Chapter 11 Bankruptcy Attorney In Tucson, Arizona
What is Chapter 11 bankruptcy?
Chapter 11 bankruptcy is a type of reorganization that is a reorganization for big business. Although individuals can file Chapter 11 and reorganize, it’s mainly a tool that big business uses. An example would be, let’s say I was a business. I had three pieces of property and I had commercial loans on all the properties. What Chapter 11 would allow me to do, in most instances, would be to rewrite the existing mortgages, lowering the interest rate, re-amortizing those mortgages over a 30 or 40-year period and thereby lowering my monthly payment and allowing me more income to operate my business.
Who can file for a Chapter 11 bankruptcy?
An entity can file, such as a corporation, an LLC or a Partnership. An individual can file as well. The Bankruptcy Code sometimes mandates that an individual file a Chapter 11 and not a Chapter 13 due to an excessive number of assets and an excessive amount of debt.
How does reorganizing in a Chapter 11 help?
So, let’s say I’m a corporation and there’s three other corporate members. We borrow a million dollars. The lending institution makes us sign personally and be personally liable for that million dollars. So in other words, our corporation would sign, plus we would have to sign as individuals. If we get into tough financial waters as to merit bankruptcy, the entity would file for protection under Chapter 11 and we would file for Chapter 11 as individuals so that we would have protection from the creditors coming after us personally.
Why is an attorney helpful with a Chapter 11 bankruptcy?
A Chapter 11 bankruptcy is very complex. There are a lot of administrative procedures that a lay person would find very difficult to deal with. It’s a very, very specialized area of law and it’s very full of potholes and traps. You really need some help to get through it.
Why choose your firm to represent someone in a Chapter 11 bankruptcy case?
I’ve been practicing law basically since 1992. I clerked for a Federal District Court judge for about three years and I opened my own firm in about 1995. I’ve always had a focus on bankruptcy, however, I’m a well-rounded attorney from the standpoint that I’ve done civil cases, civil trials, criminal cases, criminal trials, jury trials, bench trials. I’ve dealt with insurance law. I’ve dealt with employment law. I’ve dealt with criminal law. I think that makes me well-rounded. I focused primarily just on bankruptcy law about 16 years ago. Also, I was mentored. I didn’t just jump into bankruptcy law. I was mentored by other bankruptcy attorneys and my father, who was a bankruptcy judge for Seventeen (17) years here in Tucson, Arizona.