How Long Do You Need to Live in Arizona Before You Can File for Bankruptcy After Moving from Hawaii?

Understanding Residency Requirements for Bankruptcy Filing in Arizona

Bankruptcy lawyers often get asked about the rules for people who have just moved to the area and want to file for bankruptcy to get rid of a lot of debt. Arizona is a state where many people move to, and many newcomers have money troubles. These people are looking for ways to deal with their debt as they start living in their new homes.

If you’ve recently moved from Hawaii to Arizona, here’s what you need to know about filing for bankruptcy as an Arizona resident.

When Can I File for Bankruptcy after Moving from Hawaii to Arizona?

If you’re a new resident in Arizona, it’s important to know that you’ll be filing for bankruptcy in Arizona, not Hawaii or another state that you might have recently moved from.

The bankruptcy process is strictly guided by both federal laws, which apply to individuals in all 50 states, and state laws, which vary from one state to another. To be eligible to file for bankruptcy in Arizona, you must have resided in the state for the greater part of the 180 days before you file. This means you are eligible to file for bankruptcy any time after you’ve been a resident of Arizona for at least 90 days.

What Else Do I Need to Know Before Filing for Bankruptcy in Arizona?

It’s strongly recommended to consult with an experienced bankruptcy attorney before you begin the filing process. You’ll need to carefully consider which type of bankruptcy is best for your situation, how to use the bankruptcy to your maximum advantage, and how to time your bankruptcy filing in a way that will benefit you the most. Additionally, filing for bankruptcy is not the best option for everyone. Your Chapter 7 bankruptcy attorney can help you examine other financial options that can help alleviate your debt without the impact of bankruptcy.

Am I Eligible to File for Bankruptcy in Arizona?

Your bankruptcy attorney can help you navigate the complexities of bankruptcy law and assist you in understanding which type of bankruptcy you might be eligible to file.

Chapter 7 Bankruptcy

Many individuals in Arizona are eligible for Chapter 7 bankruptcy. This is a highly efficient method of bankruptcy that can be completed in as little as 60 days, as long as you qualify for the process. Some of your assets will be protected by state and federal law, while others may be sold by your bankruptcy trustee to pay off your debts. Your remaining debts will be forgiven. 

There are two ways to qualify for Chapter 7 bankruptcy in Arizona: 

• Your monthly income must be below the median income for Arizona residents 
• Your disposable income must not be enough to pay for your debts over the next five years. Your attorney can guide you through the complex calculation process based on your income, family size, and expenses.

Some people are exempt from the means test, such as disabled veterans who incurred debt while on active duty, National Guard or reserve members, and individuals whose debt is primarily business-related.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy may be a good option for individuals who do not pass the means test or who want to protect all of their assets from seizure in the bankruptcy process. Chapter 13 is essentially a restructuring of your debt in which you will agree to make payments on your debts over the next 3-5 years. The amount that you pay will be based on your income and any remaining debt will be forgiven at the end of the period.

Maximize Your Chances of a Successful Bankruptcy Filing with a Bankruptcy Attorney in Arizona

There are many reasons why working with a skilled Chapter 13 bankruptcy attorney can benefit your filing. The likelihood of a successful bankruptcy filing is much higher when you have the guidance and assistance of an experienced attorney. Arizona Bankruptcy Lawyers will provide seasoned guidance on when to time your filing to receive the most advantage from your filing, handle the necessary documentation, provide representation when needed, help you find the financial solutions that you need, work with you to determine eligibility and which type of bankruptcy might be right for you and provide trusted legal advice throughout the process.

Filing for bankruptcy is an important decision. Contact us today to ensure that it’s the best option for you.

This article is provided courtesy of Blake Goodman, P.C., an experienced bankruptcy attorney in the state of Hawaii. Mr. Goodman has guided thousands of clients through bankruptcy and other challenging financial situations in his decades of work as a bankruptcy attorney.

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