Realty Executives, a Phoenix-based real estate company, recently filed for bankruptcy in order to restructure its finances.

According to reports, the bankruptcy filing was caused by disputes that the company had with several of the landlords at its offices. The company was unable to pay the rent for several of its offices, resulting in $143,000 owed to the landlords. The company also owes $4.2 million to its franchisor, Realty Executives International.

By filing for Chapter 11 bankruptcy, the company will be able to remain doing business while paying off its debts. It will also prevent creditors from attempting to take legal action against the company in order to claim debts.

If you own a business that is in debt and are considering filing for Chapter 11 bankruptcy, please contact the Arizona Chapter 11 bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494.