Bankruptcy Information
Chapter 7 bankruptcy and Chapter 13 bankruptcy offer different forms of protection. If you’re facing a financial crisis, a local bankruptcy attorney can help you determine whether Chapter 7 bankruptcy or Chapter 13 bankruptcy might be the right answer for you.
Generally speaking, Chapter 7 bankruptcy is intended to wipe the slate clean by discharging unsecured debt—debts like credit card debt, medical bills, and unsecured loans. Chapter 13 bankruptcy, on the other hand, is intended to give a debtor time to catch up past due payments over a period of 3-5 years, while keeping secured property like houses and cars.
Just complete this form & let Bankruptcy.me connect you with a bankruptcy attorney near you.The idea of filing for personal bankruptcy is not something people want to consider. Sometimes a person’s financial situation takes a turn for the worse, commonly due to circumstances beyond their control, such as illness, unemployment or divorce. When these things occur, filing for personal bankruptcy to wipe out a crushing load of debt may be the most appropriate course of action. It is a legal and proper step to take when the circumstances warrant it.
Filing personal bankruptcy is a complex legal process and should not be attempted alone. Making the right decisions and ensuring that you do everything right can be overwhelming. You should contact a Phoenix bankruptcy lawyer in your area, as they can point you in the right direction and help you determine which option is best for you and your family. A seasoned Phoenix bankruptcy lawyer understands the laws of the personal bankruptcy code in your state and how they apply to your particular situation. Filing your case with a competent bankruptcy lawyer in Phoenix AZ can make a big difference in the outcome of your case.
There are two types of personal bankruptcy. Chapter 13 personal bankruptcy is ideal if you own a house or car that you wish to keep. A repayment plan is arranged that would allow you to keep those assets. In a Chapter 7 personal bankruptcy, your assets are sold and the cash is used to pay off your debt. Some assets are protected, but many will be liquidated. Your Phoenix bankruptcy lawyer will decide which type of personal bankruptcy is proper for you.
To begin the personal bankruptcy process you will need to provide your Phoenix bankruptcy lawyer with an itemized breakdown of all of your latest income sources. These will include financial transactions for the last two years, your monthly or yearly income, your monthly living expenses, all secured and unsecured debts, and all property assets including any real estate. You will also need to collect your tax returns for the last two years.
Once the personal bankruptcy process has begun, creditors will stop hounding you to make further payments. They will stop harassing you with any more phone calls or court proceedings. With the proper information and help you will see the brighter side of life post bankruptcy.
A Phoenix bankruptcy attorney will be committed to getting you debt relief and providing you with valuable information, services and advice to get you a better financial future.
