chapter 11 Bankruptcy FAQs
Our Phoenix, AZ Chapter 11 bankruptcy attorney has provided legal guidance for those who are considering filing for bankruptcy, a process that can be both complicated and overwhelming. Many individuals and businesses find themselves considering different types of bankruptcy, such as Chapter 7, Chapter 11, or Chapter 13, to address their financial challenges. In this article, we aim to provide you with a clear understanding of the key differences between these three common bankruptcy chapters. Whether you’re a resident of Phoenix or anywhere in the surrounding area, our attorney is here to help you navigate the intricacies of bankruptcy law.
What Is Chapter 7 Bankruptcy, And How Does It Differ From Chapters 11 And 13?
Chapter 7 bankruptcy, often referred to as “liquidation bankruptcy,” is designed for individuals or businesses with overwhelming debt that cannot be repaid. In Chapter 7, a trustee is appointed to sell the debtor’s non-exempt assets to pay off creditors. Any remaining unsecured debts are typically discharged, providing the debtor with a fresh financial start. Chapter 7 is a quicker and less complex process compared to Chapters 11 and 13, making it a popular choice for those with limited income or assets.
When Should Someone Consider Filing For Chapter 11 Bankruptcy?
Chapter 11 bankruptcy is primarily used by businesses or individuals with substantial assets and debts who wish to reorganize their financial affairs while continuing their operations. It offers more flexibility compared to Chapter 7, allowing debtors to propose a repayment plan to creditors. Chapter 11 is often the preferred choice for large corporations or individuals with complex financial situations. If you’re considering bankruptcy, our experienced Chapter 11 bankruptcy attorney can help you evaluate if it’s the right option for your unique circumstances.
What Are The Key Differences Between Chapter 13 And Chapter 11 Bankruptcy?
Chapter 13 bankruptcy is tailored for individuals with a regular income who want to create a repayment plan to address their debts. Chapter 13 is typically a more accessible option for individuals because the process is less costly and complex than Chapter 11. Chapter 11 is primarily used for businesses or individuals with substantial debts, while Chapter 13 is often chosen by individuals with a steady income who want to retain their assets and pay off debts over a specified period, typically three to five years.
Can I Choose Between Chapter 7, Chapter 11, And Chapter 13 Bankruptcy, Or Are There Eligibility Criteria?
Eligibility for bankruptcy chapters depends on various factors, including your income, the type of debt you have, and your financial goals. Chapter 7 is subject to a means test that assesses your income and expenses, while Chapter 11 and Chapter 13 have specific eligibility criteria based on your financial situation. Consulting with a Phoenix Chapter 11 bankruptcy attorney can help you determine which chapter aligns best with your circumstances and goals.
What Are The Long-term Implications Of Filing For Bankruptcy Under These Chapters?
The long-term implications of bankruptcy can vary depending on the chapter you choose. Chapter 7 may provide a quicker fresh start, but it can have a significant impact on your credit score. Chapter 11 and Chapter 13 allow for debt repayment over time, potentially resulting in a less severe impact on your credit. It’s essential to understand that bankruptcy will remain on your credit report for several years, affecting your ability to obtain credit or loans. However, with diligent financial management and guidance from our experienced attorney, you can work towards rebuilding your financial future.
How We Can Help
Having a legal professional by your side to offer their support and legal acumen can help to simplify an often challenging process. At Wright Law Offices, our dedicated Phoenix Chapter 11 bankruptcy attorney is here to provide you with guidance through every step of the process. Whether you’re considering Chapter 7, Chapter 11, or Chapter 13 bankruptcy, we are committed to helping you make the best decision for your financial future. Contact us today for a consultation, and let us help you find the path to financial stability and a fresh start.
Practice Areas
Free Consultation
Location Served
Tempe AZ, Phoenix AZ, Scottsdale AZ, Avondale AZ, Mesa AZ and Glendale AZClient Review
"Benjamin Wright with Wright Law Office made a very difficult time for us much easier. We were struggling and did not know what our options were. He explained all our options and helped us to make the best financial decision. They made things easy and were always available to answer any questions we had. I would definitely recommend him."
Carlos Aguirre
Why should you hire our firm to represent you in bankruptcy?
Great question. Here are a few reasons:
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.
Arizona Bankruptcy Blog
FAQs About Bankruptcy in Arizona
How does Chapter 13 bankruptcy work?
For individuals who maintain a steady income but are grappling with debts that need more time to be cleared, Chapter 13 bankruptcy could provide a viable solution. This form of bankruptcy enables debtors to retain their property while adhering to a three to five-year repayment plan. In Scottsdale, the bankruptcy attorneys at Wright Law Offices utilize their expertise in developing personalized Chapter 13 plans that are uniquely designed to suit your circumstances and work in your favor.
What role can a lawyer play in tackling credit card debt?
When credit card debt spirals beyond control, the feelings of isolation and stress can be daunting. However, with a knowledgeable lawyer by your side, the situation can be transformed significantly. Lawyers are experienced in negotiating with formidable credit card companies, often succeeding in achieving reduced interest rates or a minimized debt total. At Wright Law Offices, located in Phoenix, our committed legal team stands ready to help you take back control of your financial situation and direct you towards other potential debt relief avenues like bankruptcy.
What happens when foreclosure is knocking on my door?
The prospect of foreclosure can make it seem like your world is tumbling down. Yet, it's vital to remember that there are legal routes available to navigate this challenging situation. Foreclosure is a process initiated by lenders when mortgage payments are overdue, leading them to recover their loan by selling your property. While it sounds intimidating, our adept team at Wright Law Offices in Tempe is here to assist. We guide you through every step of the process, thoroughly exploring all viable options, such as loan modification, bankruptcy, or even contesting the foreclosure in court.
What is a tax debt lawyer's role?
Being in debt to the IRS can create enormous stress. However, a tax debt lawyer can intervene and significantly improve your situation. They're skilled in negotiating a viable payment plan with the IRS, striving to reduce the tax debt you owe, and in certain scenarios, even getting penalties and interest absolved. The proficient team of Scottsdale tax debt lawyers at Wright Law Offices is committed to helping you face this challenge with optimism. Leveraging our deep knowledge of tax law, we're dedicated to securing the best possible outcome for every client we represent.