Consumer Bankruptcy Lawyers in Maricopa County, Arizona

Maricopa County 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 typically considered as an option of last resort, because while it can stave off financial disaster, it has some substantial 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 Maricopa County, Arizona before filing.

Chapter 7 Bankruptcy in Maricopa County, Arizona

There are 2 typical forms of bankruptcy in Maricopa County, 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 necessary personal items, like clothing. These assets are not available to creditors.

Once the non-exempt property is sold, the rest of the dischargeable debt is cleared. Some forms of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Maricopa County, Arizona is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Maricopa County, Arizona

In Maricopa County, Arizona, Chapter 13 is substantially different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your specific situation. Chapter 13 Bankruptcy involves a court setting up a revised payment plan, which allows the debtor to pay off most or all of his debts over a extended period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

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Which Type of Consumer Bankruptcy Should I File in Maricopa County, Arizona

This depends entirely on the facts of your specific case. If you have a decent amount of stable income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 may be the best option for you. If most of your property is exempt, and you don't have much stable income, Chapter 7 might be the best option.

In any case, it would be a good idea to consult a local bankruptcy lawyer in Maricopa County, 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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