Bankruptcy

Bankruptcy Stinks! And in this Case, Literally!

By Joseph McDaniel, Esq.

Sadly, the bankruptcy toolbox is a little light on relief for small businesses, simply because a Chapter 11 is kind of like a computer program that has adequate capacity to handle all the transactions and accounting and reporting for a publicly traded business doing several billion dollars a year.

And, of course, that's too much of too much for a little mom and pop business.

That's why I bend over backwards to find alternatives to Chapter 11 cases for tiny businesses; they normally can't handle the weight of the process itself, and the demise of the business can actually be hastened by a Chapter 11 filing.

So many, many small biz Chapter 11 cases wilt and fail.

This one, however, had a little something extra.

A special, you know, aroma!

NOTHING HERE CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY LAWYER WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10 RATED, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY SECTION OR COMMITTEE. NOTHING HERE MAY BE USED AS LEGAL ADVICE IN CONNECTION WITH ANY BANKRUPTCY, WHETHER THAT BANKRUPTCY IS IN PHOENIX, GLENDALE, TEMPE, MESA, SCOTTSDALE, OR ANYWHERE ELSE.

Full post as published by Arizona Bankruptcy Attorney Blog on June 17, 2010 (boomark / email).