COVID-19 has been especially hard on small businesses and Arizona could see a tidal wave of bankruptcy filings in the upcoming year. Lamar Hawkins, a leading bankruptcy attorney in the state, educated ABC15 viewers on the dire situation many businesses face and how they can respond.
Although forgiveness programs and forbearances have helped businesses survive the pandemic and economic downturn, Lamar explains that as these programs expire, businesses may be forced to make difficult financial decisions. He highlights how Subchapter V 11 bankruptcy is a more efficient and affordable option to find a fresh start than other routes and urges businesses who are on the precipice to investigate their options.
Lamar, who confirmed Arizona’s first Subchapter V 11 bankruptcy, assists clients with all phases of commercial and consumer debt workout and bankruptcy services, including reorganization, liquidation, financial workout, negotiation, creditors’ rights and bankruptcy-related tax issues. Additionally, he serves as the chair of the Arizona Board of Legal Specialization’s Bankruptcy Law Advisory Commission.