As Phoenix & Mesa Bankruptcy Attorney & Lawyers, we help you through the process of bankruptcy or debt settlement. We stop the nerve racking process. We stop garnishments, harassment, and other debt collection tactics. Financial difficulty leads to increased stress and anxiety. For most people, debt collection begins to affect all aspects of their lives. Understanding where to start can be the most difficult part. This is where we can help.
Bankruptcy: What Should I Do?
As Bankruptcy Lawyers, we explain how Chapter 7, 11, and 13 protect families and businesses. With that protection, there are rules that must be understood. This is where a good lawyer makes the difference. This website provides basic concepts of bankruptcy laws. Please set up a free consultation: 480-464-4667.
Phoenix BK Perspective: Chapter 7
Chapter 7 is often called a “fresh start” or liquidation. This means no additional payments will be debts unless it is a debt you want to keep or the law requires you to pay the debt. A successful bankruptcy will discharge most debts, or in other words, you don’t have to pay any more money towards your debt. Chapter 7 can be tricky. A free consultation can take away anxiety and stress of dealing with debt.
Most of the time, Chapter 7 is a one-way street. The only way to dismiss a Chapter 7 is to get permission from the Court. If you have non exempt assets, it is very difficult to dismiss a Phoenix BK case. This is unique to chapter 7. As Arizona Bankruptcy Attorneys, we prepare you for this process.
Phoenix Bankruptcy Attorneys: Chapter 11
Phoenix Chapter 11 is most often utilized by business entities like corporations. Under certain circumstances, there are advantages to filing an individual Chapter 11. After reviewing your situation, we will determine if Chapter 11 handles your financial issues. Chapter 11 is similar to Chapter 13. A chapter 11 requires a minimum of a five year plan. Additionally, the Debtor must satisfy the absolute priority rule.
A big benefit is that you can cram down the property to the value of the asset. This makes it possible to take a business that cannot pay all of its bills and create a plan to make payments to get back on track. This is tricky.
A Phoenix Chapter 11 can be the best option for your family or business.
Please call for a free consultation: 480-464-4667
What is a Chapter 13 Case
If you qualify for Chapter 13, your payment plan will be 36 or 60 months. The length of the plan depends on income. We prepare you for bankruptcy. If you owned your car for more than 910 days, you can cram down what is owed on your vehicle. This means you pay the value not what is owed on the car.
Chapter 13 is a powerful tool in preserving assets. As a PHX Bankruptcy Attorney, we protect your business or family assets.
Choosing Phoenix Bankruptcy Attorneys is a Big and Important Decision
Most people are not experienced with the Arizona legal system. In response, the link below will help you decide how to hire legal counsel.
If you already know you need to file bankruptcy with a Mesa & Phoenix Arizona lawyer, you can download the packet:
I look foward to assisting your family and/or business through the process. Call for a free consultation: 480-464-4667.
Different and Important Links When Considering Bankruptcy
by: James Portman Webster Law Office, PLC