Business Bankruptcy in Scottsdale Archives - Page 7 of 8

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Written by Canterbury Law Group

14 December 2016

Scottsdale Bankruptcy Options in the New Year

The Scottsdale bankruptcy attorneys at Canterbury Law Group are authorities in bankruptcy. For those struggling with their financial affairs, there are laws that provide for the reduction or elimination of certain debts, and can provide a timeline for the repayment of non-dischargeable debts. It also permits individuals and organizations to repay secured debts with more favorable terms to the borrower.

During December and January, we have many clients looking at options to refresh their finances in the New Year. If you are considering filing for bankruptcy, there are four types of bankruptcy cases to choose from:

Chapter 7 is commonly referred to as “straight” bankruptcy or “liquidation.” It requires a debtor to give up property which exceeds certain limits called “exemptions”, so the property can be sold to pay creditors.

Chapter 11, also known as “reorganization”, is used by businesses and a few individual debtors whose debts are very large.

Chapter 12 is used only by family farmers.

Chapter 13 is called “debt adjustment”. It requires a debtor to file a plan to pay debts (or parts of debts) from their current income.

Most people filing bankruptcy will file either chapter 7 or chapter 13 and either type of case may be filed individually or by a married couple filing jointly.
It is no surprise that filing bankruptcy can become tedious and overwhelming. At Canterbury Law Group, we will represent you through the entire process and fight diligently to secure your fresh financial start.

Call us today to schedule your consultation. We can put you on the path to reach financial success!

bankruptcy, bankruptcy attorneys, Chapter 11, Chapter 11 Bankruptcy, Chapter 13, Chapter 13 Bankruptcy, Filing Bankruptcy in Scottsdale, Scottsdale Legal Help

bankruptcy, bankruptcy attorneys, Business Bankruptcy in Scottsdale, Chapter 11 Bankruptcy, Chapter 7 bankruptcies, Scottsdale law firm

Regular Post

Written by Canterbury Law Group

22 November 2016

Simple Tips to Help Avoid Post – Holiday Bankruptcy

The annual gift-giving season is swiftly approaching and the Phoenix and Scottsdale bankruptcy attorneys at Canterbury Law Group know that this can sometimes lead to serious repercussions after the holiday cheer wears off.

To combat any decisions that may lead you to bankruptcy, the law team at Canterbury suggests treating your holiday spending like a business. Below are suggestions to help you stay on track during the most expensive season of the year.

1. Strategize. Begin by creating a holiday spending plan. Decide how much you can afford to spend this season, including gifts, travel, parties, decorations, and any other holiday expenses. Make a shopping list for whom you want to purchase gifts for. Determine how much you’ll earn between now and the holidays and decide how much you’ll need to set aside each paycheck to save the amount you will need. Also, consider your charitable gift intentions and budget.

2. Track your spending. If you realize you do not need to spend as much as you planned in some categories, move the extra funds to other categories. Or, save the money for your debt stockpile when the bills start to arrive in the New Year.

3. Shop without your credit cards. Yes, leave them at home unless you know you need them for a specific purchase and you already have a specific plan to repay the debt. Use cash.

4. Shop smart. Shop online first so you can price compare multiple retail locations. It’s also wise to ignore most of those “big” sales. In reality, deals such as “Buy 2, Get 1 Free” often leave you spending more and acquiring items that aren’t needed. Stores will often mark up items before “cutting” the price and you end up paying the same-or more.

5. Avoid purchasing on impulse. Instead, make a note of the product, where you saw it and how much it was. Consult your spending plan, and, if there’s room, return for the purchase. If you are married, consult your spouse. Do not hide your spending; you are a family and a team.

If your credit card debt truly gets to the point of seeming to reach the point of no return, no matter how much you save or earn—you might consider bankruptcy to flush out all the debt and start fresh and new.

It is no surprise that filing bankruptcy can seem like an extreme option but it does offer a way out. At Canterbury Law Group, we will represent you through the entire process and fight diligently to secure your fresh financial start. Call us today to schedule your consultation. [email protected] or 480-744-7711 or www.canterburylawgroup.com

bankruptcy, bankruptcy attorneys, Chapter 11 Bankruptcy, Chapter 13 Bankruptcy, Chapter 7, Chapter 7 Bankruptcy, Filing Bankruptcy in Scottsdale, personal bankruptcy attorneys, Scottsdale Attorneys, Scottsdale Legal Help

bankruptcy, bankruptcy attorneys, Business Bankruptcy in Scottsdale, Chapter 11 Bankruptcy, Chapter 7 bankruptcies, Scottsdale bankruptcy attorneys

Regular Post

Written by Canterbury Law Group

31 August 2016

Scottsdale Family Attorneys at Canterbury Law Group

The Scottsdale family attorneys at Canterbury Law Group handle all types of Phoenix and Scottsdale family law matters including divorce, child custody, paternity, prenuptial agreements, postnuptial agreements, spousal maintenance, Decree enforcement, child relocation, father’s rights, mother’s rights and grandparents’ rights.

