James Mcguire, Mcguire Gardner

Arizona Bankruptcy law supplies for the development of a plan that enables a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors. This supervised division enables the interests of all creditors to be treated with some measure of equality. Certain bankruptcy proceedings allow a debtor to stay in business and use revenue generated to resolve his or her debts. An additional purpose of bankruptcy law is to allow certain debtors to free themselves (to be discharged) of the financial obligations they have accumulated.