Filing Business Bankruptcy with Canterbury Law Group

SCOTTSDALE, Ariz. - March 29, 2016 - PRLog -- The Scottsdale bankruptcy lawyers at Canterbury Law Group practice in business bankruptcy, which allows a company to sell assets efficiently or to liquidate in a controlled manner. Bankruptcy can also be an important tool for assisting in an orderly wind down and liquidation of a business and its assets.

The type of bankruptcy that a business will file is dependent upon its business form:

·         Sole proprietorships are legal extensions of the owner; therefore 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.

The attorneys at Canterbury Law Group often help clients decide which bankruptcy type is best for them:

• Chapter 7 - The most common form of bankruptcy in the United States, Chapter 7 bankruptcy, provides individuals with a discharge of 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 outlined in the Bankruptcy Code.
• 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 complex, and are capable of filing an individual case under Chapter 11 as mandated by the facts of each case.
• Chapter 13 - This type of bankruptcy is not a per se liquidation but rather involves a restructuring of debt over a multiyear period, pursuant to a plan which is filed with, and approved by, the court. This plan allows a debtor to pay his or her 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.

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 possible.  As authorities in the legal industry, the team at Canterbury Law Group was uniquely formed to provide no-nonsense legal counsel for civil litigation, corporate, family law, federal bankruptcy and real estate. The team's attention, experience and sophistication allows for innovative resolutions that generate positive client results.  For more information, visit http://www.canterburylawgroup.com.