If you are not sure whether or not you need a family law attorney in Scottsdale, here is an outline of what our lawyers can likely help you with:

Divorce – Whether you are considering filing for divorce or you’ve already been served with a divorce petition, it is critical to speak with an attorney immediately to assess your legal rights and take the necessary steps to protect them. Every situation is unique and our attorneys are well equipped to provide you with the tools to make the best decision that suits your particular situation.
Prenups/Postnups – Prenuptial and postnuptial agreements can be smart financial planning tools for all marriages but are especially common in second and third marriages, for business owners and/or when one partner has a large inheritance (received or expected in the future
Father’s Rights – Our attorneys are experienced in helping Fathers get fair and equitable treatment by the courts in Phoenix, Scottsdale and Arizona.
Child Custody – Typically when parents cannot mutually agree on a child-rearing plan, the court will often establish a plan that both parents must follow concerning the children’s health and welfare. Arizona law requires that the best interest of the child be the lead consideration above any other.
Alimony – Spousal maintenance is where one spouse pays the other spouse monthly support payments for a defined term of months or years after the divorce is final to help the less wealthy spouse transition to the next phase of their life and ideally for them to be come self-sufficient.
Paternity – When a couple has children without being married, they should still legally establish who the lawful father of the child is, as well as determine what rights and obligations exist toward the child. Get your court orders now, while the child is young—do not wait until later.
Relocation – Out of state relocation by parents and children has become a common issue in family law and is taken extremely seriously as it often has a profound impact on all involved. As a result, Arizona has very detailed laws which outline specific requirements and guidelines for cases involving a parent who wishes to relocate the child or to prevent child relocation out of state.
Grandparents – Once a grandparents’ rights petition is filed, the court will consider several specific statutory factors to determine whether a court-ordered grandparent visitation is in the best interest of the child. These rights cannot be pursued unless at least one parent is dead or the parents are divorced.

Ultimately, we realize that hiring a Scottsdale family attorney can be a challenging task. Call the lawyers at Canterbury Law Group today to schedule you consultation. 480-744-7711

Regular Post

Written by Canterbury Law Group

24 August 2016

Important Factors on Bankruptcy Help in Scottsdale

If your financial struggles are becoming overwhelming and the future looks bleak, there are a few things you need to know before filing for bankruptcy.

1. There is No Shame in Filing – If you are considering bankruptcy but your feelings about what type of person you would be to file are stopping you, it’s time to get over it! These days, people from all walks of life file for bankruptcy. You should feel no shame in wanting to solve your financial struggles and get your life back in order. The stigma is in avoiding the problems, hiding from creditors, and not facing the facts – it’s time to fix your finances and turn a new corner.

2. You May Be Able to Keep Your Home – Arizona has well known homestead exemptions that allow you to keep your primary residence. Being forced out of your home is not a reason to avoid filing bankruptcy. The likelihood of losing your home is much greater if you do not file. A Scottsdale bankruptcy attorney can help you make bankruptcy choices that in most cases may permit you to maintain ownership of your home even after your bankruptcy concludes. And in this day and age when so many homeowners are underwater on their mortgage, the likelihood of your home not being included in your bankruptcy is even greater.

3. Bankruptcy is an Investment – If you feel as if you are sinking financially, now is the time to contact a Scottsdale bankruptcy attorney. He or she can help you assess your current situation and get a handle on where you are headed. This will give you some time to save up the money you need to file for bankruptcy before it is too late.

Canterbury Law Group is uniquely qualified to represent clients in the most sophisticated personal and business bankruptcy cases. The range of services we provide depends on an individual’s or a company’s unique situation. Call us today to schedule a consultation. 480-240-0400 or [email protected]

Regular Post

Written by Canterbury Law Group

17 August 2016

Does Bankruptcy Affect Students Financial Aid?

As back to school season is here, many parents are wondering if a previous bankruptcy can affect eligibility for education loans. Although it may affect some loans, it does not affect eligibility for certain forms of financial aid.

