Bankruptcy Archives - Page 4 of 5 - Lerner & Rowe Law Group

What Debts Can Be Discharged in Bankruptcy?

Lerner & Rowe Law Group

If you are contemplating bankruptcy, contact an experienced Arizona bankruptcy attorney at Lerner & Rowe Law Group.

If you are drowning in debt, bankruptcy may be the solution to your financial woes. Individual debtors can file a Chapter 7 or Chapter 13 bankruptcy. As a result, if you are seeking a fresh start and many of your debts qualify for discharge, Chapter 7 may be right for you. However, if you are financially able to pay part of your debts, you may have to file Chapter 13. But, part of your debts may still be dischargeable. An Arizona bankruptcy attorney can help you decide which type of bankruptcy is right for you and which debts are eligible for discharge.

Chapter 7 Versus Chapter 13

A Chapter 7 bankruptcy will discharge most types of unsecured debt, but the law may require you to pay for or give up property listed on secured debts. You may also have to surrender nonexempt property to pay creditors. You keep exempt property and receive a permanent release from obligations to repay your remaining dischargeable debts.

Under Chapter 13, you will not get rid of all your debt. Instead, you set up a repayment plan that usually lasts between three and five years. When this time expires, many of your unsecured debts are then discharged. You will not have to liquidate property under Chapter 13.

Both types of bankruptcy require preparing many forms and navigating tricky legal issues. An Arizona bankruptcy attorney can help you successfully complete all requirements.

Dischargeable Debts

Discharging a debt means you are no longer under legal obligation to repay the debt. In addition, the creditor can no longer take collection actions against you. Most unsecured debts and certain secured debts are eligible for discharge. The U.S. Bankruptcy Code details what is dischargeable and 19 categories that cannot be discharged. Barring any misconduct or fraud on your part, some of the most common dischargeable debts include:

Credit card debt
Revolving charge accounts
Collection agency accounts
Medical bills
Past due utility bills
Auto accident claims, if not DUI-related
Past due rent
Civil court judgments
Personal loans from individuals
Lastly, overpayments of government benefits

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Some secured debts may also be dischargable. For example, if you surrender property securing a debt, the debt is usually eligible for discharge.

Non-Dischargeable Debts

You can eliminate many of your debts in a bankruptcy, but certain obligations are non-dischargeable. Some common exceptions for discharge include:

Money owed for child support, spousal maintenance, alimony or other family support obligations.
Tax debts, with the exception of taxes that were due at least three years prior to filing bankruptcy, tax returns filed at least two years before filing bankruptcy and tax liabilities assessed by the IRS more than 240 days prior to filing bankruptcy.
Student loans, unless you can prove an undue hardship, which is extremely difficult.
Debts not listed on your initial bankruptcy petition or added through an amendment in a timely manner.

In some cases, debts normally dischargeable may not be able to do so. These include debts you incurred in anticipation of filing bankruptcy that you may have had no intention of repaying, such as debts incurred 90 days prior to filing bankruptcy for luxury items or services in excess of $675, or cash advances of $950 or more you withdrew within 70 days of your filing date.

Hire a Top Arizona Bankruptcy Attorney

If you are contemplating bankruptcy, contact an experienced Arizona bankruptcy attorney at Lerner & Rowe Law Group. We offer free consultations and affordable payment plans. Visit our office from 8 AM to 5 PM, use our online LiveChat, or call us anytime 24/7 at 602-667-7777.

The information on this blog is for general information purposes only. Nothing herein should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

What Is a Bankruptcy Trustee’s Job?

Lerner & Rowe Law Group

Contact a Phoenix bankruptcy attorney today for more help.

Phoenix Bankruptcy Attorney: What is a Bankruptcy Trustee’s Job?

Bankruptcy trustees play an important role in the bankruptcy process. Though an Arizona bankruptcy attorney is vital to the success of a bankruptcy filed in Phoenix, the trustee also matters a great deal. So, contact us today for more information.

Supervision of the Bankruptcy Process

The Chapter 7 trustee is a person appointed by the United States Trustee to examine the debtor, collect the debtor’s nonexempt property and pay creditor claims out of non-exempt property (if there is any).

The trustee oversees the administration of the case and sees that the debtor performs the required duties. The trustee receives compensation based on distribution to creditors.

