Written by Canterbury Law Group

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]

Written by Canterbury Law Group

Gawker – Popular Media Site – Files Chapter 11 Bankruptcy

Media site, Gawker, has recently filed Chapter 11 bankruptcy, motivated by the company’s agonizing and all-consuming legal fight with Hulk Hogan. A judge has ordered Gawker to pay Hulk Hoag $140 million in damages.

Gawker has agreed to sell all seven of its brands and other assets to the tech publisher Ziff Davis. The Ziff Davis bid — worth $90 million to $100 million, according to sources — sets the floor for the bankruptcy auction process.

The asset purchase agreement to Ziff Davis, the owner of PC Magazine, marks the start of the bankruptcy auction process. Bidding is expected to continue next week. The sale agreement to Ziff Davis will need to be approved by the bankruptcy court, which will conduct an auction to see if there is a higher offer available. Ziff Davis will be what is known as a “stalking horse bidder,” whose offer for the company can be topped by other bidders.

Gawker is pushing ahead with an appeal of the judgment with Hulk Hogan and has maintained confidence that it will ultimately be vindicated, but the company has been openly entertaining a sale.

Canterbury Law Group helps businesses and individuals, usually with a high net worth, file 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 very complex, and are capable of filing an individual case or a corporate entity case under Chapter 11 as mandated by the facts of each individual case.

Filing for bankruptcy can be an intimidating process and people are often ashamed of doing it. However, a real challenge when filing for bankruptcy is not securing the services of trusted legal representation like the bankruptcy lawyers at Canterbury Law Group. The legal process can be very demanding and tedious. Without the help of an experienced lawyer it is common to miss important deadlines, make mistakes on required forms and to misunderstand certain rules or terms which can be highly detrimental to your case. The bankruptcy lawyers at Canterbury law Group work diligently with bankruptcy clients to secure their fresh financial freedom.

The bankruptcy attorneys at Canterbury Law Group are experienced experts in all areas of bankruptcy cases in the Phoenix and Scottsdale area. Please call us today to schedule your consultation.

Written by Canterbury Law Group

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.

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. 480-240-0040.

Written by Canterbury Law Group

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. 480-240-0040.

Written by Canterbury Law Group

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. 480-240-0040. www.canterburylawgroup.com

Written by Canterbury Law Group

Tips When Filing Chapter 7 Bankruptcy

The most common form of bankruptcy in the United States is Chapter 7. At Canterbury Law Group, we constantly work with clients to file Chapter 7, which allows individuals to extinguish all debts 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 Bankruptcy Trustee. These obligations are designed to assist the Trustee in the administration of your bankruptcy estate.

The Scottsdale bankruptcy lawyers at Canterbury Law Group will counsel you regarding these duties, which if followed, will make your case run smoothly. Unfortunately, many debtors who are not fully informed of these obligations run the risk of not receiving a full discharge of some or all or their debt. If you’re thinking of filing Chapter 7, here are some recommendations from our lawyers:

1. Complete the Mandatory Credit Counseling – Before you can file chapter 7 bankruptcy, it is essential to complete credit counseling. It is a mandatory step before you can file and often requires paying a fee. Otherwise, your filing will not be allowed to continue.

2. File All Chapter 7 Paperwork – Complete and file all necessary paperwork in court. Make sure all of your paperwork is accurate. Determine any fees associated with your filing.

3. Meet With Your Creditors – Approximately one month after filing the petition, you will need to meet with your creditors, an arrangement made by the court. During this important meeting, your creditors will question you regarding your finances and property. Typically this meeting involves only a few people connected with the credit card companies to whom you owe your debt. Your lawyer can certainly be present to aid you through this process.

4. Attend the Personal Financial Management Instruction Course – In addition to your credit counseling course, a personal financial management course generally costs about $30 and is necessary for completing your filing of chapter 7. If you skip the money management course, you risk dismissal of your case.

Having a trusted legal team on your side is critical during bankruptcy. Call Canterbury Law Group today to schedule your consultation. 480-240-0040.

