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.