Property Management

Your property is under the bankruptcy court’s protection after you file for bankruptcy. The trustee is tasked with managing this property, known as the bankruptcy estate. Though the estate remains in your possession until the trustee establishes a course of action, the trustee is responsible for its protection. For example, if another party trashes your property, the trustee is responsible for pursuing financial damages.

The Issue of Creditor Claims

The trustee also reviews creditor claims. Creditors must provide proof that you owe them a specific amount of money. If the trustee finds objectionable claims, he can demand additional evidence to prove the debt’s legitimacy. The bankruptcy court judge then decides if the claims are legitimate.

Meeting of Creditors

The trustee is responsible for holding the meeting of creditors. This brief hearing that requires you, the debtor, to answer questions pertaining to your property ownership and finances while under oath.

The Trustee’s Role in Regard to the Payment Plan

The Chapter 13 trustee is responsible for reviewing payment plans and acting as the intermediary between you and your creditors. Payments can be as little as $100 per month depending on the amount of debt owed. The specific cost hinges on your unique circumstances. The Chapter 13 trustee ensures the debtor Plan complies with the Bankruptcy Code and oversees the Plan distributions.

Our Phoenix Bankruptcy Attorney is Here to Help

The affordable Phoenix bankruptcy attorneys at Lerner and Rowe Law Group are skilled at protecting homes, vehicles, retirement savings and other personal belongings.

If you are considering bankruptcy or have already decided to declare bankruptcy, the process will be less stressful with the assistance of a skilled Phoenix bankruptcy attorney. At Lerner and Rowe Law Group, our legal team will facilitate your bankruptcy to make it as quick and easy as possible. Questions regarding bankruptcy trustees, asset protection, investments or any aspect of the bankruptcy process? We will provide you with strategic solutions.

Call us today! We offer free consultation to those seeking debt relief assistance in Phoenix, AZ and surrounding areas including Scottsdale, Mesa, Gilbert and also Chandler. You can reach us by calling 602-667-7777. You can also contact us through our website’s convenient LiveChat feature. So, don’t wait!

How a Bankruptcy Can Lessen the Fright of an Arizona Home Foreclosure

Lerner & Rowe Law Group

Bankruptcy Can Lessen the Fright of Arizona Home Foreclosure — Contact us so we can answer your questions about Arizona home foreclosure.

Have you recently been contacted by your HOA and been told that your home is in danger of foreclosure — or perhaps even had proceedings started against you? If you belong to a homeowner’s association or HOA in Arizona, you probably pay dues and assessments to it as part of the requirement of living there. But if you fall behind on necessary payments to your HOA, you could actually have your house foreclosed on by the HOA — even if your mortgage is current. Fortunately, there is a way to stop the HOA foreclosure process, and your Phoenix bankruptcy lawyers at Lerner and Rowe Law Group can help.

Phoenix HOAs & Foreclosures

It’s a common misconception that if your mortgage payments are current, you’re safe, but that’s not true. You could absolutely lose your house to foreclosure because of failure to pay HOA monies alone. In fact, they are responsible for a recent surge in foreclosures in the Phoenix area.

All it takes is a year’s worth of missed payments or a debt of $1200 in assessments and dues for your property to be subject to foreclosure.

How Accurate are HOA Records?

HOA records can be inaccurate. Homeowners often find that the amounts listed as “owed” in court filings and HOA records don’t match – meaning that it’s almost impossible to find out what they actually owe. These inaccuracies also make it difficult for homeowners to make their payments current.

Increase of Arizona Home Foreclosure

The more recent rebound in home values has also contributed to an increase in HOA-related foreclosures. The drop in home values meant many homeowners owed more on their homes than they were worth. Because of that, investors were hesitant to buy houses. HOAs often decided to let debts simply sit as a result.

But a rebound in home prices means that HOAs are once again pursuing debt repayments. Oftentimes they tack on additional interest and attorney fees prior to threatening foreclosure if homeowners don’t pay up.

Fortunately, there is help. It’s important for you to understand that you don’t have to put up with losing your home to HOA-related foreclosure. Our Phoenix bankruptcy lawyers can help you file for Chapter 13 bankruptcy so that you can stop foreclosure proceedings and keep your home, in most cases.

