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Chapter 11 Bankruptcy Attorney Phoenix Arizona: What is it All About
As a Chapter 11 Bankruptcy Attorney in Phoenix Arizona is one of the strongest tools an individual and/or a business can use. The reason is that it provides a way to keep a business or business interests moving forward in spite of what is currently giving the business problems. It will stop garnishments, lawsuits, and harassment. It will allow you to keep your business running.
Bankruptcy in general is always evolving and changing. The main reason this is the case is that there are so many types of businesses and property. Additionally, with the BAPCPA 2005 law changes, there is a question as to what the changes mean.
Chapter 11 Bankruptcy Attorney Phoenix Arizona: Benefits of Filing Chapter 11
One of the strongest rules in a Chapter 11 Bankruptcy is the ability to cram down debts on secured property. There are limits to this power, however, you are able to reduce or cramdown the debt to the value of the property. This includes vehicles and rental homes.
If you have a viable business, filing a Phoenix Arizona Chapter 11 will allow you to keep the business moving forward. Though there is a cost, for the right situation, this can be one of the best legal maneuvers.
For example, if you have five rental properties worth $100,000 each for a total value of $500,000. Additionally, each house has a $200,000 lien or mortgage for a total debt of $1,000,000.
If you file Chapter 11, you will cramdown the amount owed to $500,000 and make the other $500,000 an unsecured debt. Unsecured debts are treated different and the Debtor ends up paying much less on the debt. It is usually, pennies on the dollar.
As a Chapter 11 Bankruptcy Attorney in Phoenix, Arizona, we help you prepare for filing, prepare the paperwork, and present your Plan to the Creditors. We also provide support and ensure the creditors treat you fairly.
I look foward to assisting your family and/or business through the process. Call for a free consultation: 480-464-4667.