Arizona bankruptcy law education and training will teach you how to resolve your clients' debts by dividing their assets among their creditors. This allows each creditor to achieve some measure of equality under the law. A filing under Chapter 7 is called liquidation and involves the sale of the debtor's non-exempt property. A bankruptcy proceeding under Chapters 11, 12 or 13 allows the debtor to use future earnings to pay off creditors.

The qualifications needed to become an Arizona bankruptcy attorney are determined at the state level and also will be affected by the specific type of bankruptcy that the client requires. There are three general phases in obtaining an education in bankruptcy law:

1. Formal education. An attorney who practices before an Arizona bankruptcy court will need at least a Juris Doctor (J.D.) degree from an accredited law school in Arizona. An advanced degree such as a Masters of Law (L.L.M) will further distinguish you from your colleagues.
2. Membership in professional organizations. Practicing attorneys will want a membership in one of the associations dedicated to bankruptcy law in Arizona.
3. Legal specialization. Bankruptcy attorneys in Arizona can become designated specialists in bankruptcy law by meeting the state's specific requirements.
   

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Attend a law school that specializes in state of Arizona bankruptcy laws

There are a variety of universities in Arizona that provide a concentration in bankruptcy law. These schools are equipped to offer a solid education on the current bankruptcy laws in Arizona.

I recommend: The Arizona State University Sandra Day O'Connor College of Law teaches several advanced courses in bankruptcy, including Chapter 11 Bankruptcy and Debtor-Creditor & Bankruptcy. The University of Arizona James E. Rogers College of Law offers a selection of bankruptcy law courses, including Federal Bankruptcy Pro Se-Debtor Project.

Find professional forums for an Arizona bankruptcy lawyer

Professional online forums can provide a daily educational opportunity for bankruptcy attorneys in Arizona. These include information on recent changes in bankruptcy law and advice on building a practice.

I recommend: The Law Office of Michael S. Anderson maintains several blogs on Arizona bankruptcy law and provides other bankruptcy resources. Arizona Bankruptcy Law and Lawyers provides an educational guide to consumer bankruptcy in Arizona.

Obtain a specialization in Arizona business bankruptcy laws

Arizona allows attorneys who practice certain areas of the law, such as bankruptcy, to be certified as specialists. A bankruptcy attorney in Arizona will need to know Arizona's specific requirements for a specialization in bankruptcy.

I recommend: The State Bar of Arizona provides the complete details on becoming certified in bankruptcy law in Arizona. Take online courses at Legalspan to meet the bar's requirement of 15 hours of continuing legal education for bankruptcy lawyers. The American Bar Association summarizes the regulations regarding a specialization in bankruptcy law for Arizona lawyers.

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• •  Attorneys also will want to join professional organizations that are dedicated to the practice of Arizona bankruptcy laws. These associations provide a number of resources essential for the practicing bankruptcy attorney, including contact information for important courts, assistance with Continuing Legal Education (CLE) requirements and links to bankruptcy laws.

No one starts a business thinking it will fail and they will end up researching bankruptcy in Arizona. However, things don’t always work out how we plan, and there may come a time when filing for bankruptcy in Arizona becomes the best option for your and your business.

Research the bankruptcy laws in Arizona before you begin to make a decision about filing for bankruptcy. You want to have a complete understanding of the process and what you have to lose and gain from filing bankruptcy in Arizona. Before filing for bankruptcy, keep in mind and the following:

1. File for bankruptcy for an opportunity to start anew. Look at it as a new beginning instead of an ending.
2. Understand how Arizona bankruptcy law is going to affect your current business and any possible future business endeavors.
3. Examine the decisions you made that bought you the point of needing to file for bankruptcy. Analyze the situation so you know what went wrong and to prevent making the same mistakes again.
   

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Determine the exemptions you have under AZ bankruptcy law

Know the exemptions you have available under Arizona bankruptcy laws. Homestead, insurance and pensions are just some of the property concerns you want to investigate before you make a decision about filing bankruptcy in Arizona.

I recommend: Arizona Bankruptcy Law.com has a chart showing all of the exemptions that are available under Arizona bankruptcy law with explanations on how the exemptions work. Personal Bankruptcy Information also has a chart with all of the available exemptions in Arizona and links to other AZ bankruptcy law information.

Review the process of filing bankruptcy in Arizona

Filing for bankruptcy has changed drastically since the passage of the 2005 bankruptcy laws. You may not be eligible to file for Chapter 7 bankruptcy. If you have a valuable asset you want to keep that isn't covered under the exemptions, Chapter 13 may be a better option for you.

I recommend: FreeAdvice has detailed information on bankruptcy in AZ. BankruptcyInformation.com has information on Arizona's bankruptcy process from the type of bankruptcy you can file to how Arizona bankruptcy court works.

Hire a good Arizona bankruptcy attorney

You shouldn't file for bankruptcy without a good Arizona bankruptcy lawyer. There are plenty of high-quality Arizona bankruptcy lawyers to choose from; find one that is a good fit for you and your business.

I recommend: AttorneyPages has a database of Arizona bankruptcy attorneys and Arizona bankruptcy law firms that can be searched by county or city. Clark Law Offices is a Phoenix-based bankruptcy law firm that offers debt relief services as well as bankruptcy representation.

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• •  Review your assets and debt before filing for bankruptcy with your Arizona bankruptcy lawyer. Property that you can't claim as an exemption may be sold to pay off to your creditors. Claim all property that you are eligible to keep as exempt or the exemptions will not be given.

