A very prominent residential real estate firm in Phoenix has filed for bankruptcy reorganization and has named Johnson Bank as one of its largest creditors.

Realty Executives Inc, has filed for Chapter 11 bankruptcy protection in Arizona and one of the creditors that is listed is Johnson Bank, the Scottsdale branch.

The company owes the bank $400,000. The bank CEO said that its loan portfolio in 2010 has accounted for two-thirds of the banks financial problems.

If you or a loved one are considering bankruptcy for your business, you need experienced representation on your side. Contact the Arizona Chapter 11 bankruptcy lawyers of the Harmon Law Office today by calling 480-829-0494.