Bankruptcy

Practice Area - BankruptcyFor individuals and businesses, there are three primary types of bankruptcy under the U.S. Bankruptcy Code:

  1. Chapter 7-basic liquidation for individuals and businesses;
  2. Chapter 11- reorganization used primarily by business debtors, but sometimes by individuals with substantial debts and assets; and
  3. Chapter 13-a payment plan enabling individuals with a regular source of income to repay all or part of their debts.  The most common types of bankruptcy for individuals are Chapters 7 and 13. Corporations and other forms of business entities file under Chapters 7 or 11.

In Arizona, there were a total of 22,073 bankruptcy filings in 2013, compared to 27,298 in 2012—a decrease of 19%.  The overwhelming majority of bankruptcy filings in both years were under Chapter 7 (basic liquidation).  In Chapter 7, a debtor surrenders his or her non-exempt property to the bankruptcy trustee who then liquidates the property and distributes the proceeds to the debtor’s unsecured creditors.  The amount of property that a debtor may exempt is set by Arizona law.  At the conclusion of a Chapter 7 case, a debtor generally is granted a discharge of his or her dischargeable debts.

The attorneys at Loose Law Group represent individuals and businesses in bankruptcy proceedings, both as creditors and as debtors.  When representing debtors, Loose Law Group provides counsel and representation necessary to navigate the client through the bankruptcy process.  When representing creditors, Loose Law Group fights to protect the rights of the individual or business that is owed money.  Regardless of which side of the case Loose Law Group is on, our attorneys provide knowledgeable, experienced, and cost-effective representation.

For your convenience, please click the following links for Bankruptcy Forms.