What is Bankruptcy?
People oftentimes use the term bankruptcy loosely to describe financial straits. What they may not understand is that bankruptcy describes a legal process under federal law. Through the bankruptcy process, debtors can discharge their debts or create a repayment plan to eliminate their debts over a period of years. An Arizona bankruptcy attorney serving the Phoenix area can assist in this process making life much easier for the debtor…READ MORE!
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Ready for Your Fresh Start?
Many people mistakenly believe that filing for bankruptcy will cause them to lose all of their assets. The truth is that only some assets are subject to forfeiture in a bankruptcy proceeding. The U.S. Bankruptcy Code allows debtors to retain much of their property and possessions. In many instances, the law protects debtors from losing not only their property but also the equity they have in their property. Debtors are also protected against losing payments from social security and government benefits programs. Our team of Arizona bankruptcy attorneys in Mesa Arizona can aid in helping protect you by helping you through the often difficult and lengthy bankruptcy process.
Are There Different Types of Bankruptcy?
Filing for bankruptcy in Phoenix AZ is not as cut and dry as it may seem. There are different types of
bankruptcy that one may pursue depending on whether it is for consumer debt or business
debt. To learn more about the different types of bankruptcy, click on the links below or contact our Arizona bankruptcy attorney.
Protect Yourself by Starting the Bankruptcy Process
An automatic stay is an injunction which protects debtors who have petitioned for bankruptcy. The automatic stay takes effect as soon as the bankruptcy petition is filed and prevents creditors from collecting debts. Once the stay takes effect, creditors cannot obtain debtors’ property; initiate or proceed with court actions against the debtor; or enforce liens against the debtors’ property. An automatic stay protects debtors by stopping collection and preventing foreclosure. To learn more about the bankruptcy process and how to protect yourself, contact one of our Arizona bankruptcy attorneys today for a free consultation.
Requirements for Filing Bankruptcy in Phoenix AZ
- You must reside or have a place of business within the United States.
- You must pass a means test to determine whether you qualify for Chapter 7 or Chapter 13.
- You must participate in credit counseling.
