Bankruptcy on Your Mind?
Talk to a Mesa Bankruptcy Attorney Today
If you're thinking about filing for Chapter 13 or Chapter 7 bankruptcy, it may be a good idea to talk to a local Mesa bankruptcy attorney.
Fill out the free bankruptcy case review form below to speak to a Mesa bankruptcy lawyer near you for bankruptcy information.
Get Information About Chapter 13 from Mesa Bankruptcy Attorneys
Our sponsoring Mesa bankruptcy attorneys are often asked about Chapter 13 as a solution to many different types of client situations.
Most people have heard that once they file for bankruptcy, Chapter 13 specifically can liquidate a lot of the debts and give them the opportunity to pay back the rest through a reasonable repayment plan.
Although this is basically true, bankruptcy attorneys typically ask many more questions before they can recommend it as the best possible solution.
Mesa bankruptcy attorneys might begin with a discussion on Chapter 13. Mesa bankruptcy lawyers can also explain that not all debtors qualify for a Chapter 13 case.
Typically, you may file a Chapter 13 petition only if you meet certain qualifications. These include:
- A regular and reliable source of income. Our sponsoring Arizona bankruptcy attorneys can tell you that you must show that you are able to meet the terms of your repayment plan. To this end, the Bankruptcy Code requires that your income be "stable and regular".
- Enough disposable income. The law requires you to have income left over after your expenses for basic human needs each month to allow you to make your monthly payments. There is no set formula for determining how much income is enough, and the courts are flexible in determining this. Your lawyer may be able to help you to prepare a proposed budget for the court to see if you satisfy these requirements.
- Debts must not be too high. If your secured debts exceed $1,010,650, you are not eligible to receive a discharge at the end of Chapter 13 bankruptcy proceedings. Also, your unsecured debts may not exceed $336,900 -- unsecured debts are debts for which you have not pledged any of your property as collateral-such as most credit card debt, personal loans, and utility bills.
Those who don't qualify for Chapter 13 may qualify for Chapter 7
Chapter 7 may be able to help those in the worst possible situations. Filing a Chapter 7 is a legal right and can be a step towards obliterating the crushing stress of enormous debt. The beauty of Chapter 7 is that certain types of property may be untouchable by creditors. Covered property may include:
- A primary residence
- Certain items of personal property
- Tools
- Work equipment
- A vehicle
- Numerous other categories of property
If you are experiencing current financial difficulties, find out more about both Chapter 7 and Chapter 13. Call us at 877-349-1309 or fill out the above free form to connect with a Mesa bankruptcy lawyer.
