Bankruptcy

Attorneys at The Frutkin Law Firm, PLC advise individuals, entrepreneurs, and small businesses throughout Arizona on their bankruptcy options and help them through each step of the process, from filing the initial petition to the bankruptcy judge's confirmation of a liquidation, reorganization, or payment plan.

Bankruptcy is not always the only solution, and it is not always the best solution.  Our experienced bankruptcy lawyers help clients understand their options and determine the best method available to obtain debt relief in their particular situation.  Some of the more common bankruptcy options include:

Chapter 7 Liquidation

Chapter 7 bankruptcy, sometimes known as liquidation, is available to both individuals and businesses looking for a fresh start.  In Chapter 7, all non-exempt assets are liquidated, and the proceeds are distributed to creditors.  Any remaining debts are discharged by the bankruptcy court.  Although this may sound like a drastic step, Chapter 7 can provide debtors with significant relief from creditors, while allowing them to retain their home, car, household necessities, and other exempt property.

Chapter 11 Reorganization

Chapter 11 bankruptcy, also called reorganization, is generally intended for businesses with outstanding debts that wish to continue operations, although in some circumstances an individual may be allowed to file for Chapter 11 if their debts are so excessive they cannot qualify under Chapter 13.  The goal of a Chapter 11 bankruptcy is to stop collections activity to give the business time to work out a repayment plan with creditors that will allow it to repay debts over a specified period, while continuing to operate. 

Chapter 13 Wage Earner Plan

Chapter 13 bankruptcy is for individuals with a steady source of income who may not qualify for Chapter 7.  A wage earner plan under Chapter 13 will create a way to pay off your debts within three to five years. 

For more information, visit Discreet Bankruptcy, The Frutkin Law Firm's website devoted exclusively to bankruptcy solutions for Arizona businesses and individuals.  If you are considering a bankruptcy filing and wish to discuss your options with an experienced attorney, contact The Frutkin Law Firm, PLC for a free consultation.

"We are a debt relief agency. We help people file for
bankruptcy relief under the Bankruptcy Code."