It’s important for companies or entities doing business in Arizona to learn Arizona bankruptcy law basics. The 2005 Bankruptcy Act requires all individuals seeking bankruptcy relief to participate in credit counseling for a minimum of six months before filing. Debtors are also be required to enroll in and complete a financial management course. While the federal guidelines are the same for all states, guidelines on exemptions can vary from state to state. Arizona bankruptcy laws allow debtors to keep certain personal property up to a certain dollar amount after filing bankruptcy.

Bankruptcy is rarely an easy decision for small businesses. To determine if it’s the right choice, business owners should evaluate the future of the business, the amount of debt owed by the company and the company’s ability to generate substantial assets to cover those debts and still clear a profit. To learn more about Arizona bankruptcy law basics, you should:

1. Research your filing options under Arizona bankruptcy law.

2. Determine if your business qualifies for Chapter 7 under AZ bankruptcy law.

3. Seek professional advice from an Arizona bankruptcy attorney.

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Gain a better understanding of Arizona bankruptcy law

Debtors can choose to file Chapter 7 or Chapter 13 under Arizona bankruptcy law. Chapter 7 basically wipes the debt slate clean while debtors who file Chapter 13 will still be responsible for paying all or a portion of their debts over a specific period of time. Bankruptcy Arizona Chapter 7 guidelines require debtors to meet specific income guidelines to qualify. Under Arizona bankruptcy laws, debtors whose income exceeds the state's median income are not eligible to file Chapter 7. Arizona bankruptcy court will help debtors determine the option for which they qualify.

I recommend: Read more about guidelines for filing bankruptcy in Arizona at Arizona Bankruptcy Law. You may also obtain details by checking out the Arizona Bankruptcy Court website.

Determine the filing option under which you qualify according to Arizona bankruptcy law

Bankruptcy laws apply to individuals and legal business entities. Companies may choose to file bankruptcy to get out from under a non-profitable business. Under Arizona bankruptcy laws, corporations and partnerships are entities that can file Chapter 7 or Chapter 13 on their own. In a partnership Chapter 7 filing, the trustee can file a lawsuit against the partners if the partnership has insufficient assets to cover partnership debts.

I recommend: Visit the Arizona Bankruptcy Lawyer Blog to read more about businesses filing bankruptcy in AZ. You can also read more about the state of Arizona bankruptcy laws at BankruptcyLawFirms.com.

Learn what assets you can keep under Arizona bankruptcy laws

Understanding Arizona bankruptcy laws can be challenging. Seeking consultation from an Arizona bankruptcy lawyer can help you gain a better understanding of qualification criteria and Arizona exemptions for which you may be eligible. An attorney can also help you explore other relief options.

I recommend: Find out more about Arizona bankruptcy exemptions by checking out Better Bankruptcy. You can also find out about exemptions by visiting the Law Office of D.L. Drain.

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• •  Arizona bankruptcy laws include an automatic stay which requires creditors to cease collection efforts when debtors file bankruptcy. This includes foreclosure actions, repossessions, lawsuits and wage garnishments.

Attorneys in Arizona have a strong motivation to stay informed on Arizona bankruptcy law news and trends. Attorneys must keep track of the latest rulings in cases involving Arizona bankruptcy law. The state may alter its procedures at any time, which may change the way bankruptcy attorneys do their jobs. Attorneys also may want to know what the general public is saying about bankruptcy law, in order to correct any misconceptions their clients may have.

The best sources of information on news and trends for state of Arizona bankruptcy laws may be grouped into the following three categories:

1. State websites on Arizona business bankruptcy laws. These sites are the best source of Arizona bankruptcy court rulings.
2. Independent sources of news on Arizona bankruptcy laws, such as blogs, magazines and newspapers. These sources are the most likely to provide news and opinions on bankruptcy law that do not rely on any particular business or lobby group.
3. Legal professionals. Bankruptcy attorneys may be able to provide inside news and information on bankruptcy law.
   

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Review state websites to get official news and information on Arizona business bankruptcy laws

Arizona government websites are the best places to get the latest news about Arizona bankruptcy law. An Arizona government website also may publish the state statutes to help attorneys stay informed on the latest legislation that relates to Arizona bankruptcy law.

I recommend: US Bankruptcy Court - District of Arizona provides regular news updates on bankruptcy law in Arizona. The Arizona Registrar of Contractors provides a recent update on recovering claims against contractors who have declared bankruptcy.

Study independent sources of news and trends on Arizona business bankruptcy laws

Universities, law libraries and news outlets frequently report on recent court cases and legislative updates on Arizona bankruptcy law. Attorneys also may keep blogs or journals on bankruptcy law in Arizona.

I recommend: azfamily.com has a recent article on a major bankruptcy case involving the Phoenix Coyotes. yourwestvalley.com has a recent report on bankruptcy trends in Arizona.

Get inside news on bankruptcy law from an Arizona bankruptcy attorney

An Arizona bankruptcy lawyer frequently has information on Arizona law that is unavailable elsewhere. Bankruptcy attorneys may publish newsletters or full length articles on a particular aspect of bankruptcy law in Arizona.

I recommend: The Law Offices of Harold E. Campbell provides an overview of the current changes in Arizona bankruptcy law. Jackson White offers a recent article on the use of bankruptcy to stop a home foreclosure in Arizona.

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Helpful advice for making the most of this Guide

• •  Arizona bankruptcy laws are specified in Title 11 of the United States Code and are typically identified by the relevant chapter. For example, a Chapter 7 bankruptcy is a basic liquidation of individual assets and comprises the majority of bankruptcies for individuals. The second most common bankruptcy for individuals is a Chapter 13 bankruptcy, which is designed for individuals with a source of income who can make regular payments.