Business Bankruptcy Attorneys | Affordable Lawyers in Mesa Arizona
The business bankruptcy lawyers at Wright Law Offices, P.L.C. deliver effective chapter 11 bankruptcy litigation to businesses and individuals in Mesa and throughout Arizona. Each case is handled by a bankruptcy attorney AZ business owners can depend upon for unparalleled professional service, privacy and effective results. We are the bankruptcy lawyers Mesa AZ has depended on for debt relief since 2007.
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What is Chapter 11 Bankruptcy?
If your business is in distress, you should consider consulting a business bankruptcy attorney in your state. Chapter 11 is a very complicated chapter of the bankruptcy code, and therefore the process of Chapter 11 bankruptcy is very complicated. It is very important to select a business bankruptcy attorney with vast experience in helping businesses who have fallen on hard times.
Chapter 11 involves a bankruptcy reorganization plan that accommodates debt reorganization through a payment plan. Chapter 11 is similar to a Chapter 13 bankruptcy. In chapter 11 the debtors prepare a disclosure statement which describes their proposed reorganization proposal and payment plan. The proposed plan is voted on by the various classes of creditors and then submitted to the Court for approval.
Qualifications for Chapter 11
Both businesses and individuals may qualify for bankruptcy under Chapter 11, although it is mostly business entities who file chapter 11. In chapter 11, there is no limit to the amount of debt that can be discharged or repaid in bankruptcy. There is also no time limit for the duration of the bankruptcy.
Advantages of Chapter 11
A big advantage of a Chapter 11 filing is that the business or individual (debtor) generally remains in possession of their property and operates their business under court supervision. This is known as being a debtor in possession (DIP). The debtor acts as a trustee with respect to the property during the bankruptcy. Chapter 11 debtors often keep their assets. The bankruptcy code allows the debtor relief from pending obligations and the opportunity to reorganize its business and restructure debts while continuing to operate the business. There is also no limit to the amount of debt a debtor may have when filing for protection under Chapter 11, unlike Chapter 13.
There are business bankruptcy attorneys in Arizona capable of guiding you through the Chapter 11 process successfully. Use caution in selection in your selection.
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Wright Law Offices, P.L.C.
Bankruptcy Attorneys Mesa AZ Can Depend On