Radix Law offers full-service bankruptcy services for individual and business debtors and creditors in Arizona. Contact our office today to schedule a consultation.
At Radix Law, we have significant experience helping both business and individual clients navigate the complexities of Chapter 7, Chapter 11 and Chapter 13 bankruptcy cases. Whether the bankruptcy involves complex corporate matters or a comparatively simple personal bankruptcy, our attorneys are committed to protecting the rights and interests of our clients, who include both debtors and creditors.
Bankruptcy cases can be complicated, with no single solution that will meet every business or individual’s needs. In some cases, with the assistance of a skilled bankruptcy attorney, it may be possible to avoid filing bankruptcy or achieve a loan workout with thoughtful pre-bankruptcy planning. If bankruptcy is unavoidable, careful planning can help to optimize the advantages of a bankruptcy filing. At Radix Law, we are adept at advising clients on all aspects of bankruptcy, including filing at the right time to maximize the benefits of a fresh start.
Individuals seeking to declare bankruptcy due to overwhelming debt have two main options: Chapter 7 or Chapter 13 bankruptcy. The type of bankruptcy you file depends on a number of factors, including your income and ability to repay the debt. Chapter 7 bankruptcy is also known as liquidation because all nonexempt assets must be sold and distributed to creditors. After these assets are distributed to creditors, the remaining debt is discharged. In contrast, Chapter 13 bankruptcy requires debtors to make a payment plan rather than liquidate their assets. You will be required to repay all or part of your debt based on a three to five year repayment plan, after which time, the remaining debt is discharged. Both types of bankruptcy require the individual involved to receive credit counseling from an approved credit counseling agency.
For businesses, there are three ways to declare bankruptcy: Chapter 7, Chapter 11 and Chapter 13. Radix Law has substantial experience handling all types of business bankruptcy and can guide and advise our clients through this often difficult and stressful time.
Similar to individual bankruptcy, Chapter 7 bankruptcy for businesses permits a company to liquidate its assets to discharge its debts. A trustee is appointed by the bankruptcy court to take possession of the business assets and distribute them to the company’s creditors.
Chapter 11 bankruptcy is also known as business reorganization. The company must file a plan of reorganization detailing how it will repay its creditors. If the court finds that the plan is fair and equitable, the plan will be approved. This type of bankruptcy is exceptionally complex and requires the assistance of a skilled bankruptcy attorney with experience in Chapter 11 bankruptcies.
For small businesses and sole proprietorships, Chapter 13 bankruptcy may be an option for a company to get out of debt while maintaining the business. This is a type of reorganization, where the business owner files a repayment plan with the court. It has the advantage of avoiding liquidation of assets, and allowing small business owners to continue to operate the company during the process.
For individual and business bankruptcy clients, Radix Law offers a client-centered approach to navigating the often complicated process. Our attorneys have years of experience handling both bankruptcy filings and any disputes that may arise during a bankruptcy. We are particularly skilled at handling the complex issues that may arise during a business bankruptcy matter. Contact our office today to learn more about how we can assist you with Chapter 7, Chapter 11 or Chapter 13 bankruptcy.