Financial difficulty can happen to anyone, and an Arizona bankruptcy can also give you a fresh start!
Lost your job? Have significant medical expenses due to illness or injury? Do you have credit card debt that never seems to go down despite making payments on time? You may think you’re buried in debt forever.
But there’s no need to despair. In fact, there’s something that hard-working people like you can do to get out of debt.
Bankruptcy is not a “Negative” option
In fact, bankruptcy gives hard-working people like you the opportunity to get out from under insurmountable debt and get a fresh start.
Bankruptcy should not be a “Do-It-Yourself” process
Arizona bankruptcy laws can confuse many. Instead, hire an Arizona bankruptcy attorney to guide you through the process.
What Types of Bankruptcy Are Available to Individuals?
Chapter 7 bankruptcy
Most who file for bankruptcy file for Chapter 7. Your Arizona bankruptcy attorney will be able to help you figure out whether or not you qualify.
Advantages to Chapter 7 bankruptcy
- With your Arizona bankruptcy attorney guiding you, you’ll get a completely fresh start.
- Once complete, all allowable debts with some exceptions (such as student loans) will completely discharge.
- You will not be at risk for wage garnishment or creditors’ collection efforts once the bankruptcy has been filed.
- After the bankruptcy completes, any wages earned, property acquired, etc., not given over the creditors or bankruptcy court.
Chapter 13 bankruptcy
If you don’t qualify to file for Chapter 7 bankruptcy, you can still get bankruptcy relief by filing for Chapter 13 bankruptcy. This is a “restructuring” rather than complete discharge of debt.
Advantages of Chapter 13 bankruptcy
- You can keep all of your property.
- Debts can still reduce in Chapter 13 bankruptcy, even if not canceled altogether.
- You are protected against wage garnishment and creditor collections once filing bankruptcy.
- Your home will not suffer foreclosure upon as long as you meet the terms of the plan.
- You have more time to pay off debt that can’t discharge under either Chapter 7 or Chapter 13 (such as tax payments).
Ready for a Fresh Start with an Arizona Bankruptcy?
Contact the best attorneys in Arizona for bankruptcy help. Call 602-667-7777 today to get a free consultation at Lerner and Rowe Law Group!