ARIZONA NEWS

Tempe lawyer describes steps for businesses to avoid bankruptcy

Apr 16, 2020, 4:45 AM | Updated: 5:20 am
(Getty Images/Spencer Platt)...
(Getty Images/Spencer Platt)
(Getty Images/Spencer Platt)

PHOENIX – Many Maricopa County businesses are on the verge of bankruptcy as the coronavirus outbreak continues to take its economic toll.

“That really loud noise you hear behind you is a massive tidal wave that’s getting ready to crash on you – of bankruptcies,” Lamar Hawkins, an attorney with Guidant Law Firm in Tempe, told KTAR News 92.3 FM.

Business facing dire financial circumstances can avoid economic collapse if they act quickly, he says.

Hawkins encourages business to first try and place as many loans into forbearance as possible.

It’s also important that business owners protect cash reserves and keep from making any extra payments until the coronavirus outbreak ends, Hawkins advised.

He also recommends businesses call their billers, creditors and landlords with requests to delay payments until after the coronavirus crisis ends.

Bankruptcies were up 5% in March year-over-year in Maricopa County, according to Hawkins.

Hawkins noted that evictions are also far from a simple process during the current health crisis.

“Right now, a landlord can’t kick a tenant out with a forcible detainer action and a writ of execution on it,” Hawkins said.

He believes landlords want to keep their tenants instead of finding new ones to help them pay their mortgages.

“The immediate thing you need to say to your landlord is: ‘Look, I can’t make you a dime of payments today until my business is back up and running, and as soon as it is, I want to work something out. I want you to know I’m here. I want to be here. I want to stay here,’” Hawkins said.

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

(Getty Images Photo/Roberto Machado Noa)...
KTAR.com

Police investigate death of 45-year-old woman shot in Phoenix

Police are investigating the death of a woman who died from a gunshot wound in Phoenix Friday night.
18 hours ago
FILE - In this Wednesday, May 27, 2020 file photo, Medical personnel adjust their personal protecti...
KTAR.com

Arizona reports 2,482 new COVID-19 cases, 9 more deaths Saturday

Arizona health officials on Saturday reported 2,482 new COVID-19 cases and nine additional deaths from the disease.
18 hours ago
(Facebook Photo/Phoenix Police Department)...
KTAR.com

Woman dies after being struck by vehicle in Phoenix

An adult woman was killed after getting struck by a vehicle near the intersection of East McDowell Road and North 26th Street in Phoenix on Friday night.
18 hours ago
(Facebook photo/City of Phoenix, AZ USA)...
KTAR.com

Phoenix adopts roadmap to cut emissions, reach net-zero goal by 2050

The city of Phoenix Tuesday approved a climate action plan with the goal of reaching net-zero by 2050 while also reducing 50% of emissions by 2030. 
18 hours ago
(Facebook photo/Special Olympics Arizona)...
KTAR.com

Special Olympics Arizona to kick off fall games next weekend

More than 1,000 Special Olympics athletes across the state will head to the Valley next weekend to compete in the 2021 Fall Games presented by Casino Arizona.
18 hours ago
(Facebook photo/Holiday Light Experience - Salt River Fields)...
KTAR.com

Tickets for Holiday Light Experience at Salt River Fields go on sale

People can begin buying their tickets now to the Holiday Light Experience at Salt River Fields in Scottsdale which is set to get underway in November.
18 hours ago

Sponsored Articles

...
DISC DESERT INSTITUTE FOR SPINE CARE

What you need to know about spine health

With 540 million people suffering from lower back pain, it remains the leading cause of long-term disability. That’s why World Spine Day on Oct. 16 will raise awareness about spinal health with its theme, BACK2BACK. “BACK2BACK will focus on highlighting ways in which people can help their spines by staying mobile, avoiding physical inactivity, not overloading […]
...
BARROW NEUROLOGICAL INSTITUTE

More stroke patients eligible for acute treatment, thanks to research

Historically, patients underwent acute stroke treatments according to strict time guidelines. But thanks to recent advancements in stroke research, more patients are becoming candidates for clot-busting drugs and endovascular therapy at specialized centers like Barrow Neurological Institute.
...
Day & Night Air

Tips to lower your energy bill in the Arizona heat

Does your summer electric bill make you groan? Are you looking for effective ways to reduce your bill?
Tempe lawyer describes steps for businesses to avoid bankruptcy