Chapter 11 Can Save Struggling Professionals and Businesses of all sizes and Reorganize Complex Personal and Commercial Finances for Individuals and Businesses
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If you are self-employed or engaged in business, you need an experienced bankruptcy attorney more than anyone, because you are putting both your assets and your livelihood in the hands of your bankruptcy lawyer. With our experienced attorneys in charge, in many cases small business activities are unaffected when the owner files for bankruptcy protection. If you are a sole proprietor (not incorporated in any way), there is nothing to separate you legally from your business (you are your business and your business is you). Since filing bankruptcy discharges your personal debts, your unincorporated business also becomes "debt-free".
As Phoenix area bankruptcy attorneys go, we possess an uncommonly broad degree of past case experiences, consisting of several hundreds of professional bankruptcy filings, operating business bankruptcy cases and business-related bankruptcy cases over the course of more than two decades, dealing with the Bankruptcy Trustees and the Court and we can guarantee you, most of all, no surprises. We know exactly what the Trustee will require in order to abandon any interest in your business and let you go back to doing whatever it is you do to make a living and provide for your family.
Many inexperienced attorneys offering bankruptcy services have never even handled a business-related case and simply don't know what to expect or how to negotiate the process to get you in and out quickly, so you can get back to business as usual.
Chapter 7
Our attorneys know how the Chapter 7 Trustees are motivated and what makes them tick. In Chapter 7, the Trustee temporarily becomes the legal owner of all your property and could be held liable for debts or losses incurred in connection with your business while the case is pending. Sometimes the Trustee will require you to temporarily close the business until "business property and activities" are removed from the proceeding (either by abandonment or through the sale of bankruptcy estate assets). In most Chapter 7 cases, there are no assets to sell and the Trustee is willing to abandon any interest in your business property without delay and then you are free again to conduct business as usual.
Attorneys with the kind of track-record we have know immediately how the Trustee will likely view your business activities and what will be necessary to get the Trustee out of your business. We know how to prepare and meet the Trustee head-on, immediately after filing, in order to clear up any misunderstandings and mysteries so the Trustee can comfortably let go of your business assets and activities and let you proceed to run your business and make a living.
Chapter 13
In Chapter 13, you are known as the "debtor in possession". You don't give up ownership of any property (unlike in Chapter 7), and so long as you qualify to do business (that is, you comply with state and federal regulatory and tax requirements), and comply with the Trustee's monthly reporting requirement (a monthly report of business income and expenses), you are free to continue doing business as usual.
Having an attorney that has experience dealing with the Chapter 13 Trustee in business cases can mean the difference between a successful Chapter 13 reorganization and case that is thrown out for failure to comply with the Trustee's requirements. We know what the Chapter 13 Trustee needs to be satisfied you are complying with the bankruptcy code and the rules of bankruptcy court.
Chapter 11
Chapter 11 represents a small fraction of all bankruptcy cases (less than 10%) but for some it is the best procedure to address complex issues in large estate (lots of assets, large debts, typically people enaged in business and self-employment, often involving employee, suppliers and property leases). Attorneys who have little or no experience in Chapter 11 should not attempt it. Some have lost their licenses to practice law over botched Chapter 11s. We have extensive Chapter 11 experience and can report an extraordinarily high rate of success (details below). Our secret to having high success rates in Chapter 11 is simple: we prepare our clients well and we anticipate the demands of the Court, the United States Trustee and creditors.
In Chapter 11, individuals and entities (corporations, LLCs, partnerships) can stop collection activity and propose a plan to restructure business debts, conserve business assets and continue to do business as usual. Chapter 11 offers benefits not available in Chapter 7 and Chapter 13. Chapter 11 is available to individuals (persons) and entities (corporations, etc) and there is no limit on the length or duration of the reorganization plan. Like Chapter 13, in Chapter 11 the bankrupt is a "debtor in possession" and continues to control operations, cash flow and use of assets, with relatively little court supervision.
Chapter 11 is highly specialized and much more complex than other types of bankruptcy. It's also extremely rewarding in the hands of the right attorney. Nationally, more than 80% of Chapter 11 cases fail and end up being dismissed or converted to Chapter 7. Anthony Clark and Associates has a track record of getting court approval for more than 70% of Chapter 11 cases we file. The last thing you need when your business is suffering is a high-priced lawyer getting on-the-job training at your expense. You and your business deserve a fighting chance at completing a successful bankruptcy reorganization. With our dedicatation, legal skill and compassion when it comes to fees, we might just be your best chance for financial survival.
(602) 266-1212 |(480) 827-0777 | (855) 512-0777
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