How Bankruptcy Can Help You “Stand up To” Your HOA

Chapter 13 helps you in more ways than one:

It stops foreclosure proceedings. Once your Phoenix bankruptcy lawyers file your bankruptcy papers, there will be an automatic stay, or postponement, of the foreclosure. No matter how much you owe, the HOA will NOT be able to proceed.
You may be able to “discharge” pre-bankruptcy unpaid dues. If you file for Chapter 13 bankruptcy, sometimes the court will grant you what’s called a “discharge” for your unpaid dues and perhaps assessments. The court may “forgive” part or all of the amount you owe, just as it will with other unsecured debts. You are still responsible for repayment of any debts as part of the final agreement.

Don’t Wait – Let Phoenix Bankruptcy Lawyers Help Save Your Home From Foreclosure Now!

With HOA’s threatening a foreclosure, time is of the essence. An Arizona Chapter 13 bankruptcy can only help you save your home if it is filed before foreclosure proceedings are complete. Contact our highly skilled Phoenix bankruptcy lawyers directly at 602-667-7777, 24 hours a day, seven days a week, or access our LiveChat now!

What Are the R.T.S. Rules Regarding Bankruptcy?

Lerner & Rowe Law Group

Are you considering filing for bankruptcy in Arizona? There are a few basic rules you should become familiar with as you look further into this debt relief option. Our Phoenix bankruptcy attorneys put together the following to further explain what these rules are and how they could affect you.

What Exactly Are the R.T.S. Rules Regarding Bankruptcy for Arizona?

R.T.S. is an abbreviated way to refer to bankruptcy rules regarding repaying debt, transferring assets or selling assets.

Repayments, Transfers or Sells

As much as it might seem like the right thing to do, DON’T repay debts to family or family members, or transfer property to them, before speaking with our Phoenix bankruptcy lawyers.

Why? Bankruptcy courts will take into account all of your assets – including money or property you have given to friend or family members. Depending on the length of time between the repayment or property transfer to a friend or family member, the money or property may have to be given back to the court so that it can be redistributed equally to your creditors.

Another important aspect to keep in mind is the importance of transparency and accuracy. When in doubt, give full disclosure and do not try to hide or “shield” your assets or any actions you’ve taken before filing for bankruptcy.

Examples include following:

You must disclose the sale or transfer of assets in the two years before bankruptcy.
It’s often perfectly acceptable to sell assets prior to bankruptcy for their true value. Generally, it is perfectly acceptable to sell assets IF you are selling them for fair market value. You should speak with one of our bankruptcy attorneys before selling or transferring an asset.
You may not sell or transfer property in an attempt to shield it from bankruptcy. If you “sell” an asset for less than fair market value or transfer property to an “insider,” such as a close friend or family member, the court will generally consider the sale or transfer fraudulent. The court can seize the asset or require that an equivalent value be paid to the court for the benefit of your creditors. Again, you should always speak with one of our experienced bankruptcy attorneys.

Arizona exemptions generally determine what assets and property are protected from your creditors and the bankruptcy court for cases filed in Arizona with certain exceptions.

Types of Property

Generally, Arizona residents can protect the following types of property from creditors and the bankruptcy court:

Your house. In Arizona, you can exempt up to $150,000 of your home or other qualifying property.
Personal property up to a certain dollar limit. Such as up to $500 in clothing or up to $6,000 in furniture and other household amenities
Vehicles. Up to $6,000 in value for most debtors, or up to $12,000 for disabled or elderly debtors
Call one of our Phoenix bankruptcy lawyers to plan your bankruptcy filing to ensure the process goes smoothly and protect your assets.

In a Financial Bind? Phoenix bankruptcy attorneys can help!

Get help starting over and putting your life back on track! Contact our highly skilled Phoenix bankruptcy attorneys directly at 602-667-7777 to learn more about your financial options.

Four Important Things You Won’t Lose During a Bankruptcy

Lerner & Rowe Law Group

Most of us face financial difficulty from time to time, and may even accrue “insurmountable” debt. Fortunately, there is a way to shrink that “mountain” of debt down to a manageable size – you can file for bankruptcy with the help of an experienced Phoenix, Arizona bankruptcy lawyer in Phoenix at Lerner and Rowe Law Group.

