Consumer Bankruptcy Lawyers in Phoenix, Arizona

Phoenix 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 governed by federal law, and proceeds in federal courts. So, the procedure for filing for bankruptcy in Arizona will be very similar to the procedure anywhere 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 attorney in Phoenix, Arizona before filing.

Chapter 7 Bankruptcy in Phoenix, Arizona

There are 2 typical types of bankruptcy in Phoenix, Arizona. They are known as Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 bankruptcy involves a liquidation of some of the debtor's assets, which pays off part of his or her debt. Once this is done, the remaining debt is excused. Fortunately for debtors, many types of property are exempt from liquidation, including homes, vehicles, necessary personal items, and retirement accounts.

Once appropriate assets are sold, and the money turned over to the creditors, most remaining debt is excused. However, there are certain types of debt that cannot be excused in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in Phoenix, Arizona.

Chapter 13 Bankruptcy in Phoenix, Arizona

Chapter 13 bankruptcy in Phoenix, Arizona is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your specific case. Chapter 13 does not excuse debt, but restructures it instead. Typically, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is typically manageable, as long as the debtor can make some sacrifices.

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

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

Of course, you should always seek the counsel of an experienced local Phoenix, Arizona bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your specific situation.

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Life in Phoenix

It is in Phoenix, Arizona that one can find the "Jewel of the Desert."  The Arizona Biltmore Resort & Spa is known all over the world for its gorgeous 39 acre property.  In fact, celebrities, U.S. Presidents and millions of tourists stay at this wonderful resort.

Phoenix has much more to offer its tourists alongside the beautiful Biltmore.  Some popular attractions include the Arizona Science Center, Camelback Mountain, Castles n' Coasters, Chase Field, Encanto Park, and Orpheum Theatre.  Phoenix offers a mix array of attractions ranging from those displaying the beautiful desert and Mother Nature, as well as those with a modern, metropolitan touch.

Phoenix being the industrial hub of Arizona is home to many large, mid-size, and small boutique law firms.  In fact, the University of Arizona is a top law school that produces great legal minds every year.  Therefore, Phoenix citizens can rest assure because any of their legal needs can easily be taken care of. 

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