Written by Canterbury Law Group

Business Bankruptcy in Scottsdale

Our attorneys have vast experience in Scottsdale business bankruptcy cases. If you are a business owner thinking of filing bankruptcy, we will represent you throughout the entire process, from preparing to file through the restructuring of your company post-bankruptcy.

A common misconception about business bankruptcy is that it means the end of a business. Contrary to those beliefs, many companies that Canterbury Law Group has worked with thrive and advance after bankruptcy and restructuring. If bankruptcy might be an option, here are some terms to know.

Business Bankruptcy: A type of bankruptcy that 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 if you intend to close the business for good.

Business Restructuring: The primary goal of a business bankruptcy is to reorganize a business, which includes restructuring the company’s debts so the business can continue to operate and prosper into the future. There are many ways that this can be accomplished, ranging from selling assets to closing down sites or reducing personnel. It is critical to understand that bankruptcy affords a business the opportunity to propose and implement these changes, without the looming threat that creditors will shut the business down for good.

Our bankruptcy legal team is ready to represent you in your Scottsdale business bankruptcy case. Call us today to schedule your consultation. 480-240-0040.

Written by Canterbury Law Group

3 Steps to Take Before Filing For Scottsdale Bankruptcy

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

Here are three tips for people that are starting to think about bankruptcy.

  • Gather documents. You must start collecting financial documents for your attorney. Obtain a record of debt including credit card bills, unpaid medical bills, loan statements, etc. Also locate any documentation on assets you currently hold and monthly income statements.
  • Find a qualified legal team. Filing for bankruptcy is a complicated process and a simple mistake can be detrimental 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 or cut-rate deals. Generally speaking, uou get what you pay for. Instead, call Canterbury Law Group today to schedule your appointment.
  • Better your financial habits. You need to make sure you improve your financial life after your file bankruptcy. Educate yourself by reading books, reviewing financial websites and seeking out professional guidance. 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.

As authorities in the legal industry, the bankruptcy counsel at Canterbury Law Group was uniquely formed to provide no-nonsense legal counsel for personal and business bankruptcy cases. The team’s attention, experience and sophistication allows for innovative resolutions that generate positive client results.

Put time on your side and consult on your possible bankruptcy sooner than later. Our legal team is ready to represent you in your Scottsdale business bankruptcy case. Call us today to schedule your initial consultation. 480-240-0040.

Written by Canterbury Law Group

Celebrities Filing Chapter 11 or Chapter 13 Bankruptcy

At Canterbury law Group in Scottsdale, we have seen an increase in clients filing bankruptcy. It’s not only Scottsdale bankruptcy but, in fact, bankruptcy cases have become more common throughout the entire country. More individuals, usually with a high net worth, are turning to Chapter 11 or 13 to solve their bankruptcy needs.

Just recently, Curtis James Jackson III, the rapper better known as 50 Cent, filed for bankruptcy. Although we do not work directly with Jackson, we do know that Chapter 11 is how many celebrities have publicly dealt with their debt problems. You do not have to be completely out of money to file for Chapter 11, it merely means you do not have good current cash flow. Filing for personal bankruptcy allows Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he undergoes an orderly reorganization of his financial matters.

Jackson’s spending and business activity, including any personal salary , could be subject to the analysis and approval of bankruptcy court pending the review of his bankruptcy filing. Also, as in all Chapter 11 cases, when he files payment schedules, it will show all the details of his debts, assets, even whether or not he paid his landscaper on time.

The Scottsdale bankruptcy attorneys at Canterbury Law Group have significant experience with Chapter 11 filings, which tend to be multifaceted, and are capable of filing an individual case under Chapter 11 as mandated by the court.

When choosing Canterbury Law Group to represent you throughout your bankruptcy case, you will have deep industry experience and a dedicated team to ensure maximum case efficiency. Our goal is to help you achieve a new financial existence. Our success allows clients to move forward with a new financial freedom. To discuss Chapter 11 or Chapter 13 bankruptcy, or any Scottsdale bankruptcy case, contact us today to schedule an initial consultation.