Blog by Max Gunderson
If you feel that you are drowning in debt and cannot see your way clear to paying your minimum monthly payments, you may be considering filing for Chapter 7 or Chapter 13 bankruptcy protection in Arizona. If that is the case, there are several things that you should be aware of when considering filing for bankruptcy. In many instances, filing for bankruptcy in Arizona is a very beneficial tool as filing for bankruptcy can provide a fresh financial start to consumers who have become overburdened by debt.
Filing for bankruptcy is not a decision that should be taken lightly. It is a decision that will change your life, (especially your financial life). Before making the choice to file for bankruptcy, make sure you are completely educated about the bankruptcy process. Like financial tools that aid in personal finance recovery, the more that you learn about bankruptcy, the more comfortable you may feel wielding it as a debt-reducing tool. A bankruptcy can offer you a fresh start and is something that you may want to consider.
While many people think bankruptcy carries some stigma, the fact is that more than 1.5 million people filed for bankruptcy in the United States last year. The following are some important things that you may want to know before deciding to file for Chapter 7 or Chapter 13 bankruptcy.
Is declaring bankruptcy the solution?
The decision to file bankruptcy should not, in general, be driven by a single debt. Deciding to file bankruptcy should be made after considering: your total financial picture, the scope of relief that bankruptcy offers you, and the non-bankruptcy alternatives that are available to you. Consider talking to a bankruptcy lawyer in Phoenix, Tucson or your region in Arizona and find out if filing for bankruptcy would be the solution to your problems.
Find out if bankruptcy is the right choice for you. The consultation is usually FREE and the advice of an Arizona bankruptcy lawyer is usually sound and dependable.
Where Do I Start?
First, figure out if you can help filing for bankruptcy in Phoenix, Tucson, reducing your household expenses, eliminating bills, or adjusting the payment plans on the debts you owe. If you are successful with these tactics and you find that your debt is dramatically reduced, you may be able to avoid filing for bankruptcy and navigate the road to financial recovery yourself.
However, if these strategies prove ineffective, consider filing for personal bankruptcy in Arizona. See if it makes more sense to file for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. Each of these options comes with its own advantages.
For example, Chapter 7 bankruptcy can help discharge your debts more quickly, while Chapter 13 may allow you to keep more of your assets. An experienced bankruptcy lawyer in Phoenix, Tucson or near where you live in Arizona can help you decide if bankruptcy is the answer and which Chapter of bankruptcy may best fit your financial situation. Filing for Chapter 7 or Chapter 13 bankruptcy are both pretty complex, especially after the legislative overhaul of bankruptcy law in 2005.
Who will know if I file for Bankruptcy?
Just because you file for bankruptcy, it doesn’t mean that everybody will know that you have filed. The only parties that will automatically receive notice of your bankruptcy are your creditors, the bankruptcy court, and the IRS. Your employer will not be notified unless he is one of your creditors. Filing for bankruptcy is a matter of public record but chances are your name will only appear in one newspaper among the names of hundreds of other people who are also filing for bankruptcy.
How Do I File for Bankruptcy in Arizona?
It is possible to file for bankruptcy yourself, but seeking legal advice from an experienced bankruptcy lawyer is often worth the investment. Contact an Arizona Bankruptcy Lawyer today. Make sure that there are no other alternatives. A bankruptcy will remain on your credit file for up to ten years. However, if you are considering filing, your credit is probably already in bad shape. Bankruptcy isn’t for everyone. If it is right for you it offers a fresh start.
For more information about filing for Chapter 7 bankruptcy, Chapter 13 bankruptcy filing, bankruptcy planning or filing for bankruptcy, contact one of our bankruptcy lawyers and speak to any of our experienced attorneys in Phoenix, Chandler, Tucson, Glendale, Mesa, Flagstaff or anywhere in Arizona. Contact one of our regional offices. It’s time for a fresh start.