The Doubletree Hotel in Tucson, Arizona is currently facing foreclosure after it filed for bankrupcty in February. The hotel's owners are attempting to reorganize their finances in order to avoid a foreclosure.

The owner of the hotel claimed debts of almost $10 million and assets of $500,000. The hotel has taken out $31 million in loans and has not paid its mortgage since August.

The hotel is scheduled to have a foreclosure auction in July. The owners are scrambling to avoid the foreclosure auction and are hoping to reorganize their finances before July.

Under Chapter 11 bankrutpcy, businesses are able to remain open while trying to reorganize debt. If your business is facing a foreclosure because of massive amounts of debt, and you would like more information on the different types of banruptcies, please contact the Arizona business bankrupcty attorneys of the Harmon Law Office, LLC, at 480-829-0494.