In today’s uncertain economic climate, many businesses are turning to Chapter 11 bankruptcy as a strategic lifeline to restructure and regain financial stability. In a recent Leadership Trust article for Phoenix Business Journal, Lamar Hawkins outlined why this option may be more beneficial than other bankruptcy routes, what business owners can expect during the process and key considerations for smaller companies exploring reorganization.
As perceptions around bankruptcy soften, Lamar explained, Chapter 11 offers an opportunity to correct past mistakes while helping businesses get back on their feet. Unlike other bankruptcy options, companies can keep their doors open and continue operations while addressing financial challenges, giving them a court-controlled path to recovery.
In the article, Lamar also highlighted essential steps for business owners navigating Chapter 11, from keeping stakeholders informed to managing cash flow effectively. With the right preparation and clear understanding of the process, companies can emerge stronger and more resilient.
Lamar is one of the leading voices in Arizona for bankruptcy law and serves as Chair of the Arizona Board of Legal Specialization’s Bankruptcy Law Advisory Commission. His practice focuses on all phases of debt workout and bankruptcy services, including Chapter 11 and Subchapter V 11 reorganization, Chapter 7 liquidation, financial workout negotiation and creditors’ rights. He is recognized by Southwest Super Lawyers as well as Best Lawyers in America©.
Read the full article to learn more about how businesses can resolve debt.