If your business is struggling and you’re considering filing for bankruptcy, it’s important to understand how hiring a skilled Business Bankruptcy Attorney can help you. The right attorney can make the process less stressful, provide more information about the bankruptcy options available to you and help you determine the best option for your specific situation.
A skilled business bankruptcy lawyer in Phoenix Arizona will be able to help you determine which bankruptcy chapter is right for your business, prepare your case for filing, and file your case in court. They will also be able to guide you through the entire process of filing for bankruptcy and obtaining a discharge.
The right business bankruptcy attorney will work hard to help you protect your assets and keep the creditors off of your back. They will also be able to explain the various types of bankruptcy chapters that are available to you, so you can choose one that is best for your company’s unique needs.
They will be able to explain what happens when creditors contest your business bankruptcy confirmation plan and whether they can win or lose the case. They will also be able to assist you in negotiating with creditors and finding ways to avoid litigation.
In a Chapter 11 case, your business can restructure its debts and continue operating while paying off the creditors. This is typically the most desirable option because it allows you to retain your current employees and customers while paying off debts over a period of time up to five years.
Alternatively, you can file a Chapter 7 case and liquidate your business’s assets to pay off creditors. This can be an unavoidable step for businesses with little or no assets.
It is important to remember that when you decide to file for bankruptcy, you must qualify under the means test. This test will determine whether you can afford to pay your bills and other living expenses. The bankruptcy court will also require you to submit your income tax returns from the previous four years, and they may ask for a postponement in case you need more time to get all of the proper documentation to them.
The right attorney will be able to advise you about how much time the process will take and what it will cost. They will be able to prepare all of the documents that are required by the court and they will be able to ensure that your bankruptcy is filed on time.
They will be able to provide you with the resources of a big law firm and the responsiveness of a small law firm, so you can have the personalized service that you need during this difficult time in your life.
The attorneys at AWD LAW are highly experienced and dedicated to assisting you throughout the entire bankruptcy process. Kathryn Mahady has been running the bankruptcy department since 2012, and she has experience in all of the different aspects of a bankruptcy case. She is very responsive to her clients and will always be there to offer guidance, support, and advice.