PHOENIX—For most, the world of bankruptcy is in impenetrable web of rules, regulations, and code speak. As a result, few people are willing to dedicate the time and effort needed to understand the sometimes Byzantine rules of the bankruptcy process. GlobeSt.com caught up Todd Tuggle, an attorney with Phoenix-based Jennings, Strouss & Salmon P.L.C. to discuss the ins and outs of this weighty process.

GlobeSt.com: Are there better deals to be had in bankruptcy?

Tuggle: Quite often, yes. Let's assume that one of your competitors has filed for bankruptcy protection. While many businesses try to reorganize under Chapter 11 of the Bankruptcy Code, the fact remains that your competitor will most likely fail in its efforts to reorganize. Some bankrupt companies recognize this reality early on in the bankruptcy process, while others fight tenaciously to “hold on just a little longer” believing the economy/marketplace/regional outlook is going to improve and business will get back on track. Whether the bankrupt debtor comes to the realization that the company is not viable earlier or later, the fact is they are now coming to grips with the realization that their business is not going to continue.