Arizona Bankruptcy Attorneys: What BK Chapter Do I File?
As Scottsdale & Chandler Arizona Bankruptcy Attorneys, I am able to assist people and businesses through the complicated process of protecting assets through bankruptcy. Generally, anyone in this situation experiences an immense amount of stress and fear of the unknown. Knowing where to start can be the most difficult part. This website, in part, was created to assist people with understanding what bankruptcy can and cannot do for a situation. If it appears that bankruptcy may benefit your family, please contact our office to discuss your potential options and to find options for your situation. A free consultation is one telephone call away. We understand. Being in this business for years, we have just about seen and heard it all. The point is that we can assist you through this difficult time.
Should I file Chapter 7, 11 or 13?
Chapter 7 Chapter 7, Chapter 11 and Chapter 13 each have benefits and drawbacks. The best way to understand each chapter is to read through the short descriptions and see what benefits may come out of each chapter. Chapter 7 is often a fresh start or liquidation bankruptcy. This means that you don’t make payments on debts except for what you want or are required to keep by law. Most debts are discharged or in other words not required to be paid back. This is the most often used chapter of bankruptcy, but it can be tricky if you own certain types of assets. Click here to learn about AZ Chapter 7 Bankruptcy.
Chapter 11 Bankruptcy
Chapter 11 is most often utilized by business entities like corporations or LLC’s but can be filed by individuals if they have enough business interests. This bankruptcy is similar to a Chapter 13 but has distinct advantages over a chapter 13. A chapter 11 at a minimum must be a five year plan and allows for cramming down but the absolute priority rule must be addressed. Click here to learn about AZ Chapter 11 Bankruptcy.
Chapter 13 Bankruptcy
Chapter 13 can only be filed by human beings. This means corporations and LLC’s cannot file under Chapter 13. A plan will be prepared that will last 36 or 60 months depending on your household income. If you have certain types of assets that you would lose in a Chapter 7, Chapter 13 may provide a way to keep those assets. If you own you car more than 910 days, you can cram down the value of your vehicle. Click here to learn about AZ Chapter 13 Bankruptcy. Choosing a Phoenix Arizona bankruptcy attorney is a difficult process. There are many aspects of the process that can be confusing. We will do what we can to address your concerns and protect your assets. Click here to learn about How To Choose an AZ Bankruptcy Attorney. If you already know you need to file bankruptcy, you can download the bankruptcy packets:
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