Bankruptcy

Practice Area - BankruptcyFor individuals and businesses, there are three primary types of bankruptcy under the U.S. Bankruptcy Code:

  1. Chapter 7-basic liquidation for individuals and businesses;
  2. Chapter 11- reorganization used primarily by business debtors, but sometimes by individuals with substantial debts and assets; and
  3. Chapter 13-a payment plan enabling individuals with a regular source of income to repay all or part of their debts.  The most common types of bankruptcy for individuals are Chapters 7 and 13. Corporations and other forms of business entities file under Chapters 7 or 11.

In Arizona, there were a total of 22,073 bankruptcy filings in 2013, compared to 27,298 in 2012—a decrease of 19%.  The overwhelming majority of bankruptcy filings in both years were under Chapter 7 (basic liquidation).  In Chapter 7, a debtor surrenders his or her non-exempt property to the bankruptcy trustee who then liquidates the property and distributes the proceeds to the debtor’s unsecured creditors.  The amount of property that a debtor may exempt is set by Arizona law.  At the conclusion of a Chapter 7 case, a debtor generally is granted a discharge of his or her dischargeable debts.

The attorneys at Loose, Brown & Hobkirk, P.C. represent individuals and businesses in bankruptcy proceedings, both as creditors and as debtors.  When representing debtors, Loose, Brown & Hobkirk, P.C. provides counsel and representation necessary to navigate the client through the bankruptcy process.  When representing creditors, Loose, Brown & Hobkirk, P.C. fights to protect the rights of the individual or business that is owed money.  Regardless of which side of the case Loose, Brown & Hobkirk, P.C. is on, our attorneys provide knowledgeable, experienced, and cost-effective representation.

For your convenience, please click the following links for Bankruptcy Forms.