Consumer Bankruptcy Lawyers in Flagstaff, Arizona

Flagstaff Consumer Bankruptcy Lawyers, AZ

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Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is usually considered as an option of last resort, because while it can stave off financial disaster, it has some significant long-term consequences warranting careful consideration of the costs and benefits. Bankruptcy is controlled by federal law, and proceeds in federal courts. So, the process for filing for bankruptcy in Arizona will be very similar to the process everywhere else in the U.S. However, individual bankruptcy courts have different rules for exemptions, so it might be a good idea to consult with a local lawyer in Flagstaff, Arizona before filing.

Chapter 7 Bankruptcy in Flagstaff, Arizona

There are 2 common forms of bankruptcy in Flagstaff, Arizona. They are known as Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 liquidates part of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many forms of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and essential personal items, like clothing. These assets are not available to creditors.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is excused. However, some forms of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Flagstaff, Arizona is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Flagstaff, Arizona

In Flagstaff, Arizona, Chapter 13 is quite different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your particular situation. Chapter 13 does not eliminate any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

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Which Type of Consumer Bankruptcy Should I File in Flagstaff, Arizona

The answer to this question depends strongly on your individual situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

In any case, it would be a good idea to consult a local bankruptcy lawyer in Flagstaff, Arizona. Your lawyer can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in Flagstaff

With a different name, Flagstaff was named after a Ponderosa Pine flagpole made by a scouting party from Boston.  This name was given on July 4, 1876 while celebrating the United States Centennial.  Flagstaff, Arizona is home to approximately 65,870 people, and is located in northern Arizona. 

Popular attractions include the Grand Canyon National Park, Walnut Canyon National Monument, Wupatki National Monument, Barringer Crater, Glen Canyon National Recreation Area and Lake Powell.  Obviously, Flagstaff is a nature-lover's heaven.

The economy is primarily based on lumber, railroad, and ranching.  Many large corporations have locations in Flagstaff.  Such corporations include Lowell Observatory, Nestle Purina PetCare, Walgreens, and W.L. Gore & Associates.  With so many corporations and industries, Flagstaff is home to many small law firms with excellent attorneys devoted to excellent legal service.  If need be for a large law firm, Phoenix firms are available, with attorneys always willing to make the short trip to Flagstaff.  Therefore, Flagstaff is a community that is well-served by the legal industry.

As a side note, Flagstaff is known to many because running scenes from the hit film Forrest Gump were shot there!  Overall, Flagstaff is a wonderful area rich in culture and industry. 

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