Filing a proof of claim in a bankruptcy case

Filing a proof of claim in a bankruptcy case

What is a Proof of Claim? A proof of claim is a document that a creditor prepares and files with the Bankruptcy Court that sets forth the creditor’s claim and right to receive a distribution in a bankruptcy case. To be effective, the proof of claim must be properly prepared, […]

By September 7, 2015 Proof of Claim
Creditor receivership in Arizona

Creditor receivership in Arizona

In Arizona, a creditor can seek a receivership to “protect and preserve property or the rights of parties therein” usually in relation to an operating business that is having financial difficulties, where assets are being wasted, and/or where there are concerns regarding fraud. Ariz. Rev. Stat. Ann. § 12-1241.  A […]

By July 5, 2015 Business, Receivership
What is Chapter 11 bankruptcy?

What is Chapter 11 bankruptcy?

Chapter 11 bankruptcy enables businesses and individuals to reorganize or liquidate their assets in a way that is more flexible than in Chapter 7 or 13 bankruptcy proceedings.  There are numerous tools at the disposal of a Chapter 11 bankruptcy filer; however, the most significant is the ability to restructure […]

Rights that a bankruptcy creditor can pursue

Rights that a bankruptcy creditor can pursue

Bankruptcy can be the end of a creditor’s attempts to collect a debt.  Yet, often a bankruptcy creditor will work to take possession of collateral or to receive a distribution through the bankruptcy case.  Since a bankruptcy filing triggers an automatic stay that requires strict adherence, it is important that […]

Recent Cherrett case and bankruptcy means test requirements

Recent Cherrett case and bankruptcy means test requirements

Individuals filing a chapter 7 bankruptcy petition are subject to the bankruptcy means test to determine whether an individuals’ income is sufficiently low enough to qualify for chapter 7 bankruptcy relief.  Where an individual’s income is deemed too high under the means test, a chapter 7 bankruptcy filing may not […]

In choosing a Chapter 7 bankruptcy lawyer, avoid this expensive mistake

In choosing a Chapter 7 bankruptcy lawyer, avoid this expensive mistake

  As with most things in life, when hiring a lawyer, you typically get what you pay for.  Hiring a Chapter 7 bankruptcy lawyer that provides discount fees can often be the most expensive mistake that an individual can make in the bankruptcy process.  Discount fees are often provided by […]

Determination of business insolvency

Determination of business insolvency

As a general rule, managers and directors of a financially troubled business should manage the business in good faith and work to maximize the business’s value for all of its constituents. In an effort to maximize the business’s value, managers and directors should closely review the financial condition of the […]

By November 5, 2014 Bankruptcy, Business, Reorganization
Pre-bankruptcy transfers can cause a business’s reorganization to fail

Pre-bankruptcy transfers can cause a business’s reorganization to fail

Where a business is acting as a debtor-in-possession (debtor) in a Chapter 11 bankruptcy case, to confirm a plan of reorganization, the debtor must provide a method for creditors to capture any value from the debtor’s pre-bankruptcy transfers that may be avoidable under the Bankruptcy Code. Val-Mid Associates, LLC’s Unsuccessful […]

Succeeding with a Chapter 11 business bankruptcy

Succeeding with a Chapter 11 business bankruptcy

  When a business is facing financial difficulties, rather than allowing the business to shutdown, business managers often determine that it is in the business’s best interest to seek protection with the Arizona Bankruptcy Court under Chapter 11 of the U.S. Bankruptcy Code.  A Chapter 11 business bankruptcy filing will […]

What happens at a 341 meeting of creditors?

What happens at a 341 meeting of creditors?

With each Chapter 7 bankruptcy filing in Arizona, a Chapter 7 bankruptcy trustee is appointed from a panel to administer the case. Among other things, the trustee’s job is maximize the value of assets available for distribution to creditors, and investigate fraud, assets, and transfer issues.  The 341 meeting of […]

Letizia case: business vehicles at risk in owners’ Arizona bankruptcy filing

Letizia case: business vehicles at risk in owners’ Arizona bankruptcy filing

Under a recent Arizona bankruptcy decision, a business’s vehicles could be at risk in the business owner’s bankruptcy case. Letizia Case On January 14, 2014, Judge Haines held in the Letizia case that debtors in a bankruptcy case, who had conducted business as sole proprietors, could not use Arizona’s personal […]

By August 17, 2014 Bankruptcy, Business, Exemptions
What makes student loan repayment more likely?

What makes student loan repayment more likely?

With total student debt in this country exceeding $1 trillion, there are some things that may increase an individual’s chances of  student loan repayment.  The National Bureau of Economic Research (“NBER”) has published a working paper regarding graduates who are not making student loan payments, and the Harvard Business Review […]

By August 1, 2014 Student loans