Bankruptcy

You're Still in Good Company in Bankruptcy in Arizona, Whether You're a Small Business or an Individual

By Joseph McDaniel, Esq.

Sometimes I'm surprised; a couple of weeks ago a very pleasant young lady said, "Oh, no. I'm not frightened at the prospect of a bankruptcy. A bankruptcy isn't scary. Being called and foreclosed and sued...that's scary!"

But whether bankruptcy clients are scared or not, or ashamed or not, or embarrassed or not, the bankruptcy filings in Arizona will continue for the foreseeable future. And I'll keep trying to cushion the speed bumps for my clients.

The reason I'm again certain about continued filings is that today I drove back from Court on a different route than I usually take.

Like everybody else, I'm blind to things I see everyday. But when you see an area with new eyes, you actually see it.

So what a difference a route change makes!

On my way back to my office after a hearing, on my way to tinker again with my bankruptcy blog, I saw:

1) An antique and consignment store that's been around for fifteen years, now vacant;

2) A gas station surrounded by chain link fences, closed;

3) Three restaurants, closed and empty;

4) Another location pushing Payday Loans, which I consider several layers more evil than a convenience mart pushing heroin, in convenient one-use needles, to kindergarten schoolchildren;

5) A billboard pushing "Bankruptcy by Phone". Enough said on that topic;

And it was a ten-minute trip!

This is a depression, and nobody, whether small business or individual, needs to be ashamed to file a bankruptcy.

Did I mention that one of my friends, who is a crackerjack small business C.P.A., tells me that all her small business clients are off, in gross revenues, about 50% from their ordinary revenues?

And as often as not, the small business owner is dumping their personal savings back into the business to save it.

It's not a pretty picture right now, and I hope it gets better fast.

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 14, 2010 (boomark / email).