If you’re asking yourself, “Do I need an Arizona bankruptcy attorney?” you’ve come to the right place. Below we go into detail on filing for bankruptcy in Arizona, your options when filing, and what to consider when looking for an Arizona bankruptcy lawyer.
Filing for Bankruptcy in Arizona
- Are you struggling to pay your bills?
- Are you falling behind on credit card payments?
- Are you drowning in debt thanks to interest piling up?
- Are creditors calling you all the time?
- Are you stressed out and exhausted?
- Do you feel like you’ll never get out of debt?
If any of the above sounds like you, it’s time to consider filing for bankruptcy.
And don’t worry – you’re not alone. Tons of Americans are experiencing the same things you are. It’s easy to feel hopeless, overwhelmed, and stressed out.
But here’s the good news: you don’t have to live your life this way anymore.
You don’t have to live your life this way anymore.
Bankruptcy may sound scary, but understand that its purpose is to help people who are over-burdened with debt. Filing for bankruptcy doesn’t mean that you’ve failed, and it doesn’t mean your credit will be terrible forever. Bankruptcy is a way out of the hole you’re currently in.
You can file for bankruptcy in Arizona under Chapter 7 or Chapter 13, depending on your personal situation.
It’s important to note that filing for bankruptcy can be a complex, confusing process. It’s always best to hire an Arizona bankruptcy lawyer to help you through your case. Their experience will guide you through the entire process from beginning to end, and you can breathe easy knowing they understand the best way to save you time, money, and energy.
Ready to breathe again? Then let’s get started on your personal bankruptcy case. Press the button below to speak with an experienced Arizona bankruptcy attorney.
Chapter 7
Chapter 7 is also known as “liquidation” bankruptcy. Typically, debtors must give up their property in order to file for Chapter 7. However, most or all debts are usually discharged using Chapter 7, meaning you won’t have to pay them back.
While Chapter 7 bankruptcy works well for low-income debtors with little or no assets, it can also work for filers whose discharged debt exceeds the value of the property sold—especially if the trustee will apply the funds to nondischargeable debt, such as income tax or support arrearages.
When filing under Chapter 7, you should note that you are required to take a “Means Test.”
According to the United States Bankruptcy Court, District of Arizona:
As part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which became effective on October 17, 2005, a “means test” was instituted to determine whether or not a debtor is entitled to a Chapter 7 discharge, or whether such debtor must convert the case to one under another chapter of the Bankruptcy Code. The basic purpose of the means test is to compare monthly income and expenses to determine whether or not a Chapter 7 discharge would constitute an “abuse” of the provisions related to Chapter 7 in the Bankruptcy Code.
In other words, when you file for Chapter 7 bankruptcy in Arizona, you must meet some requirements in order to qualify for a discharge of your debt. If you do not qualify for discharge, you may be able to file bankruptcy under another chapter of the Bankruptcy Code. The only way to qualify for Chapter 7 Bankruptcy is if you pass the Arizona Bankruptcy Means Test.
Chapter 13
Also known as “wage earners” bankruptcy, Chapter 13 bankruptcy allows you to keep your property during bankruptcy. You must repay all or some of your debts (determined by the court) within a period of 3-5 years.
This is typically best for people facing foreclosure of a home or repossession of a vehicle. If you don’t want to lose your property and earn a regular income, this may be the best option for you.
Here’s what an Arizona Bankruptcy Attorney can do for you:
- Reduce stress
- Give you advice
- Help you through the process to make it go more smoothly
- Make things easier
- Explain things you don’t understand, like bankruptcy qualifications
- Speed up the process
- Give you peace of mind
Filing for bankruptcy without an Arizona bankruptcy lawyer is a huge mistake. Filing for bankruptcy has a large impact on your credit, finances, family, and your future. It’s important to go about it the right way, with a knowledgeable expert at your side.
Your bankruptcy lawyer will understand Arizona’s specific laws and exemptions, to help you get the most out of your case and protect your property and assets.
Schedule a Consultation with an Arizona Bankruptcy Attorney today!
When going through bankruptcy, you need someone you can trust to help you through the process and save you as much money and stress as possible. With Davis Miles McGuire Gardner, PLLC, you can rest assured knowing your case is in good hands.
Do You Need an Arizona Bankruptcy Attorney? | Davis Miles McGuire Gardner, PLLC – Phoenix, AZ