The Bankruptcy Reform Act of 1994 (P.L. 103-394) amended the US Bankruptcy Code at 11 USC 525(c) to prohibit denial of government student grants and loans based solely on the student’s or borrower’s past or present filing of a bankruptcy petition. The only exception is the Federal PLUS loan.

A child is eligible for federal student loans, such as the Stafford loan, regardless of the parent’s history of bankruptcy. Also, the Stafford loan does not depend on the borrower’s credit history in any way.

A parent’s history of bankruptcy also does not affect the child’s eligibility for federal grants, state grants, scholarships and money from the college, nor student employment programs like Federal Work-Study. The parent may also be eligible for tuition installment plans because these plans are usually structured as a qualified education loans to make them difficult to discharge in bankruptcy.

However, parents are ineligible to borrow from the PLUS loan program for five years from the date of the bankruptcy discharge. By law, PLUS loan borrowers must not have an adverse credit history. The regulations define an adverse credit history as having had a bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment or default determination in the last five years or a current delinquency on any debt of 90 or more days.

If a child’s parent is denied a PLUS loan because of an adverse credit history, the child becomes eligible for increased unsubsidized Stafford loan limits. Parents with a recent bankruptcy will be ineligible to serve as the borrower or co-signer on most private student loans. The provisions of the Bankruptcy Reform Act of 1994 apply only to federal student loans, not private student loans. Most lenders of private student loans ask about bankruptcy filings in the last 7 or 10 years. It really doesn’t matter whether the filing was under chapter 7, 11 or 13, as the lenders will be wary of lending money to anybody with a recent bankruptcy filing.

The bankruptcy lawyers at Canterbury law Group work attentively with bankruptcy clients to secure their fresh financial freedom. Whether filing as an individual or for your business, the bankruptcy attorneys at Canterbury Law Group are experienced experts in all areas of bankruptcy cases in the Phoenix area. Please call us today to schedule your consultation.

Regular Post

Written by Canterbury Law Group

13 July 2016

Arizona Bankruptcy Exemptions

At Canterbury Law Group, our Scottsdale attorneys are renowned bankruptcy technicians. We represent clients through the entire bankruptcy process and, although all cases are unique, the end goal of bankruptcy is always a new beginning and fresh financial start.

We help clients determine eligible exemptions for their bankruptcy case. Here are some of the most common exemptions available under Arizona law (meaning that they will emerge from bankruptcy):

Alimony and Child Support – Alimony and child support, up to the amount needed for support. 33-1126.
Bank Deposit – A debtor may exempt $300 in a single bank account. Ariz. Rev. Stat. Ann. § 33–1126(8).
Homestead or Residential Property – Under Arizona law, debtors may exempt up to $150,000 (per debtor or married couple) of their home or other real property covered by the homestead exemption. Ariz. Rev. Stat. Ann. §§ 33–1101, 33–1103 and 33–1104.
Insurance Benefits – Life insurance benefits that are payable or received by a surviving spouse or child, up to $20,000.
Claims for the destruction of, or damage to, exempt property – Cash surrender value of life insurance policies, subject to length of ownership requirements and other exceptions.
Motor Vehicles – A debtor may exempt up to $6,000 in one or more motor vehicles. An elderly or disabled debtor, or an elderly or disabled spouse or dependent of the debtor, may exempt up to $12,000.
Pension and Retirement Benefits – Benefits from various employee pension systems are exempt. Ariz. Rev. Stat. Ann. §§ 33–1126 and 38–792.
Personal Property – A debtor may exempt the following personal property:
- up to $6,000 in household furniture and appliances not covered by other exemptions
- up to $1,000 total in bible, bicycle, sewing machine, typewriter, computer, burial plot, rifle, pistol or shotgun
- up to $500 in clothing
- up to $400 in musical instruments
- up to $800 in animals
- up to $2,000 in engagement and wedding rings
- up to $250 in books
- up to $150 in watch
- wrongful death awards
- prepaid rent or security deposit to $2,000 or 1.5 times your rent, whichever is less, in lieu of using homestead exemption.
- all teaching materials for youth, and
- certain professionally prescribed health aids.

Tools of the Trade – A debtor may exempt up to $5,000 in trade implements, which includes farming tools if the debtor’s primary income is from farming. All arms and uniforms that a debtor is legally required to keep are exempt. Library and teaching aids of a teacher.
Unemployment Compensation – Unemployment compensation is exempt as long it is not commingled with other funds and except for the enforcement of child support orders. Ariz. Rev. Stat. Ann. § 23–783.
Wages – A debtor may exempt the lesser of the following wages, per week:
- 25% of his or her disposable earnings, or
- earnings in excess of 30 times the federal minimum wage
- Workers’ Compensation – A debtor may exempt up to $6,000 in one or more motor vehicles. An elderly or disabled debtor, or an elderly or disabled spouse or dependent of the debtor, may exempt up to $12,000.

