Ten Questions to Ask Yourself Before Filing for Bankruptcy in Arizona
Buried in debt in Arizona? At Lerner and Rowe Law Group, our Phoenix experienced bankruptcy attorneys can help you decide whether bankruptcy is right for you – and if it is, which type would be best. We can help you answer the question: should I file for bankruptcy?
The following are 10 questions to ask yourself before you file. And as the whole process can seem a little intimidating, one of our bankruptcy lawyers is available to speak with directly to provide further clarification.
1. Is filing for bankruptcy the right thing to do?
In some cases, it may not be. For example, if you are collection proof because you have no assets that are eligible for seizure, you may be able to avoid bankruptcy altogether.
2. Which type of bankruptcy is right for me?
It depends on your specific circumstances. Numerous factors such as monthly income, the type of debt you owe and your desired outcome will determine what chapter of bankruptcy is best for you. Our experienced bankruptcy attorneys can help you file a Chapter 7 or a Chapter 13 bankruptcy.
3. What are the benefits of bankruptcy?
Bankruptcy gives you a clean financial slate once the process is complete, and the ability to “start fresh,” free from debt.
4. Are there any debts that won’t be forgiven?
Bankruptcy generally wipes out all debt with the exception of certain kinds of debt, like alimony, child support, student loan, or tax debt.
5. Will I get to keep my house, car and other assets?
Most people get to keep their house car and other personally assets as long as the bankruptcy case properly planned before filed. You should speak with one of our experienced bankruptcy attorneys to ensure your assets are protected.
6. Are my retirement accounts and pension safe?
Qualified retirement accounts such as IRAs, 401(k)s, profit-sharing plans and defined-benefit plans are protected in both types of bankruptcy. Our experienced Arizona bankruptcy attorneys will review your retirement accounts to ensure protection and recommend a course of action before filing a case if they determine a particular account is not protected.
7. Will my credit card debt disappear?
Most debts discharge in a bankruptcy with the exception of debts specifically exempted from discharge under the bankruptcy code. Debts incurred under the pretense of fraud or debts incurred with no intent to repay can be exempted from discharge.
8. Is there anything that would make me ineligible for bankruptcy?
Generally, any individual can file a bankruptcy, however certain situations can affect when you can file a bankruptcy and what chapter you are eligible to file. For example, if you previously filed a Chapter 7 bankruptcy and received a discharge you must wait 8 years to file another Chapter 7. With a high enough income, you might need to file a Chapter 13 bankruptcy rather than a Chapter 7.
Your best option is to discuss your specific circumstances with one of our experienced bankruptcy attorneys.
9. Does filing for bankruptcy cost a lot?
No. At Lerner and Rowe Law Group, we offer low fees and reasonable payment plans. We understand how difficult your situation is and want to help you get a fresh start. For the cost of reasonable attorney fees you can often wipe out your debt for pennies on the dollar and avoid wage garnishments. Call us for a free consultation.
10. How long does it take?
Most Chapter 7 bankruptcy cases complete after 6-12 months, while Chapter 13 cases can take up to five years. or more. However, you receive immediate relief from your creditors after filing your case; that means wage garnishments and foreclosure actions cease.
Should I File for Bankruptcy? We Can Help
Don’t let crushing debt ruin your life. Let one of our highly skilled bankruptcy lawyers in Phoenix help you answer: should I file for bankruptcy. Just make one call to 602-667-7777 to put yourself on a path towards financial freedom.