Release Your Fear & Gain Hope

Does the thought of a bankruptcy leave you numb with fear? The best way to conquer your fear is through knowledge, which is something our bankruptcy specialists have in abundance. At Lerner and Rowe Law Group, we understand that our clients’ biggest fear is a bankruptcy will leave them with nothing. This is not true. Instead, bankruptcy eliminates your debt and allows you to start fresh. You don’t have to fear losing your:

Home
Vehicle(s)
Retirement account(s)
Personal belongings

Types of bankruptcy: Chapter 7 and Chapter 13

There are two types of bankruptcy available to individuals and families who need a fresh financial start: Chapter 7 and Chapter 13.

Chapter 7

Chapter 7 is the most common type of bankruptcy and is generally best for those with minimal income and large amounts of unsecured debt. Most individuals will have to give up little to nothing when they file Chapter 7. An experienced Lerner and Rowe bankruptcy lawyer will help plan your bankruptcy and protect your assets.

Chapter 13

If you don not qualify for Chapter 7 bankruptcy, a Chapter 13 bankruptcy may be more suited to your circumstances.

With Chapter 13, you will not be required to liquidate unprotected assets. You’ll make monthly repayments to a Trustee for up to five years, at which time the remainder of the debt will likely be discharged.

Payments to a trustee can be as little as $100 a month, depending on your circumstances. Chapter 13 can pay off past due house payments to stop a foreclosure. You may even be able to strip a second mortgage off your home.

Chapter 13 bankruptcies generally repay very little to unsecured creditors. A properly planned Chapter 13 bankruptcy can be a powerful financial tool that will stop harassing creditors, and get you get back on your feet in a better financial position.

Find Relief with a Skilled Phoenix, Arizona Bankruptcy Lawyer

Let a skilled Phoenix, Arizona bankruptcy lawyer at Lerner and Rowe Law Group guide you through the process and help you protect four important assets; your home, vehicle, retirement and other personal belongings. After reviewing your circumstances, we will advise you on which type of bankruptcy — Chapter 7 or 13 — will benefit you the most.

Call 602-667-7777 for a free consultation. We are here to help you break free from debt. Contact us today!

Bankruptcy Isn’t that Taxing with Legal Help

Lerner & Rowe Law Group

It’s tax season again, and with it comes the arduous and risky process of “filing your own taxes.” That is, unless you save yourself the headaches by hiring a tax expert. The same is true if you need to file for bankruptcy. Let the skilled Arizona bankruptcy lawyers at Lerner and Rowe Law Group to guide you through the process and help you protect your assets.

How Does Lerner & Rowe Law Group Make Filing for Bankruptcy Easier?

Our attorneys will review your case and also tell you what chapter will benefit you the most.

You can trust that our entire bankruptcy team has the necessary experience required to get those harassing creditors off your back and get you back on your feet.

With proper planning, most individuals filing for bankruptcy have to give up very little property. The two most common types of bankruptcy are Chapters 7 & 13:

Chapter 7 liquidates certain types of assets to pay creditors and is generally best for anyone with large amounts of unsecured debt and little income. Most individuals have to give up very little, if anything, in a Chapter 7. An experienced bankruptcy attorney will help you plan your bankruptcy to protect your assets so contact us today for help.

Chapter 13 requires you to make a monthly payment to a Trustee for up to 5 years. The monthly payment can be as low as $100.00 per month depending on your circumstances. A Chapter 13 can pay off past due house payments to stop a foreclosure, and even strip a 2^nd mortgage from your home. Most Chapter 13 bankruptcies repay very little to unsecured creditors. When properly planned with an experienced attorney, a Chapter 13 can be a powerful financial tool that stops harassing creditors and also, gets you get back on your feet in a better financial position.

We will handle the paperwork for you.

As with taxes, filing for bankruptcy is a complicated process. There are endless forms and paperwork to fill out and file. One minor mistake could mean that you’ll be denied the bankruptcy relief you need. When you hire us, you can rest assured the job is done right the first time. This means no expensive refiling fees or worse, a complete denial of the debt relief you need.

We will represent you in court.

A bankruptcy hearing can be nerve-wracking without the help of an attorney. Your attorney will meet with you to discuss what to expect so you will not be surprised. You will have the peace of mind that your paper work is prepared correctly and all required documentation is provided to the bankruptcy court.

Your attorney will be with you every step of the way, so don’t wait. We will help guide you to swift and successful completion of your case.

Filing in Arizona?

Leave your worries behind! Call our experienced bankruptcy attorneys at Lerner & Rowe Law Group at 602-667-7777. We offer free consultations and also affordable payment plans to help you break free from debt. Contact us today!

