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Chapter 11: Business Bankruptcy in Tucson and Surrounding Areas


Mr. Judge leads an established Tucson bankruptcy law firm. Maybe you’ve heard professional associates or personal friends talking about the “reorganization” or “restructuring” of their businesses. If you are dealing with the possibility of a Chapter 11 bankruptcy in Tucson or the surrounding area, please consider contacting Jeffrey P. Judge at Judge Law Firm.

 

Typically, Chapter 11 bankruptcy is used for business bankruptcies rather than individual bankruptcies, since it is a more complex and expensive venture than Chapter 7 proceedings. Chapter 11 usually involves a corporation or partnership that needs to reorganize itself to find relief from burdensome costs. Individuals with businesses also can choose to file Chapter 11 bankruptcy.

A Chapter 11 case routinely begins with the filing of a petition with the local bankruptcy court where the business, partnership or person resides. The petition can be voluntary — you file — or involuntary, meaning certain creditors may take the lead. In most cases, the debtor entity identifies a reorganization plan that allows it to continue operating while it is in Chapter 11.

 

The idea is to keep the business running and pay creditors over time. However, a debtor is ineligible and cannot file under Chapter 11 or any other chapter if, during the preceding 180 days, a prior bankruptcy petition was dismissed because the debtor did not show up in court, failed to comply with court orders, or confronted creditors with liens against the property in question. In addition, debtors must receive credit counseling from an approved credit counseling agency prior to filing for bankruptcy.

If you find yourself facing the likelihood of a Chapter 11 in Tucson, the Judge Law Firm will provide guidance and legal help to direct you toward an intelligent financial plan for your future.

 

For an initial consultation and to learn more about Chapter 11 bankruptcy in Tucson, AZ, please call Tucson bankruptcy attorney Jeffrey P. Judge at 520-745-1500 or submit our email form.