Our legal team is ready to represent you in your Scottsdale business or personal bankruptcy case. Call us today to schedule your consultation. Our track record speaks for itself! 480-744-7711.

Regular Post

Written by Canterbury Law Group

8 June 2016

How Celebs end up in Bankruptcy

American society always seems surprised when learning about the newest A-lister or celebrity who has filed for bankruptcy. Having a celebrity status and earning millions doesn’t necessarily deter bankruptcy. How is it possible that so many millionaires find themselves in bankruptcy court, clamoring to protect what little assets they have left? With all the celebrity millionaires (and billionaires) who have gone broke, we may be able to learn from their mistakes.

1. No Financial Education – Often, when you go from having nothing to having everything, a financial education is not part of the package. Learning how to save, budget, and invest can take years, and if you’ve never had substantial money before, you may never have learned these essential financial management skills. When handed huge checks to cash, many celebs go out and buy the biggest house and fastest car they can find, rather than learning how to properly handle their money.

2. Lack of Trustworthy People – Many celebrities surround themselves with attorneys, accountants and insurance professionals to help them with proper estate, tax and insurance planning. However, in doing so, they often do not bother double-checking the work that is being done on their behalf, nor do they properly vet the financial professionals they hire. Not surprisingly, many fall prey to unscrupulous advisors. Worse yet, some celebrities are taken advantage of by friends and family who they hire to manage their affairs.

3. Unrealistic Career Expectations – It might be easy to expect a successful Hollywood or professional sports career to continue indefinitely. But sadly, most careers don’t last very long. Unfortunately, not every actor picks up another well-paying gig immediately after their show is cancelled.

Regular Post

Written by Canterbury Law Group

4 May 2016

3 Steps When Filing Bankruptcy

At Canterbury Law Group, our Scottsdale bankruptcy attorneys are renowned industry experts. We represent clients through the entire bankruptcy process and, although all cases are unique, the end goal of bankruptcy is always a new beginning and fresh financial start.

Here are three tips for those considering bankruptcy:

1. Gather financial documents. Start collecting financial documents that your attorney can use. Obtain a record of debt including credit card bills, unpaid medical bills, loan statements, etc. Also locate any documentation on assets you currently hold as well as your monthly income statements.

2. Find a qualified law team. Filing for bankruptcy is a complicated process and a simple mistake can be harmful to your case. Make sure you have a legal team that is experienced, understands your goals and can get the job done. Many law firms offer a complimentary first-time consultation. Call the Scottsdale bankruptcy lawyers at Canterbury Law Group today to schedule your appointment.

3. Improve upon your financial habits. You must improve your financial life after your file bankruptcy. Obtain a secured credit card or personal loan to start building up your credit but remember that you may have to wait some time before you can be approved for a secured credit card. Further educate yourself by reading books, reviewing financial websites and seeking out professional guidance.

As authorities in the legal industry, the bankruptcy team at Canterbury Law Group was uniquely formed to provide no-nonsense legal counsel for personal and business bankruptcy cases. The law group at Canterbury consists of a unified team of litigators and paralegals with the experience necessary to deliver high results. The team’s attention, experience and sophistication allows for innovative resolutions that have a positive client impact.

Our legal team is ready to represent you in your Scottsdale business bankruptcy case. Call us today to schedule your consultation. Our track record speaks for itself!

Regular Post

Written by Canterbury Law Group

30 March 2016

Common Questions When One Spouse Files Bankruptcy

The Scottsdale bankruptcy attorneys at Canterbury Law Group represent debtors, creditors, trustees and committees in both personal and commercial bankruptcies. Bankruptcy law provides for the reduction or elimination of certain debts, and can provide a timeline for the repayment of non-dischargeable debts. It also permits individuals and organizations to repay secured debts with more favorable terms to the borrower.

The Phoenix bankruptcy lawyers at Canterbury represent many clients through personal bankruptcy cases. If you’re married and considering filing bankruptcy, here are common questions that often arise:

1. Do I Have to File Bankruptcy with My Spouse? If only one partner in a marriage owes debt, then only that partner should file for bankruptcy. Debts where spouses are jointly and severally liable for payment will remain with the spouse who has not filed for bankruptcy. However, in states that follow community property law, single spouse bankruptcy for joint debts may in some situations be advantageous.

