Eliminate Debt With Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most popular form of bankruptcy for individuals and married couples. In fact, in 2013, 86 percent of all bankruptcies filed in Arizona were Chapter 7, according to the Administrative Office of the U.S. Courts.
Why is Chapter 7 bankruptcy so popular? There are two main advantages:
- It allows you to discharge (eliminate) some or all of your debt, including credit card debt, medical bills and other unsecured debt. Some types of debt, such as child support can never be discharged, whereas other debts, like taxes, can only be discharged in certain circumstances.
- It is typically the least expensive type of bankruptcy filing.
– Brian M. Blum, Managing Attorney
Am I Eligible To File Chapter 7?
Not everyone is eligible to file Chapter 7 bankruptcy. If you have too much income, another form of consumer bankruptcy may be more appropriate to your needs and goals.
The bankruptcy professionals at The Turnaround team in Scottsdale can review your financial situation and let you know whether Chapter 7 makes sense for you. To arrange a free initial consultation with an experienced Arizona bankruptcy attorney, please contact our law firm today.Get a Free Bankruptcy Consultation
Chapter 7 is often referred to as liquidation bankruptcy. Those who file Chapter 7 may need to sell some of their assets to pay certain creditors. Some people mistakenly believe they will have to sell everything they own. It is important to know that you will not have to sell all of your assets; in fact, in most cases you will not have to sell anything.
What Assets Can You Keep?
Many assets are exempt from liquidation. With some limitation, you can keep your clothing, furniture, household goods, tools used to make a living, a computer, electronic devices, equity in a car or home, and many other assets. Take a moment to review Arizona's current list of exempt property or talk to our bankruptcy lawyer to learn exactly what you can and cannot keep.
What About Credit After Bankruptcy?
One of the most common questions our clients ask is, “Can I get credit after bankruptcy?” People are especially concerned about qualifying for a car loan. While your credit will take a hit initially, it will recover. Most people will be able to get a car loan immediately after filing bankruptcy, though the interest rate will be high.
At The Turnaround Team, we focus exclusively on bankruptcy for individuals—both wage earners and small business owners alike. An experienced Arizona bankruptcy lawyer will review your situation and develop a plan of action based on what is in your best interest.
Please contact us today to arrange a free initial consultation. We understand what you are going through and are here to help you turn it around.