Best Law Firms American Legal & Financial Network (ALFN)

Folks Hess, an Arizona woman-owned and managed default services law firm

An Arizona Woman-Owned and Managed Default Services Law Firm


Larry O. Folks is a Certified Specialist in Bankruptcy Law and a Certified Specialist in Business Bankruptcy



View Larry Folks' Martindale-Hubbell profile

Larry O. Folks
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Larry Folks is certified as a specialist in Business Bankruptcy by the American Board of Certification

Certified Specialist in Bankruptcy Law

National Association of Distinguished Counsel





Larry O. Folks


Areas of Practice

Commercial Bankruptcy


Creditors’ Rights

Collection Litigation and Judgment Enforcement

Consumer Bankruptcy

Bankruptcy Mediation and Civil Mediation

Collection Litigation

Civil Litigation

Eviction Litigation

Judgment Enforcement

Loan Restructuring and Workouts

Honors and Awards

Certified Specialist in Business Bankruptcy, American Board of Certification

Certified Specialist in Bankruptcy Law, Arizona Board of Legal Specialization

AV-Preeminent™ Rating, Martindale-Hubbell®

Super Lawyers, 2010-present

The Best Lawyers in America®, 2015-present

National Association of Distinguished Counsel, 2016-present

Top Attorneys in Arizona, Phoenix Magazine, May 2017

Professional Affiliations

Court Appointed Panel Mediator, United States Bankruptcy Court of the District of Arizona

State Bar of Arizona: Bankruptcy Section (Chair, 2009-2010); Past Chair, Alternative Dispute Resolution Committee; Member, Arizona Board of Legal Specialization, 2006-2010

American Legal & Financial Network

United Trustees Association

Mortgage Bankers Association

Arizona Bankers Association

Arizona Trustee Association: Legislative Committee

Former Judge Pro Tem, Superior Court of Arizona


A Step-By-Step Guide to Enforcement of Money Judgments Against a Judgment Debtor’s “Homestead” Property/Residence Under Arizona’s New Laws to Become Effective on December 31, 2021,” June 2021

The Arizona Statute of Limitations Applicable to Collection Lawsuits and Non-Judicial Trustee's Foreclosure Sales of Real Property,” ALFN Angle, American Legal & Financial Network, Vol. 8, Issue 2, 2021

FAQs: The Arizona Statute of Limitations Applicable to Collection Lawsuits and Non-Judicial Trustee’s Foreclosure Sales of Real Property,” UTA Quarterly, United Trustees Association, Spring 2021

Maricopa County, Arizona, Sheriff’s Bidding Requirements at a Sheriff’s Execution Sale of a Judgment Debtor’s “Homestead” Residence,” October 2020

“Arizona Mortgage Deficiency Law - 2017 Update,” The Arizona Banker, Arizona Bankers Association, Issue 1, 2018

Arizona Mortgage Deficiency Law - 2017 Update,” Arizona Attorney Magazine, State Bar of Arizona, December 2017

Arizona Mortgage Deficiency Law - 2017 Update,” Angle Magazine, American Legal & Financial Network, Spring 2017

“Arizona Mortgage Deficiency Law - 2013 Update,” Bankruptcy Law Journal, Winter 2013

“Arizona Mortgage Deficiency Law,” Bankruptcy Law Journal, Spring 2011

Recent Presentations

“Arizona Statute of Limitations Applicable to Collection Lawsuits and Non-Judicial Trustee’s Foreclosure Sales of Real Property,” Arizona Credit Union Collector’s Counsel (ACUCC), April 2021 | View PowerPoint PDF

“Advanced Update and Review of the Anti-Deficiency Statutes and Court Decisions,” Real Property Section, State Bar of Arizona, November 2017

Court Admissions

Superior Court of Arizona

United States District Court for the District of Arizona

United States Bankruptcy Court for the District of Arizona


J.D., Northwestern University, 1988

B.S., summa cum laude, Arizona State University, 1985

Bankruptcy Law Profile

Mr. Folks has over three decades of experience in commercial bankruptcy, consumer bankruptcy, foreclosure, creditors' rights, collection, civil litigation and loan restructuring and workout matters. His primary area of concentration has been in representing banks, financial institutions and other creditors. Mr. Folks also has significant experience as a foreclosure trustee and is a trained neutral in bankruptcy mediation and other civil disputes.

Prior to founding Folks Hess, PLLC, Larry Folks practiced for several years with the bankruptcy department at Snell & Wilmer, LLP, Arizona's largest law firm, and was a partner in the bankruptcy, foreclosure and creditors' rights department of Kutak Rock, LLP, which is a national law firm.

Mr. Folks has extensive experience in all facets of prosecuting bankruptcy claims in Chapter 7, 11 and 13 proceedings, obtaining the appointment of judicial receivers, pursuing provisional remedies, obtaining money judgments in collection proceedings against borrowers and guarantors, serving as a foreclosure trustee and litigating judicial foreclosure actions. He has represented bondholder committees and a debtor in significant Chapter 9 bankruptcies, has prosecuted creditor claims in Chapter 12 bankruptcies, and occasionally represents commercial debtors-in-possession in Chapter 11. More specifically, during the past 10 years, a significant portion of Mr. Folks’ practice has been devoted to representing several of the nation’s largest commercial banks concerning high-dollar commercial and routine consumer cases including, but not limited to:

  • prosecuting Chapter 7, 11 and 13 bankruptcy unsecured and secured claims;

  • pursuing suits on defaulted promissory notes and guaranties;

  • obtaining writs of attachment, replevin and garnishment;

  • documenting promissory note sales;

  • negotiating and documenting loan workouts;

  • completing judicial foreclosures;

  • completing quiet title actions;

  • serving as a foreclosure trustee;

  • defending against lending and foreclosure related claims by borrowers; and

  • conducting Uniform Commercial Code personal property sales.

Mr. Folks has significant experience as a substitute trustee under defaulted deeds of trust conducting non-judicial trustee’s sales of commercial and residential real property in Arizona. He currently represents several national banks as a foreclosure trustee on a high-volume basis in every county of Arizona. He and his staff have successfully completed thousands of non-judicial trustee’s sales over the past ten years. They also represent clients concerning all other aspects of the foreclosure process including:

  • monitoring and bidding at senior lienholder foreclosure sales;

  • applying for excess foreclosure sale proceeds;

  • pursuing mortgage deficiency claims; and

  • prosecuting evictions.

Mr. Folks has represented clients in a number of very significant bankruptcy proceedings. Examples of such bankruptcy proceedings include America West Airlines, American Continental Corporation, Central Arizona Irrigation & Drainage District, New Magma Irrigation and Drainage District, Superstition Mountain Community Facilities District, Megafoods, WGI Inc., International Fibercom, Inc. and Smith Bros. Motors, Inc.

Finally, Mr. Folks serves parties as a neutral and has completed the STAR-A Systematic Approach to Mediation Resolution through the Straus Institute for Dispute Resolution at Pepperdine University School of Law. For several years, he served as a Judge Pro Tem of the Superior Court of Arizona in and for Maricopa County, which allowed him to gain significant mediation experience by mediating a wide range of civil disputes on an ongoing monthly basis. He is also a court-appointed panel mediator of the U.S. Bankruptcy Court of the District of Arizona, with particular expertise in mediating bankruptcy disputes.