Arizona residents who file for Chapter 7 bankruptcy do not necessarily have to surrender annuities or life insurance policies, according to a federal appeals court ruling dating back to 2012. The decision has relatively limited impact nationally because the court relied upon the provisions of Arizona law pertaining to exempt property. A person who seeks [...]
Bankruptcy can provide a fresh financial start for a consumer who is overwhelmed with personal debt. Chapter 7 bankruptcy allows a person to stop creditor harassment and eliminate most debt. For some Arizona consumers with assets, filing for Chapter 7 might pose a problem because of the asset liquidation requirement associated with this type of [...]
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 [...]
Those who own businesses in the state of Arizona may be interested in learning about why ECOtality, an electric car-charging company, may be closing its doors for good. In a recent filing, the company disclosed various problems with the SEC and stated that it was exploring options for restructuring or selling the entire business and/or [...]
Residents in Phoenix may have heard that the three companies, KKR & Co., Goldman Sachs Capital Partners and TPG Capital, that bought out much of Energy Future Holdings Corp. are struggling to recover just 3 percent of their investment. The energy company plans to file for business bankruptcy. The companies were negotiating a resolution in [...]
Arizona residents might be startled to learn that the Lehman bankruptcy is reportedly the largest one in history. Five years after the date of filing, the attorney fees for the case have reached an astonishing $2.2 billion. Numerous lawyers, consultants, accountants and other professionals have assisted in the bankruptcy since September 2008. According to [...]