Phoenix area bankruptcy courts recorded one business filing during the week that ended June 3, 2022. Year to date through June 3, the court recorded 18 Chapter 7 or Chapter 11 business bankruptcy filings, a 10% decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure its creditor obligations with the goal to remain a going concern.
The week in Valley bankruptcies: Wyotrans LLC
