If you are facing a financial crisis and are looking for debt relief options, you should consider filing for bankruptcy. This is an effective way to wipe out your unsecured debts, and it gives you a fresh start. However, you will need to consult an attorney to ensure you get the best debt relief option for your situation.
Depending on your income and assets, you may qualify for Chapter 7 bankruptcy in Arizona. A Phoenix bankruptcy attorney can help you determine if you are qualified for this type of filing and what the best option is for your situation.
Many people struggle with debt. When they have an unexpected financial hardship, they may feel overwhelmed and don’t know where to turn. They may also fear picking up the phone to call their creditors or getting the mail. These feelings are completely normal, but you should not feel hesitant to seek help. Bankruptcy can give you a fresh start, and it can also protect you from abusive collection agencies.
There are two types of bankruptcy in Arizona: Chapter 7 and Chapter 13. While both can offer debt relief, they can vary in terms of complexity and cost. In general, you can expect to pay an attorney between $925 and $1500 for a bankruptcy filing in Phoenix. The Phoenix Chapter 7 qualification and cost calculator can help you estimate your chances of qualifying for bankruptcy and the costs of filing.
In order to file for bankruptcy, you will need to fill out a form called Form B122A-2. You will need to provide information such as your income and monthly expenses. Your attorney will use this information to calculate how much you can afford to pay to your creditors. Using a means test, your Phoenix bankruptcy attorney can help you figure out if you have a good chance of qualifying for a Chapter 7 filing.
Before filing, you will need to take a credit counseling course. The average household income in Arizona is between $3,646 and $9,700. Although this is a high income, it is not a guaranteed qualification for filing for bankruptcy. Even individuals who earn more than the median must pass a means test in order to be eligible for filing.
Choosing the right Phoenix bankruptcy attorney can make the process of filing for bankruptcy easier and more effective. An experienced attorney will know all of the legal implications, and will be able to help you decide which debt relief option is best for you. Whether you are in need of a Chapter 7 or Chapter 13 bankruptcy, your Phoenix bankruptcy attorney will be able to give you the information you need to make intelligent decisions.
While filing for bankruptcy in Phoenix can be difficult, it can be a necessary step to reclaim your financial freedom. By hiring an attorney, you can avoid being harassed by collection agencies and ensure your rights are protected.
Choosing the right Phoenix bankruptcy lawyer can also allow you to protect your assets and keep your personal and business property. Bankruptcy law prohibits you from selling or transferring assets during the bankruptcy process. However, if you own a home or other exempt property, you can continue to live in it while you reorganize your finances.