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BANKRUPTCY MEANS TEST APPLIES TO CONSUMER BANKRUPTCY ONLY

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. [...]

By |2014-12-04T17:35:41+00:00December 4th, 2014|Bankruptcy in Arizona, Business Bankruptcy, Chapter 7|0 Comments

Company Chooses Chapter 7 Over Chapter 11

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 [...]

Commercial Bankruptcy Can Mean A New Life For A Business

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 [...]

By |2014-11-03T16:18:57+00:00November 3rd, 2014|Bankruptcy in Arizona, Business Bankruptcy, Chapter 11|0 Comments

Airline Trimmed Costs During Business Bankruptcy

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 [...]

By |2014-02-19T23:39:03+00:00February 19th, 2014|Bankruptcy News, Business Bankruptcy, Chapter 11|0 Comments

American Airlines Shows Phoenix Entrepreneurs Bankruptcy Is Not To Be Feared

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 [...]

By |2014-02-18T22:33:42+00:00February 18th, 2014|Bankruptcy News, Business Bankruptcy, Chapter 11|0 Comments

Rebounding From a Business Bankruptcy

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 [...]

By |2014-02-11T17:14:53+00:00February 11th, 2014|Bankruptcy News, Business Bankruptcy, Chapter 11|0 Comments

Eastman Kodak’s Business Bankruptcy Woes Continue

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 [...]

By |2014-02-04T17:04:37+00:00February 4th, 2014|Bankruptcy News, Business Bankruptcy, Chapter 11|0 Comments

Arizona Ambulance Provider Files For Chapter 11 Bankruptcy

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 [...]

By |2014-01-27T17:36:59+00:00January 27th, 2014|Bankruptcy News, Business Bankruptcy|0 Comments