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Phoenix Business Bankruptcy Attorney

An unfortunate reality of today's economy is the detrimental effect it has had on business owners across the nation. Whether you started a new business or are operating an established company that has fallen on hard times, it is never easy when your plans do not work out. There are powerful outside factors that can cause any business to fail, no matter how great the product or service.

At the Law Offices of Anca Iacob, we help Arizona business owners get out from under the burden of overwhelming debt through bankruptcy. We work hard to help our clients find some relief from the anxiety and stress that comes from trying to keep a struggling business afloat. Our skilled Phoenix business bankruptcy lawyer will help you understand your options, with the goal of creating a brighter future for you, both personally and professionally.

Chapter 7 Bankruptcy Can Be Your Way Out

If your business debt has gotten to the point that the company can no longer function, it may be time to consider Chapter 7 liquidation. If, after sitting down with you and analyzing your finances, we advise you to file, we will make sure you understand the ramifications.

Chapter 7 for businesses works much like Chapter 7 for consumers. The court appoints a trustee to gather and sell the company's assets and then distribute money to creditors. After this process, the business ceases to exist and it has no debts. Although it is not easy to see your business come to an end, there are a number of advantages to choosing liquidation. Most importantly, it tells creditors that they can no longer attempt to collect debts or sue the company.

Recognizing Limitations

Part of our philosophy as a firm is to always provide honest assessments to every client. In the business bankruptcy context, you should know that debts you guaranteed personally cannot be eliminated through the business Chapter 7 filing. Only a skilled bankruptcy attorney can properly determine what debts are eligible for discharge and which you will continue to be liable to pay.

What Will Happen to My Employees?

While large corporations filing for Chapter 7 bankruptcy may sell sections of the corporation to other companies to preserve the jobs of employees, a small business usually has no such option. As the owner of a small or medium-sized company, it is understandable that you are worried about your employees' financial well-being. During the Chapter 7 process, your employees will be paid wages by the trustee as part of the bankruptcy proceedings. These payments are made before payments to creditors, maximizing the ability of your employees to survive financially.

Contact a Glendale Corporate Bankruptcy Lawyer:

To learn more about business bankruptcy and whether it might be the right choice for you, please call 623-266-0060 to schedule an appointment, or you can contact our Glendale law office online. Consultations are available from 9 a.m. to 5 p.m. Monday through Friday. Evening and weekend meetings can be arranged by appointment.

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

Office Location

Law Offices of Anca D. Iacob
P.O. Box 11531, Glendale, AZ 85318-1531
Tel: 623-266-0060 | Fax: 623-334-6869

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