Mesa Bankruptcy Law Office
My AZ Lawyers
1731 W. Baseline Rd.
Mesa, AZ 85202
Phoenix Bankruptcy Law Office
668 North 44th Street, Suite #300
Phoenix, AZ 85008
Glendale Bankruptcy Law Office
My AZ Lawyers
20325 N. 51st Ave.
Glendale, AZ 85308
Tucson Bankruptcy Law Office
My AZ Lawyers
2 East Congress St. Ste. 900
Tucson, AZ 85701
Bankruptcy Lawyer for Chapter 13 and Chapter 7 Bankruptcy in Glendale, Arizona
You may have already made the decision that bankruptcy is a wise solution for your current financial situation, or you might still be wondering if filing is the right solution to your problems? Originally our lawmakers recognized that an honest and responsible person could get into an impossible financial situation. In answer to this they established bankruptcy as a legal solution to provide relief and a fresh start. There are different avenues, the best known of these are Chapter 7 and Chapter 13 bankruptcy.
Chapter 7 is sometimes referred to as liquidation bankruptcy. As in anything to do with the law, there can be pitfalls in a bankruptcy proceeding which you will need to avoid. For this reason it is recommended that you consult the assistance of a Glendale Bankruptcy Attorney who can explain the process of Chapter 7 and guide you through it while avoiding the bankruptcy pitfalls.
Chapter 13 bankruptcy is also called a wage earner’s plan. When you file for chapter 13 bankruptcy in Glendale, Arizona it enables individuals with regular income to develop a plan to repay all or part of their debts. Under Chapter 13 of the Bankruptcy Code, debtors propose a re-payment plan to make installments to creditors. This re-payment plan is approved by the trustee and then payments are made over a period of three to five years.
Save Your Home Through Chapter 13 Bankruptcy
Yes, it is possible to save your home by filing Chapter 13 . How Chapter 13 can save your home from foreclosure is pretty easily explained. In a Chapter 13, you must propose a viable Chapter 13 Plan that repays all of your missed mortgage payments, and any missed property taxes, over a 3-5 year period. The Repayment plan results in you becoming current on your home loan, and property taxes, so there is no longer a reason for your lender to foreclose on your home.
When might be a good time for you to File Chapter 7?
- If you’re behind on some of your credit card payments
- The interest rates on your credit cards have gone sky high because of missed or late payments.
- Creditors are harassing you at home or at your work.
- You can’t afford to pay your utility bills
- If you are losing sleep because you are worried about how to make ends meet.
- You’ve had to borrow money from “pay day” loan companies
- You’ve reached or exceeded the limit on some of your credit cards
- If you are behind on your rent or mortgage payments.
Keeping Your Assets in Chapter 7 and Chapter 13 Bankruptcy
Regardless if you file chapter 7 or chapter 13 bankruptcy in Glendale, AZ you should seek the assistance of an experienced bankruptcy lawyer to help guide you through the process. No matter if you file under, Chapter 13 vs Chapter 7, with the help of an experienced legal professional you can usually keep all of your assets (your vehicle(s), the family home, your business, and your other assets) when you file under Chapter 7 or Chapter 13.
Contact The My AZ Lawyers, PLLC today. Our dedicated consumer bankruptcy lawyers and legal staff will work with you to find the best solution and will stand with you every step of the way while you file chapter 13 or chapter 7 bankruptcy. Call for a FREE Consultation TODAY! (623) 640-4945.