Arizona Bankruptcy Law

The Wall Street Journal reports:

On the same day Borders Group Inc.’s rank-and-file employees sued over not receiving proper notice of their terminations, the failed bookseller asked to make six-figure payments to its former top executives, including Chief Executive Mike Edwards.

Borders’s bankruptcy estate sought permission late last week to make $125,000 severance payments each to Edwards, former Chief Financial Officer Scott Henry and two other senior managers.

The request came just hours after Jared Pinsker, a former employee at the company’s Ann Arbor, Mich., headquarters, filed a class-action lawsuit on behalf of other Borders saying the retailer violated the federal Worker Adjustment and Retraining Notification (WARN) Act by not giving employees 60 days’ notice that they’d be laid off.

Pinsker is asking that the company pay two months worth of wages to him and others like him.

Incidentally, the four executives are each receiving at least two months’ salary.

Borders stores that have not yet closed are being liquidated.

If you need help with Bankruptcy in Arizona, Check out this Chandler Bankruptcy Attorney, Phoenix Bankruptcy Lawyer, and Bankruptcy Attorney in Scottsdale.

Aug. 22 (Source: By Tom Shean, The Virginian-Pilot, Norfolk, Va.) - Fewer Hampton Roads households and businesses are resorting to bankruptcy court for financial relief, but local attorneys aren’t optimistic the decline in bankruptcy filings so far this year will continue.After climbing steadily in Hampton Roads for five consecutive years, the number of filings from January through July dipped to 4,943, a decline of almost 3 percent, according to U.S. Bankruptcy Court figures.

The number of filings for consumer bankruptcies dropped 2.9 percent, while those for businesses fell 5.4 percent from the comparable period last year.

In Phoenix, Arizona the trend is more bankruptcies vs less.  Even though the rest of the country didn’t have a huge housing boom California, Arizona, Florida and Vegas people are in financial distress and looking to file bankruptcy in Phoenix, AZ. Call Wright Law Offices for a Phoenix Bankruptcy Lawyer.

The Phoenix real estate situation continues to look bleak, at least as far as valuations go.  According to an article posted on Phoenix real estate website  www.phoenixpowersearch.com, foreclosures in the Phoenix area continue at a rate of 3,000 to 4,500 units per month (click here for the full article http://www.phoenixpowersearch.com/2011/05/how-is-the-phoenix-real-estate-market/ ).  While the article does mention some potential areas of improvement to the Phoenix market such as a decline in the Active Notices of Default for residential properties, this is of no help to Phoenix homeowners who have already had their home values slashed by fifty percent or more over the last four years.  If you are one of these Phoenix homeowners, then a Chapter 13 bankruptcy may be a great way to improve your overall situation.  For example, the majority of Phoenix residents owe more than what their house is worth.  If this is the case for you and you have a second mortgage or home equity line of credit, you may qualify for what is called a Chapter 13 lien strip.  A Chapter 13 lien strip would re-categorize your secured loan into an unsecured loan that can be discharged at the end of the Chapter 13 bankruptcy.   This is just one of the ways that a Chapter 13 bankruptcy can ease the overall burden of your debts.

I am often shocked when I speak with potential clients at my Phoenix office and they do not realize the options and flexibility that a Chapter 13 bankruptcy can give them.   A Chapter 13 bankruptcy case is a way to make one monthly payment for three or five years and then be back on track with your life and debt free.   Also, during the pendency of the bankruptcy plan, your unsecured debts will go to zero percent and the credit card companies have to stop adding in fees and other costs immediately upon the filing of the case.

Unfortunately, many people are afraid of bankruptcy and afraid to even explore their options.    At the very least, you owe it to yourself to speak with an bankruptcy lawyer in the Phoenix area to find out more and discover if it might be a route worth taking.   Phoenix residents should know that Chapter 13 bankruptcy can be an especially useful tool to solve their issues as a result of the real estate crisis that continues to plague Phoenix.

I am an Arizona attorney and my articles only deal with Arizona and Federal Bankruptcy law. All legal services offered to Arizona Residents Only. This article should not be construed as legal advice, if you need to file a bankruptcy, contact an attorney in your state.

To learn more about Chapter 13 bankruptcy, contact a Phoenix Bankruptcy Attorney for a free consultation or call us at 480-269-9707.