Tips to Stop Harassing Calls from Debt Collectors

Lerner & Rowe Law Group

Phoenix Bankruptcy Lawyer | Stop Harassing Calls from Debtors

Are you in debt? Have harassing calls from debt collectors gotten so bad that they even call you at work? At home? After hours? Don’t put up with them! Our Phoenix bankruptcy lawyers offer the following tips to stop harassing calls from debt collectors.

Tell Debt Collectors to Stop

The Fair Debt Collection Practices Act (FDCPA) prohibits certain kinds of “abusive and deceptive” conduct from creditors and debt collectors. For example, creditors can’t contact you at all if you’ve requested they stop other than for purposes of litigation.

Hire a Phoenix Bankruptcy Lawyer

The safest, fastest and easiest way to settle your debt may be to file for bankruptcy. However, don’t do it on your own. A Phoenix bankruptcy lawyer can make sure the process goes smoothly so that you can be free of this burden and start fresh.

What Can a Phoenix Bankruptcy Lawyer Do for You?

An experienced Phoenix bankruptcy lawyer knows the bankruptcy process intimately. He or she will be able to tell you which type of bankruptcy (Chapter 7 or Chapter 13) you qualify for via the means test for Arizona, They can also help make sure the process goes as quickly and smoothly as possible so that there are no problems.

Chapter 7 Bankruptcy

This is the most common type of bankruptcy for consumers. To qualify, you must pass a means income test by proving that your income is less than the median income for a same-sized family in Arizona.

Chapter 7 Benefits

Most debt can be completely discharged so that you can simply start fresh financially.
Those harassing calls and letters from debt collectors and collection agencies will stop immediately upon the filing of a bankruptcy case.
After your bankruptcy is filed, everything you earn or acquire (with certain narrow exceptions) is yours and can’t be taken away by creditors or the court.
Chapter 7 bankruptcy cases generally take just 3 to 6 months to finish in most cases.

Chapter 13 Bankruptcy

If you don’t qualify for Chapter 7 bankruptcy, you can still file for Chapter 13 bankruptcy and get help with your debt. You will not receive a discharge in a Chapter 13 as quickly as in a Chapter 7. However, you will enter into a manageable repayment plan approved by the court that will last 3 to 5 years. Chapter 13 Plan payments can be as low as $100.00 per month and generally repay a minimal amount to unsecured creditors. All remaining debts are discharged at the conclusion of a Chapter 13 Bankruptcy with the exception of student loans, domestic support obligations, and certain tax debts.

Advantages of Chapter 13 bankruptcy

You can keep your property as long as you keep to your repayment schedule.
Wages garnishments, collection attempts, and creditor harassment is prohibited just as is true with Chapter 7 bankruptcy.
A Chapter 13 will bring your past due mortgage payments current and give you time to pay off tax debt.
Most Chapter 13 Plans include your monthly vehicle payment.
You keep your home and will not face foreclosure as long as you make your Chapter 13 Plan payment and mortgage payment.
You can reduce the amount you owe on your vehicle.
Most Chapter 13 cases repay a minimal amount to unsecured creditors.
You can remove a second mortgage from your home.

Get Relief Now with Help from a Phoenix Bankruptcy Lawyer!

Contact us online today or call 602-667-7777 for a free initial consultation with our caring and experienced legal team. Our bankruptcy lawyers offer affordable payment plans. Don’t wait! Financial freedom can be yours.

Resolve to Take Charge of Your Debt in 2017

Lerner & Rowe Law Group

Phoenix Debt Restructuring Law Firm A financial hardship can happen to anyone and leave you with a lot of debt, often through no fault of your own. Maybe you’ve lost your job and been forced to take cash advances or use credit cards to make ends meet. Perhaps you’ve been faced with a medical emergency and find yourself facing insurmountable medical debt that you’ll never be able to pay off. But hope exists. You don’t have to live under this burden forever. Don’t struggle with minimum payments, “past due” letters, calls from collection agencies or even wage garnishments while interest and penalties continue to pile up. Instead, hire a Phoenix debt restructuring lawyer from Lerner and Rowe to help you restructure your debt.

Restructuring Your Debt: Discharge All Debt – or at Least Make It Manageable

Depending on your situation, there are two ways you can restructure and take charge of your debt in 2017: Chapter 7 bankruptcy or Chapter 13 bankruptcy.

