Phoenix Bankruptcy Lawyers

Bankruptcy relief can offer many advantages for those struggling with debt. Bankruptcy allows individuals and business owners to find relief from debt and make a fresh start. The bankruptcy code can be quite complex, depending on your situation and the type of debt relief you seek (whether liquidation or reorganization), so bankruptcy counsel is an essential aspect of the 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. When you need relief from collection efforts, you should consult with our legal team.

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 and businesses, who can no longer pay their debts as they become due. For individuals who successfully complete the bankruptcy process, the Court will grant a discharge of your debts.

However, some debts, such as unpaid taxes, may not be discharged. Some other debts that cannot be discharged in a bankruptcy case include loans obtained through misrepresentation to a creditor, student loans (with some exceptions), alimony, child support payments, and intentional torts, where the debtor acted willfully and maliciously, causing injury to a creditor or a creditor’s property.

Bankruptcy can pause foreclosure proceedings and prevent your car from being repossessed. Bankruptcy, however, does not end your obligation to pay for your home or your car. Bankruptcy counsel can advise you on how you can work through the bankruptcy process to determine whether you want to keep your car or home or complete a reorganization process to make up late payments.

Wage and bank garnishments will cease, credit card companies cannot continue to collect past due balances, ongoing litigation will stop as it relates to the debtor and any anticipated litigation against you cannot proceed.

Individual Debtors are entitled to maintain certain exempt property in Arizona. However, any inheritances received within 180 days after filing, settlements or litigation that accrued before 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
• Attending a Meeting of Creditors where the Trustee will ask questions, confirm the debtor’s financial information and creditors can also appear and ask questions.

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?

Federal law permits individuals and businesses that meet specific requirements to file for bankruptcy, including Chapter 7 bankruptcy (liquidation), Chapter 13 bankruptcy (a wage earner’s reorganization), Chapter 11 bankruptcy (can be an individual or a business reorganization),or a subchapter V (small business reorganization). There are two other chapters, 9 (municipalities) and 12 (family farmer or fisherman).

Chapter 7 Bankruptcy

Chapter 7 allows individuals who qualify according to a “means test” to get a fresh start through the discharge of debts. The “means test” is based upon calculating your income and expense information. Businesses can also file for Chapter 7 if their goal is to sell their assets to pay creditors.

When you file for Chapter 7 bankruptcy, the automatic stay stops collection efforts and gives debtors a breathing spell from creditors. If you own a car or a home but still owe money on those items, you will still have to remain current and continue with insurance coverage, but the attorneys can explain this process. Creditors can file a motion to lift the automatic stay in certain circumstances.

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. This form of bankruptcy is especially effective for people in danger of losing their homes or vehicles.

Chapter 11 Bankruptcy or a Chapter V Bankruptcy

Chapter 11 bankruptcy is particularly effective for anyone who owns a 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 a higher income ratio those who own real estate property other than their own home may also benefit from Chapter 11 bankruptcy, also known as reorganization bankruptcy.

A Chapter V Bankruptcy is for small business owners, and the process is more cost-effective with shorter deadlines and more flexibility to negotiate restructuring plans with creditors.

How Can a Phoenix Bankruptcy Lawyer Help Me?

When you are facing extreme financial hardship, bankruptcy can be a tool to start fresh and get debt relief. However, bankruptcy is also 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 or reorganization 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

Choosing the right bankruptcy attorney is crucial to achieving a successful outcome in your case. Our experienced Phoenix bankruptcy attorneys have extensive knowledge of Arizona bankruptcy law and the federal bankruptcy code, enabling them to provide you with sound legal counsel tailored to your specific financial situation.

We understand that each client’s circumstances are unique, which is why we take the time to listen carefully and develop a personalized strategy that aligns with your financial goals. Whether you are overwhelmed by unsecured debts such as credit card bills, medical expenses, or personal loans, or facing foreclosure, wage garnishment, or creditor harassment, our legal team is here to help.

Experienced Phoenix Bankruptcy Attorney Here to Help You

Our attorneys will guide you through the entire bankruptcy filing process, from preparing and submitting your bankruptcy petition to representing you at the Meeting of Creditors and ensuring that you meet all legal requirements. We also assist with understanding bankruptcy exemptions to protect your essential assets, such as your primary residence, vehicle, and retirement accounts.

By choosing Resolvere Law PLLC, you gain access to experienced bankruptcy attorneys who are committed to helping you regain financial freedom and build a better financial future. We strive to make the bankruptcy process as smooth and stress-free as possible, providing compassionate support during this very stressful time.

Contact us today to learn more about your bankruptcy options and how our knowledgeable Phoenix bankruptcy lawyers can help you achieve a fresh financial start.