The Process Of Filing A Chapter 7 Bankruptcy with The My AZ Lawyers

Q: What is Chapter 7 Bankruptcy Protection?

A: Chapter 7 bankruptcy is the most common form of bankruptcy and is most often filed by individuals and couples. Chapter 7 protection is also available to corporations, partnerships, and limited liability companies (LLCs). In a Chapter 7, individuals can wipe out many types of unsecured debt. Unsecured debt is debt that you do not have to put up collateral for, such as a debt incurred from a credit card, or medical bills. In Arizona, Chapter 7 bankruptcy proceedings, a court-appointed trustee liquidates your non-exempt assets and divides funds equally between creditors.Before you can file for Chapter 7 bankruptcy, you must go through credit counseling with an agency approved by the Untied States Trustee, and complete a debtor education course.

Typically, Chapter 7 bankruptcy protection works best for people who:

• Owe a large amount of credit card and medical debt. Bankruptcy is designed to completely eliminate unsecured debts like most credit cards and medical bills. Typically, it works quickly, meaning you don’t have to wait years for a fresh start.
• Do not own much property. Chapter 7 property protections vary according to state laws, but, generally speaking, Chapter 7 offers less protection for your property than Chapter 13. However, Chapter 7 exemptions may allow you to keep your home, car, and other valuable items like: work tools, furniture, clothes, appliances, photos, and books. You will not lose everything by filing a Chapter 7 bankruptcy. A qualified Arizona bankruptcy attorney can best advise you as to what of your property will be protected when filing for Chapter 7 bankruptcy in Arizona.
• Do not have a lot income. In order to qualify for Chapter 7 bankruptcy protection in Arizona, you must pass the bankruptcy means test. The means test looks at your income and debts to determine true need. A Chapter 7 Means Test keeps people with too much disposable income from filing Chapter 7.

Steps To Filing A Chapter 7 Bankruptcy in Arizona:

• Complete the Free On-Line Evaluation or call our office directly at (480) 833-8000 and set up an in-office or FREE Phone consultation.
• Together with you, our trusted bankruptcy attorneys will determine if filing for bankruptcy is the right decision for you.
• Our experienced staff and debt relief specialists will complete your bankruptcy filing paperwork (“petition”) and mail it to you.
• You review your petition and then call to set up a signing appointment with your chapter 7 bankruptcy attorney. (Or you can mail the paperwork to us and then review the petition via a telephone consultation).
• Your lawyer files your case for you with the Bankruptcy Court.
• You will receive a letter from the My AZ Lawyers informing you of the date, time and location of your Meeting of Creditors (341 hearing).
• You will receive a request for documents from the Trustee assigned to your case. You must comply with trustee’s request fully and promptly. Our bankruptcy attorneys will guide you through this process and make sure you abide the trustee’s request(s).
• Your Meeting of Creditors (341 hearing) will be held approximately 6 weeks after filing for bankruptcy protection in Arizona. At your 341 hearing/Meeting of Creditors you must bring photo Identification and your Social Security Card. Your Chapter 7 Bankruptcy Lawyer from the My AZ Lawyers will be there with you at your Meeting of Creditors and throughout the entire process of filing for Chapter 7 bankruptcy in Arizona.
• Your bankruptcy discharge will be mailed out by the Federal Bankruptcy Court’s office approximately 90 days after the Meeting of Creditors.
• After you receive your discharge, your bankruptcy is complete. It’s time to start rebuilding your credit. Your expert Arizona debt specialist can assist you with both Life After Arizona Bankruptcy and Getting Back on your Feet.

Filing Chapter 7 Personal Bankruptcy

Personal bankruptcy law can be confusing at times. There are detailed financial forms a Chapter 7 bankruptcy applicant in Arizona must fill out. It’s important to fill out these forms properly, improperly filled out chapter 7 petitions and paperwork may make you miss any opportunity to eliminate your debt.

A qualified and experienced bankruptcy lawyer from the My AZ Lawyers will help you sort through the paperwork and will advise you every step of the way through king the most of your Chapter 7 filing. Filing a personal chapter 7 on your own without the assistance of a bankruptcy lawyer is dicey at best. With your financial future at stake, don’t risk filing bankruptcy on your own.