Steps for Small Business Bankruptcy From Canterbury Law Group

SCOTTSDALE, Ariz. - Oct. 22, 2015 - PRLog -- Small business bankruptcy is a unique process.  Although all cases include various differentiating factors, the bankruptcy lawyers at Canterbury Law Group in Scottsdale provide the four basic steps for business owners looking to file bankruptcy.

Hire an attorney.  Unlike personal bankruptcy, small business bankruptcy must be filed in bankruptcy court by a licensed attorney.

Gather your business records.  The bankruptcy attorneys at Canterbury Law Group can expertly guide you on necessary records and papers needed for the small business bankruptcy filing, such as tax returns, assets and inventory, accounts receivable, a list of creditors and ledgers.

Meet with the Trustee.  About 30 days after your attorney files for bankruptcy, you will have a meeting with a Trustee appointed by the bankruptcy court.  The Trustee will review your schedule of assets to ensure that it properly distinguishes the nonexempt assets from exempt assets.  You will have to turn over nonexempt assets to the Trustee, who will sell them and use the proceeds to pay off your debts.

Submit a reorganizational plan, if needed.  The law team at Canterbury will discuss the various bankruptcy options available, and if you choose a type of bankruptcy that requires reorganization, then you and your attorney will work together on creating a reorganization plan to be submitted to the court.

About Canterbury Law Group

Canterbury Law Group, formerly Edwards & Cherney LLP, was founded in Phoenix, Arizona with dedication to providing dynamic legal counsel at the highest level. As authorities in the legal industry, the team at Canterbury Law Group was uniquely formed to provide no-nonsense legal counsel for cases dealing with litigation, corporate law, family law, federal bankruptcy and real estate. The legal team's personal attention, experience and sophistication allows for innovative resolutions that have positive client impact generating good results. For more information, visit http://www.canterburylawgroup.com.