Phoenix Business Bankruptcy Attorney
Businesses can also fall into hard times financially, especially now that the global economy is reeling from a variety of events that keeps it from recovering. Whether you are a small business or a large one dealing with a financial crisis, debt may increase and overwhelm you to the point that you need to declare bankruptcy if you won’t seek help from legal experts.
If you are in this situation for your business or company, it is best to reach out to a trusted Phoenix business bankruptcy attorney to get the right bankruptcy filing done for your business.
Our dedicated team of lawyers at Dodge & Vega PLC is trained to handle any type of bankruptcy filing and provide clients with all the resources and advice they need to handle their bankruptcy cases.
We will handle your bankruptcy case with zeal, understanding, and professionalism from start to finish so you can focus on paying your debts on time.
Call Dodge & Vega PLC at (602) 737-2368 for your Free Consultation with a Phoenix Business Bankruptcy Attorney!
High-Quality Legal Services for Business Bankruptcies
Before a company or business declares bankruptcy, it must consider the best type of business bankruptcy to file for. Factors such as the type of business, the amount of both secured and unsecured debts, and the business or company’s capacity to pay will determine the perfect type of bankruptcy to file.
For example, if your debt is over the debt ceiling set by a Chapter 13 bankruptcy, around $390,000 for unsecured debts and over $1,184,200 for secured debts, you should sign up for a Chapter 11 bankruptcy. If you are a sole proprietor, Chapter 7 bankruptcy may be ideal for your situation because you don’t have any distinction between your business and your personal finances.
If you want to determine the right type of business bankruptcy for your case, a trusted Phoenix business bankruptcy attorney can provide you with the recommendation and information you need to make a good decision. We are committed to giving you the legal services you need and giving you all the opportunities to get your debts paid.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is the most notable bankruptcy filing that many businesses apply for as it enables businesses to launch a reorganization to sort out their finances and debts. The business can also negotiate for a payment plan that can either involve property liquidation, new financing, or from their existing income source.
When a business files for Chapter 11 bankruptcy, it can still operate the business as normal, from getting supplies from its distributors to paying off its employees. The reason for this process is to enable businesses to continue earning income even if they are in debt. The court, however, must approve these activities or “first-day motions” before or after the bankruptcy petition is filed in court.
Chapter 11 bankruptcies are also used by individuals with huge debts. Whichever your situation is, it is important to get a bankruptcy attorney to assist you with the filing because the case is more complex compared to other bankruptcy filings. With us as your Phoenix business bankruptcy attorney, we will make the process easier to understand, and you will get the best payment plan for your debts despite your bankruptcy status.
Call Dodge & Vega PLC at (602) 737-2368 for your Free Consultation with a Phoenix Business Bankruptcy Attorney!
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common type of bankruptcy applied by many people and businesses to pay off their debts. It involves property liquidation, and any funds collected from the liquidation process are used to pay the remaining debt.
An individual who has an average income and is below the national median can file for Chapter 7 bankruptcy. Once filed, the court will issue an order that will stop all credit collection used by creditors to collect funds from the debtor. Following this order is the negotiation process between the debtor, creditors, and a court-appointed trustee. The trustee will oversee the liquidation process through selling or auctions, and the court will be the one to distribute the funds to the creditors.
Considering the documentation and the negotiations needed to get the bankruptcy sorted out, you will need an experienced and highly-rated bankruptcy attorney to help you. Dodge & Vega PLC’s team of bankruptcy attorneys will guide you through the process and make sure you are aware of every action done for the case, and you can follow your payments.
Chapter 13 Bankruptcy
If you still have a steady source of income and do not want your properties to be liquidated to pay off your debt, Chapter 13 bankruptcy is highly recommended.
This type of bankruptcy, also known as wage earner’s bankruptcy, allows people to negotiate with their creditors and with the bankruptcy court for a monthly payment plan that can be paid for five years or more, depending on the amount.
If approved, the court will appoint a trustee who will oversee the payments and make sure that everything is paid on time.
Aside from filing for bankruptcy and submitting all the necessary documents, a Chapter 13 bankruptcy also involves creating a payment plan that includes all relevant information, such as the name of all the creditors involved, the type of credit, and the amount to be distributed to each creditor every month. Dodge & Vega PLC’s Chapter 13 bankruptcy specialists are ready to negotiate for the ideal payment plan that will protect your interests.
Call Dodge & Vega PLC at (602) 737-2368 for your Free Consultation with a Phoenix Business Bankruptcy Attorney!
Top-Notch Legal Services for Business Bankruptcies
While the number of people who file for bankruptcy without expert advice is low, there are many cases wherein people are unable to get the best result for their cases. The case is true for business bankruptcies, given the affected parties for the case. It is advisable to partner with an expert to reduce the impacts of the filing on all parties and get all the paperwork done correctly.
Dodge & Vega PLC is a Phoenix, AZ bankruptcy law firm that specializes in all types of bankruptcies, both personal and business. We are able to identify the right legal service you need and handle all the paperwork necessary for your case. You will also be assigned to one of our experienced Phoenix business bankruptcy attorneys, who will then defend you in court and negotiate with your creditors with your interests in mind. We will also provide you with key advice and resources to help you make the best decisions for your bankruptcy case.
We know how difficult bankruptcy cases are for you and your business. If mishandled, it is possible you may destroy your business’ reputation and disable you from continuing your business. Our team is ready to provide you with the highest quality of legal services to help you get through your ordeal and get your debt paid while also organizing your budget.
Let’s Talk – Free Consultation
As a business, you need to make sure that you don’t get into further trouble if your business is declaring bankruptcy. You need to have all the legal advice and support possible to get through this period without a hitch, and we at Dodge & Vega PLC can help you with that.
When you reach out to us, we will take our time to get to know your situation and personalize the legal advice and support we will provide to you. Our consultation service is free, and our fees are adjusted accordingly because we don’t want to add to your current financial constraints. Your assigned Phoenix business bankruptcy attorney will be with you to guide you through the case and make sure that you can abide by the arrangements ordered by the court to get your finances back in control. We look forward to working with you soon!
Call Dodge & Vega PLC at (602) 737-2368 for your Free Consultation with a Phoenix Business Bankruptcy Attorney!