Find a Bankruptcy Lawyer in Mesa, Arizona

Mesa Bankruptcy Lawyers, AZ

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In Mesa, Arizona, bankruptcy is a court procedure in which a person or business has some or all of their debts absolved (or "discharged"), theoretically allowing them to commence with a clean slate, and move on with their lives no longer drowning in debt (and hopefully having learned to better manage their use of credit in the process). Of course, one should never view bankruptcy as a "get out of debt free" card, allowing someone to be discharged of their requirement to pay their debts just because they don't want to. It is meant to serve as a lifeline, preventing uncontrollable debt from resulting in complete financial ruin. Accordingly, it is best treated as an option of last resort, because it can carry with it significant negative consequences, which must be weighed against the possible benefits. For example, filing for bankruptcy can heavily damage a person's credit rating.

Accordingly, it might be a good idea to consult with a Mesa, Arizona bankruptcy attorney. Your lawyer will be able to counsel you about your options, including alternatives to bankruptcy, if such alternatives exist in your case. Whatever the result, it is often challenging to anticipate the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Mesa could prove invaluable.

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Types of Bankruptcy in Mesa, Arizona

In Mesa, Arizona, there are three basic bankruptcy schemes that are most frequently used. They are identified as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Mesa, Arizona will be very similar to those in any other part of the United States. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the funds from the sale to pay down as much debt as possible. Once the sale is done, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the full amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.

The other popular bankruptcy system in Mesa is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor will find manageable, given his or her income, and that will result in the creditors being paid in a decent amount of time. When a repayment plan is authorized by a court, creditors are legally barred from trying to collect under the original terms of their arrangement with the debtor. Chapter 11 bankruptcy is almost always used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, fix their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.

While going through Chapter 11 bankruptcy, a business can continue operating, and its stock can continue to be traded.

How Can a Mesa Bankruptcy Lawyer Help?

Filing for bankruptcy in Mesa is a very important decision, and should not be made easily. Before filing, one should consult with a seasoned Mesa bankruptcy attorney for assistance.

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Life in Mesa

Mesa is a Maricopa County city that's home to 440,000 Arizona residents. That population earns Mesa the title of 3rd largest city in the state behind nearby Phoenix and Tucson. Mesa serves as a ?bedroom community' meaning that many Mesa residents work in nearby cities. One positive thing about the bedroom community is that a number of good schools in the area like the Maricopa Community College. It's the largest of any Maricopa County Community Colleges. Arizona state University and A.R. Still University both operate small campuses in Mesa. Mesa Public Schools are the top employer although Banner Health and Boeing both have strong installations together employing over 12,500. Boeing actually produces the Apache AH-64 attack helicopter at a facility adjoining Falcon Field.

Mesa hosts the WAC Baseball Tournament and the Chicago Cubs spend spring training playing Cactus League games at HoHoKam Park. The upscale Fiesta Mall on the Westside of Mesa offers outstanding shopping for locals and tourists alike. However, Mesa Riverview on the Northside of the city boasts funky stores and eateries like Toby Keith's I Love This Bar & Grill. METRO Light Rail, local freeways like local U.S. Route 60, and a number of local airports service Mesa's commuters.

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