Phoenix Bankruptcy Attorneys
Learn About Filing Bankruptcy with a Local Lawyer
Defy your debt. Bankruptcy is a legal option that may help you shed unmanageable debt and restart your financial life. A Phoenix bankruptcy lawyer can help you examine the options and determine your path to financial freedom.
If you're troubled with credit card debt or face losing your home to foreclosure, filing bankruptcy in the Valley of the Sun may provide valuable protection.
A Phoenix bankruptcy lawyer can help you explore Arizona bankruptcy laws and determine the right path for you. Connecting with a local attorney is easy. Simply fill out our free evaluation form on this page or call 877-349-1309.
Arizona Bankruptcy Laws May Protect Your Home and Property
When you file bankruptcy in Arizona, state bankruptcy laws may allow you to protect some property from your creditors.
In Chapter 7 bankruptcy, the most common type of personal bankruptcy, creditors sometimes have the right to take certain property in exchange for debt forgiveness, a process known as liquidation.
However, Arizona bankruptcy laws allow for some property to be exempt from liquidation. Most Chapter 7 filers have very little valuable property, and are allowed to keep most if not all of their property after filing bankruptcy.
A Phoenix bankruptcy attorney can help you understand bankruptcy laws, and how they are designed to protect you and your family.
Phoenix Bankruptcy Chapters
The two main chapters of the U.S. bankruptcy codes used by individuals are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Each chapter has special benefits, depending on the types of debt you may have.
Chapter 7 bankruptcy is typically used to eliminate credit card debt, medical bills, utility bills and other forms of "unsecured" debts that aren't tied to any one item.
Chapter 13 bankruptcy is typically used by those who have a home mortgage, automobile loan, or other type of "secured" debt that they wish to keep after filing bankruptcy.
Most Chapter 7 cases involve selling non-exempt assets, if any, to repay creditors. Many Chapter 7 filers receive a debt discharge without surrendering any assets to the bankruptcy court. Most Chapter 13 cases, on the other hand, create an affordable three-to-five year plan to repay creditors.
A local bankruptcy attorney can assess your financial situation and help you determine which chapter of bankruptcy may best help you meet your goals.
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In both chapters of personal bankruptcy, a court order called the Automatic Stay goes into effect to protect you from creditors when you successfully file.
The automatic stay is designed to put an immediate end to threatening phone calls, letters and other forms of creditor harassment during your bankruptcy case. It can also halt foreclosure proceedings and debt-related lawsuits, giving you breathing room from creditors and time to focus on your bankruptcy case.
Get Bankruptcy Help from a Phoenix Attorney
Filing bankruptcy may provide debt relief when you need it most, but it can be a complicated process. A Phoenix bankruptcy attorney can discuss this opportunity with you.
Connect with a local attorney today. Simply fill out our free case review form or call 877-349-1309 to speak with an attorney near you for a free evaluation.