2. Can I File for Bankruptcy without My Spouse’s Knowledge? Legally and in theory, yes, it would be possible for one spouse to file for bankruptcy without the other partner ever finding out. However, Chapter 7 bankruptcy uses income as a test for eligibility and utilizes income garnishment as a means of settling debt. The non-filing spouse will certainly notice if his or her paychecks are being collected by the bankruptcy court for debt repayment. Even outside Chapter 7 bankruptcy though, there are plenty of other ways for a spouse to discover his or her partner’s financial situation. Our Scottsdale bankruptcy lawyers suggest that hiding bankruptcy is only a temporary solution at best and is not healthy to any marriage nor recommended.

3. Will My Credit or Property Be Affected If My Spouse Files Bankruptcy? In general, one spouse filing for bankruptcy will not affect the other spouse’s financial situation, including the other spouse’s credit rating. A debt is created by contract between a debtor and a creditor – each debtor must sign the contract to be liable for payment. Therefore, the bankruptcy of one spouse does not cause the other to become bankrupt.

4. Does Single Spouse Bankruptcy Change the Nature of Joint Debts? Under Chapter 7 bankruptcy, when a spouse’s debts are wiped clean, the creditor can go after the other spouse. However, a major advantage of Chapter 13 bankruptcy, where the debtor plans to re-pay her debts, is that the creditor will leave the co-debtor alone, as long as bankruptcy plan payments are timely deposited.

5. Are There Any Exceptions? While the bankruptcy of one spouse does not generally affect the other, there are some notable exceptions. For example, the bankruptcy of one’s spouse may show up on the other’s credit report if joint debt is involved – a contentious area of the law. Also, if applying for a joint loan in the future, the bankruptcy of one spouse will affect the creditworthiness of the applying couple.

If you’re considering filing bankruptcy, the Phoenix bankruptcy attorneys can help you. Contact us today to schedule a consultation. 480-744-7711.

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Regular Post

Written by Canterbury Law Group

23 March 2016

3 Options in Business Bankruptcy

The Scottsdale bankruptcy attorneys at Canterbury Law Group work in business bankruptcy, which allows a company to efficiently sell assets or to liquidate in a controlled manner. Just like any other business strategy, bankruptcy should be considered early enough to be a viable strategy to preserve the business’s assets and help it continue as a going concern. Bankruptcy can also be an important tool for assisting in an orderly wind down and liquidation of a business and its assets. In addition to the some of the strategic benefits, liquidating through bankruptcy can provide numerous benefits over merely dissolving your entity.

There are three types of bankruptcy that your business may file for depending on its business form. Sole proprietorships are legal extensions of the owner; therefor the owner is responsible for all assets and liabilities of the firm. A sole proprietorship can take bankruptcy by filing for Chapter 7, Chapter 11 or Chapter 13. Corporations and partnerships are legal entities separate from their owners. As such, they can file for bankruptcy protection under Chapter 7 or Chapter 11.

1. Chapter 7 – The most common form of bankruptcy in the United States, Chapter 7 bankruptcy, provides individuals with a discharge of all debt which are “dischargeable” under the Bankruptcy Code. In a Chapter 7, all of the debtor’s non-exempt assets on the petition date are liquidated through the priorities set forth in the Bankruptcy Code. At the time of filing, the bankruptcy code establishes the creation of your “debtor’s estate” which includes all “non-exempt assets.” As a Debtor you have various duties and obligations, including significant duties of co-operation, which are owed to the Trustee. These obligations are designed to assist the Trustee in the administration of your bankruptcy estate.

2. Chapter 11 – More individuals, usually with a high net worth, are turning to Chapter 11 to solve their bankruptcy needs. The bankruptcy attorneys at Canterbury Law Group have significant experience with Chapter 11 filings, which tend to be more complex, and are capable of filing an individual case under Chapter 11 as mandated by the facts of each individual case.

3. Chapter 13 – This type of bankruptcy is not a per se liquidation but rather involves a restructuring of debt typically over a three or five-year period, pursuant to a plan which is filed with, and approved by, the Court. This plan allows a debtor to pay its creditors a percentage of the amounts owed to them. Like in a Chapter 7, in a case under Chapter 13, the court appoints a Trustee. Pursuant to the terms of your Chapter 13 plan, you make one single global monthly payment to the Trustee, who then pays the creditors their pro-rata share of what is owed.

Canterbury Law Group is uniquely qualified to represent clients in the sophisticated business bankruptcy cases. The range of services we provide depends on an individual’s or a company’s unique situation. Call us today to schedule a consultation. 480-744-7711. www.canterburylawgroup.com

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