ARIZONA BANKRUPTCY AND PERSONAL INJURY ATTORNEYS ON YOUR SIDE
Chapter 7 Bankruptcy
If you are buried in credit card, medical bills, pay day loans, older tax debts, judgments for debts, most lines of credit and/or any other unsecured debts, Chapter 7 Bankruptcy may be the right option for you. Chapter 7 Bankruptcy is also a good option to stop foreclosures, repossessions, pending lawsuits and garnishments.
Chapter 7 Bankruptcy is known as the Fresh Start or Liquidation bankruptcy because most, if not all unsecured debts will be forgiven upon discharge.
Because you live in Arizona, the law allows the average person to “protect” or “keep” a very large percentage of their assets. A competent Bankruptcy Attorney will work with you PREFILING to assure that you will keep as many of your assets as the law allows.
Chapter 7 Bankruptcy can also allow you to:
• Purchase your “underwater” automobile at its current fair market value instead the amount owed
• Discharge most tax debts that are more than three years old
• Stop lawsuits and garnishments of wages/bank accounts
• Temporarily postpone trustee sales (foreclosures) and repossessions
• STOP CREDITORS HARASSING PHONE CALLS
High wage earners are not automatically prohibited from a Chapter 7 Bankruptcy to achieve a fresh start. Qualifications and eligibility will be evaluated at the free initial consultation.
Chapter 13 Bankruptcy
Another option is a Chapter 13 Bankruptcy. If you do not qualify for a Chapter 7 you can still relieve yourself of the crushing burden of making numerous monthly payments by making a single monthly payment to the Bankruptcy Trustee, and he or she then pays your creditors. This payment is based upon your ability to pay (monthly income minus allowable monthly expenses), and can last between three and five years. This is a very attractive option for many people who have a good income but just can not keep up with the never ending monthly credit card payments, mortgage, second mortgage, car payments and other monthly obligations.
The benefits of filing a Chapter 13 include:
• Catching up on arrearages on your home
• Lowering the interest rate on your vehicle loan
• Paying the fair market value of your vehicle instead of the full balance owed
• “Stripping” the second mortgage on your home
• Managing your tax liability to the state and IRS
• Protecting non-exempt assets.
