No one starts a business thinking it will fail and they will end up researching bankruptcy in Arizona. However, things don’t always work out how we plan, and there may come a time when filing for bankruptcy in Arizona becomes the best option for your and your business.
Research the bankruptcy laws in Arizona before you begin to make a decision about filing for bankruptcy. You want to have a complete understanding of the process and what you have to lose and gain from filing bankruptcy in Arizona. Before filing for bankruptcy, keep in mind and the following:
- File for bankruptcy for an opportunity to start anew. Look at it as a new beginning instead of an ending.
- Understand how Arizona bankruptcy law is going to affect your current business and any possible future business endeavors.
- Examine the decisions you made that bought you the point of needing to file for bankruptcy. Analyze the situation so you know what went wrong and to prevent making the same mistakes again.
Action Steps
The best contacts and resources to help you get it done
Determine the exemptions you have under AZ bankruptcy law
Know the exemptions you have available under Arizona bankruptcy laws. Homestead, insurance and pensions are just some of the property concerns you want to investigate before you make a decision about filing bankruptcy in Arizona.
I recommend: Arizona Bankruptcy Law.com has a chart showing all of the exemptions that are available under Arizona bankruptcy law with explanations on how the exemptions work.
Personal Bankruptcy Information also has a chart with all of the available exemptions in Arizona and links to other AZ bankruptcy law information.
Review the process of filing bankruptcy in Arizona
Filing for bankruptcy has changed drastically since the passage of the 2005 bankruptcy laws. You may not be eligible to file for Chapter 7 bankruptcy. If you have a valuable asset you want to keep that isn't covered under the exemptions, Chapter 13 may be a better option for you.
I recommend: FreeAdvice has detailed information on bankruptcy in AZ.
BankruptcyInformation.com has information on Arizona's bankruptcy process from the type of bankruptcy you can file to how Arizona bankruptcy court works.
Hire a good Arizona bankruptcy attorney
You shouldn't file for bankruptcy without a good Arizona bankruptcy lawyer. There are plenty of high-quality Arizona bankruptcy lawyers to choose from; find one that is a good fit for you and your business.
I recommend: AttorneyPages has a database of Arizona bankruptcy attorneys and Arizona bankruptcy law firms that can be searched by county or city.
Clark Law Offices is a Phoenix-based bankruptcy law firm that offers debt relief services as well as bankruptcy representation.
Tips & Tactics
Helpful advice for making the most of this Guide
- Review your assets and debt before filing for bankruptcy with your Arizona bankruptcy lawyer. Property that you can't claim as an exemption may be sold to pay off to your creditors. Claim all property that you are eligible to keep as exempt or the exemptions will not be given.
The official source of Arizona Bankruptcy Law is
the Arizona Bankruptcy Law page at Business.com
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