Bankruptcy Lawyers in Phoenix
Helping Clients Overcome Financial Struggles Through Debt Elimination
The notion of filing for bankruptcy leaves a negative connotation for many people. However, bankruptcy relief can offer many advantages for those struggling with debt. In Arizona, bankruptcy law allows individuals and business owners to find relief from debt and make a new start. Arizona bankruptcy code can be quite complex, depending on your situation and the type of debt relief you seek, so hiring a team of bankruptcy attorneys is an essential aspect of the bankruptcy process.
At Resolvere Law PLLC, our attorneys understand the stress and frustration of financial problems. We can help you determine what type of bankruptcy is appropriate in your case and assist with business reorganization if you have a struggling company. When you need relief from collection efforts, you should consult with our legal team about how to file for bankruptcy. Reach out to us right away to discuss how the bankruptcy process can help. You can reach us at 480-568-1327 to schedule your free consultation.
What Happens During Bankruptcy in Arizona?
Bankruptcy is a legal option for individuals who can no longer pay their bills and owe a great deal of debt. This process is also known as the discharge of your financial obligations and is allowable in most scenarios. However, some debts, such as unpaid taxes, may not be discharged. Some other items that cannot be wiped out in a bankruptcy case include loans obtained through misrepresentation to a creditor, student loans (with some exceptions), alimony, and child support payments.
Bankruptcy can stop foreclosure proceedings and prevent your car from being repossessed. You may also get relief from wage garnishment and other collection efforts. Contrary to popular belief, you may continue to own your exempt property after filing bankruptcy. However, any gifts, inheritances, or settlements received during a certain time period after filing for bankruptcy must be turned over to repay creditors.
Some of the main steps involved in filing for bankruptcy include:
- Collecting necessary documents, including tax returns, pay stubs, and a current bank statement
- Taking an approved credit counseling course
- Completing necessary paperwork and paying a filing fee
- Fill out any additional forms and file with the Arizona bankruptcy court
- Submit required documents to a bankruptcy trustee and follow their instructions
Completing bankruptcy proceedings can be complicated and stressful. Having a bankruptcy lawyer on your side can make it easier to qualify for the bankruptcy you’re seeking. Call our law firm right away for help navigating this complex procedure.
What Are My Options During Bankruptcy?
Arizona law permits individuals and businesses that meet specific requirements to complete various types of bankruptcy, including Chapter 7 bankruptcy, Chapter 11 bankruptcy, and Chapter 13 bankruptcy.
Chapter 7 Bankruptcy
Chapter 7 is one of Arizona’s most commonly used forms of bankruptcy. This process allows individuals who qualify according to the “means test” to get a fresh start through the discharge of debts. When you file for Chapter 7 bankruptcy in Phoenix, a bankruptcy stay stops creditors from seeking repayment. This automatic stay is effective for mortgage payments, medical bills, credit card payments, and more. Filing for Chapter 7 bankruptcy involves providing a detailed report of your net worth and spending. Hiring a lawyer can help you qualify for this form of debt relief.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is effective for many individuals who are struggling with debt and are still employed. Chapter 13 involves creating a plan for how you will repay creditors in the future, excluding unsecured debt. This form of bankruptcy is especially effective for people in danger of losing their homes.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is particularly effective for anyone who owns a small business and is having a hard time keeping up with the costs of the business, such as paying employees. Individuals who have a great number of assets and those who own real estate property other than their own home may also benefit from Chapter 11 bankruptcy, also known as reorganization bankruptcy.
How Can a Bankruptcy Attorney Help Me?
When you are facing extreme financial hardship, bankruptcy can be a fantastic tool to start fresh and get debt relief. However, bankruptcy is also very complicated and can be approached in many ways, some of which may not be beneficial in your situation. Your attorney can assess your unique circumstances and help you decide whether liquidation bankruptcy or another form of bankruptcy is right for you.
Some other duties a bankruptcy lawyer can perform include:
- Inventorying assets to determine whether you can repay creditors without declaring bankruptcy
- Collecting documents and evidence required by the bankruptcy court
- Reorganizing your company to satisfy legal requirements
- Notifying creditors of bankruptcy proceedings and ensuring collection efforts cease
- Submitting paperwork in a timely manner to ensure your case isn’t delayed or dismissed
Should You Hire Our Bankruptcy Attorneys?
Filing for bankruptcy can be financially freeing but can also be stressful. As a struggling debtor, you deserve help getting the relief you need. Our attorneys proudly support individuals seeking a better life for themselves and their families. We can help you understand the potential risks and benefits of filing for bankruptcy to help you make the right decision at the right time.
At Resolvere Law PLLC, we are dedicated to providing our clients with excellent legal services at an affordable price. We know that at this trying time, every penny counts, so we offer a free initial consultation at no risk. You can speak with our talented legal team and learn more about how we can help you get the debt relief you are seeking.
Don’t go it alone with so much at stake. Call Resolvere Law PLLC today and schedule your complimentary consultation with our dedicated team of bankruptcy attorneys. You can reach our Phoenix office at 480-568-1327 to schedule your consultation today.