But, isn’t bankruptcy “bad”?

Not at all. Bankruptcy laws exist specifically to give you relief from debt that you could never repay on your own. It’s an opportunity to give you a fresh start.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is the most common type of bankruptcy. Not everyone qualifies, but if your income is less than the median income for a family of your size in Arizona, you should be able to qualify.

Chapter 7 bankruptcy advantages:

All allowable debts can be discharged, giving you a fresh, clean start.
Any collection efforts by creditors and wage garnishments cease once your Phoenix debt restructuring law firm files the bankruptcy.
After your bankruptcy is finished, your wages, acquired property, and other assets remain yours and can’t be taken by creditors or bankruptcy court.
Bankruptcy procedures are generally quick, taking just 3 to 6 months to complete.

Chapter 13 Bankruptcy

If a means test determines that you don’t qualify for Chapter 7 bankruptcy, you can still file for Chapter 13 bankruptcy. Chapter 13 is different from Chapter 7 bankruptcy in that you don’t receive a discharge until after your bankruptcy completes. Instead, our Phoenix debt restructuring law firm will work with you and the court to determine a manageable repayment plan lasting 3-5 years. The monthly payments can be as low as $100.00 per month; depending on your income, expenses and the types of debt you have. All remaining debt is discharged at the conclusion of your Chapter 13 Bankruptcy with the exception of student loans, domestic support obligations, and certain tax debts.

Chapter 13 bankruptcy advantages:

You can keep your property as long as you keep to your repayment schedule.
Wages garnishments, collection attempts, and creditor harassment is prohibited just as is true with Chapter 7 bankruptcy.
You can remove a second mortgage from your home.
You can reduce the amount you owe on your vehicle.
A Chapter 13 will bring your past due mortgage payments current and give you time to pay off tax debt.
Most Chapter 13 Plans include your monthly vehicle payment.
You keep your home and will not face foreclosure as long as you make your Chapter 13 Plan and mortgage payments.
Most Chapter 13 cases repay a minimal amount to unsecured creditors.

Let Our Phoenix Debt Restructuring Law Firm Help!

Hot Trends of Arizona Bankruptcy

Lerner & Rowe Law Group

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!

To File or Not – an Arizona Bankruptcy Question

Lerner & Rowe Law Group

Contact our Phoenix bankruptcy specialists so we can answer all of your questions.

While it’s been eight years since the recession of 2008, the economic instability left in its wake continues to have a ripple effect.

If you are one of the millions of Americans struggling to make ends meet, how do you know when it’s time to consult one of our Arizona bankruptcy specialists and attorneys?

Filing Bankruptcy with Phoenix Bankruptcy Specialists

Before filing for bankruptcy in Arizona, you will need to complete mandatory credit counseling with an approved agency. The next step is determining which type of personal bankruptcy is applicable in your case.

So, this is where our bankruptcy specialists and attorneys can help you the most. They will evaluate your current financial health and also, go over the different debt relief and bankruptcy options that are best for you.

Different bankruptcy options include Chapter 7 or Chapter 13. If your household income is below the Arizona median, you are automatically eligible to file Chapter 7. If not, you must undergo a means test to determine if you have enough net income after expenses to repay your debts under Chapter 13.

Chapter 7 Bankruptcy

Chapter 7, or liquidation, is a discharge of unsecured debt. A trustee sells your non-exempt assets and the net proceeds are distributed to your creditors. If you have secured debts for property such as a house or car, you can sign a reaffirmation agreement to continue the debt under the stipulation that you bring the account current.
Chapter 7 is often recommended if you have a sizable amount of credit card; or other unsecured debt and also, few assets.

Chapter 13 Bankruptcy

Reorganization involves creating a three to five year plan to repay debts out of future income. At the end of the term, any remaining dischargeable debt releases.
Chapter 13 may be more appropriate if you have major property that you want to protect.

Get Help from an Experienced Phoenix Bankruptcy Specialists or Attorney

Filing for bankruptcy can be a stressful time. Let the best bankruptcy law firm of Lerner & Rowe Law Group explain your options and help you regain control of your finances. Call 602-667-7777 to schedule your free consultation. So, don’t wait because we look forward to helping to you. Our law group will gladly help you every step of the way.