By AZ Family
Bankruptcy attorney Howard Meyers said Chapter 11 filings have become more common for nonprofits.
“It happens with great frequency,” Meyers said. “A more common occurrence in the not-for-profit world today than it was a couple of years ago is money has tightened up.”
Court documents list three creditors totaling just over $432,000. The largest claim is about $418,000 owed to Pride Group LLC of Chandler. Meyers said that if a judge approves the petition, Phoenix Pride could either stretch payments over time or reduce the amount owed.
“There’s two tools,” Meyers said. “The first tool is to stretch out the payments over time. The second tool is to reduce the amount that is owed.”
