Last Friday, an Arizona judge approved the Arizona grocer Bashas' Inc.'s plan to exit Chapter 11 bankruptcy.  Judge James Marlar, who approved the plan, said that he approved Bashas' Inc.'s exit strategy despite objections from its creditors because he believed it would speed up the case and benefit all parties involved.  

"Any new plan could not exceed the 100 percent payment now proposed ... It would be futile to go back to the drawing board, with an acceptable 100 percent payment plan now before the court," stated Marlar.

Bashas' filed for Chapter 11 bankruptcy in June 2009 with $271 million in liabilities and $386 million in assets.  Chapter 11 bankruptcy allows a business to continue operating while they restructure the company and create a plan to pay off lenders.  Bashas' Inc. plans to pay back $155 million in remaining debt over a three year period.

If you or someone you know is considering filing for Chapter 11 bankruptcy protection, contact the Arizona Chapter 11 bankruptcy lawyers of Harmon Law Office, LLC at 480-829-0494 to learn more about your rights. 

According to the U.S. Bankruptcy Court in Phoenix, bankruptcies in Phoenix fell to 2,585 last month, from 2,656 in June and 3,063 in March.  Compared to 2009, bankruptcy stats in Phoenix are also improving.  For example, last month's total number of bankruptcies was only 11 percent higher than July 2009.  Bankruptcies in March 2010, however, were up 59 percent from March 2009.

Bankruptcy experts are citing the real estate market as the biggest reason for bankruptcy filings in Phoenix and Arizona.  

Four out of five bankruptcies were filed as Chapter 7 bankruptcies last month.  Chapter 7 bankruptcy allows for a business or consumer to pay off their creditors by liquidating their assets.  The second most type of bankruptcy filed last month was Chapter 13.  Chapter 13 allows individuals to set a plan to pay back their creditors overtime.

Statewide filings were also down in July with a total of 3,526. 

If you or someone you know is considering filing for Chapter 7 bankruptcy, contact the Arizona Chapter 7 bankruptcy lawyers of Harmon Law Office, LLC at 480-829-0494 to learn more about your rights. 

Arizona Heart Institute, one of the oldest physician-owned heart institutes in the nation, has filed for bankruptcy. The bankruptcy filing comes as a part of an acquisition deal for a for-profit healthcare company.

Abrazo Health Care, a subsidary of Vanguard Health Systems, recently announced the deal. The heart institute was founded nearly 40 years ago by a world-renowned cardiovascular surgeon. The surgeon said that the company only filed bankrutpcy as a part of the deal and that Vanguard will be buying the companies assests free and clear.

A spokeswoman from the institute has announced that the purchase is only part of the reorganization process of the company. Vanguard will purchase the institute and redistribute the funds so that the institute can pay off their debt.

If you or your business are looking to get out of debt and make a fresh start and you would like to learn more about filing for bankruptcy, contact the Arizona business bankruptcy lawyers of the Harmon Law Office LLC by calling 480-829-0494.

Th Daily Courier reports that it may not be long until the once popular A-1 beer will make it back into your local bar. The beer brand was once called Arizona "Bud." It then fell on hard times, forcing it into bankruptcy.

For people who thought there was no hope for the beer other than its memorabilia, Eli Drakulich has again provided hope. Drakulich purchased the patent and trademark for the beer in bankruptcy court. He then recruited Nimbus Brewing Co. to help distribute the beer.

Now the company is trying to iron out the details, like finding the old recipe for the brew. 

Bankruptcy can be a tough issue to face, but you don't have to face it alone. If your business is facing bankruptcy, contact the Arizona Business Bankruptcy Attorneys at the Harmon Law Office, LLC, by dialing 1-877-829-0494.