Phoenix & Mesa Bankruptcy Attorneys Make a Difference
As Mesa and Phoenix Bankruptcy Lawyers & Attorneys, we help you through the process of bankruptcy or debt settlement. For most people, creditors start demanding larger payments at the very time they cannot afford it. Usually, this is why payments were stopped in the first place. The fear and uncertainty of debt collection takes a toll on your entire family. Especially, if you borrowed money from family to climb out of debt. If your situation is causing you to lose sleep or you cannot see a way out, that is where we come into the process. We will reduce the stress and anxiety by finding a plan that works for your situation. Family debt issues are just as unique as every family. Experienced lawyers make a difference in knowing what does and does not work in stopping garnishments, harassment, and other debt collection tactics.
Phoenix & Mesa Bankruptcy Attorneys: Where Do I Go From Here?
We explain Chapter 7, 11, and 13 bankruptcy protect your assets including businesses. When the government offers you the protection of bankruptcy, there are strings attached. If you don’t understand the tradeoffs, you may be hurt in ways you never imagined. This is where a lawyer makes the difference. Please set up a free consultation: 480-464-4667.
Where to file bankruptcy? Click here to learn where to file bankruptcy in Arizona.
Phoenix Bankruptcy Lawyers’ Perspective: Chapter 7 Information
Chapter 7 bankruptcy is often called a “fresh start” or liquidation. This means no additional payments will be debts unless it is a debt you want to keep or the law requires you to pay the debt. A successful bankruptcy will discharge most debts, or in other words, you don’t have to pay any more money towards your debt. Chapter 7 can be tricky. Hiring an attorney can reduce the anxiety and stress of dealing with debt.
Chapter 7 is like the Hotel California, you can check out but never leave. That is not exactly true, but it is when you want out of a Chapter 7 the most, is when you will not be able to leave. In other words, a Trustee can take certain actions which you do not like. As a matter of law, the Trustee has the right to do a number of things in your name without your permission. For instance, they can sue a family member you repaid a loan within twelve months of filing bankruptcy. No matter how you feel or want, the Trustee can sue your family member. This is when you want to check out but can never lease. This is most common an issue in chapter 7 but can be an issue in other chapters. As Phoenix Arizona Bankruptcy Attorneys, we prepare you for this process.
Mesa Bankruptcy Attorneys’ Perspective: Chapter 11 Information
Businesses like corporations and LLCs’s are most well known to file chapter 11 bankruptcy. Under certain circumstances, there are advantages to filing an individual Chapter 11. After reviewing your situation, we will determine if Chapter 11 handles your financial issues. Chapter 11 is similar to Chapter 13. A chapter 11 requires a minimum of a five year plan. Additionally, the non-human Debtor must satisfy the absolute priority rule.
A big benefit is that you can cram down the property to the value of the asset. This makes it possible to take a business that cannot pay all of its bills and create a plan to make payments to get back on track. This is tricky.
A Chapter 11 can be the best option for your family or business.
Please call for a free consultation: 480-464-4667
What is a Chapter 13 BK Case?
If you qualify for Chapter 13 bankruptcy, your payment plan will be 36 or 60 months. If your income exceeds the median income for a family of your size, in your county, then you will have to enter a sixty month plan. We prepare you for bankruptcy. Under the most recent bankruptcy law changes, you can cram-down your car to its value if you have owned it for more than 910 days. In other words, if you owe $20,000 on your car, and meet the 910 day rule, and it is worth $10,000, you will only pay $10,000 for your car.
For some people, Chapter 13 is a not a good option. But if you have the right circumstance, Chapter 13 can provide you benefits that a Chapter 7 cannot provide. Schedule a consultation to see what makes the most sense for your family and business.
Choosing Bankruptcy Representation is an Important Decision
Most people are not experienced with the Arizona legal system. In response, the link below will help you decide how to hire legal counsel.
Click here to learn about How To Choose Phoenix Bankruptcy Lawyer.
If you already know you need to file with a Phoenix Bankruptcy Lawyer, download the packet and get started:
I look foward to assisting your family and/or business through the process. Call for a free consultation: 480-464-4667.