Find a Bankruptcy Lawyer in Tempe, Arizona

Tempe Bankruptcy Lawyers, AZ

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In Tempe, Arizona, bankruptcy is a court procedure in which a person or business has some or all of their debts excused (or "discharged"), theoretically allowing them to start 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 relieved of their obligation to pay their debts just because they don't want to. It is meant to serve as a lifeline, preventing unmanageable 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 severely damage a person's credit rating.

Accordingly, it might be a good idea to consult with a Tempe, 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 difficult to foresee the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Tempe could prove invaluable.

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Types of Bankruptcy in Tempe, Arizona

In Tempe, Arizona, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a creation of federal law, the procedures governing bankruptcy in Tempe, Arizona will be similar anywhere else in the U.S. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is complete, and the proceeds handed over to the creditors, the debt is viewed as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are totally or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

Under Chapter 13 bankruptcy in Tempe, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a longer period of time, thereby theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Although it can be used by individuals, Chapter 11 bankruptcy is used almost exclusively by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being implemented, this plan must be approved by a majority vote of participating creditors.

One main advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Furthermore, their stock can still be bought and sold.

How Can a Tempe Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Tempe lightly. Before making any such decision, it would be highly advisable to contact an experienced Tempe bankruptcy attorney.

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Life in Tempe

Tempe is located in Maricopa County in Arizona.  It has a population of about 175,000 and was incorporated in the year 1894.  Its name comes from the "Vale of Tempe" located in Greece.  Tempe is known for being the headquarters for several prominent corporations.

The economy of Tempe is comprised mainly of large corporations which have their headquarters in the city.  For example, companies such as U.S. Airways and Insight Enterprises have their executive headquarters in Tempe.  Cold Stone Creamery, a popular ice cream franchise, was originally located in the city.  In addition, Tempe is home to Arizona State University at Tempe, where the Insight Bowl is held every year.

Residents of Tempe enjoy great performance in the arts at the Gammage Auditorium and the Tempe Center for the Arts.  Also, visitors frequently enjoy shopping in Tempe's retail district, located at Mills Avenue and at Arizona Mills, one of the largest shopping malls in the state.  The Tempe Marketplace is where you can go for excellent outdoor festivals and concerts.

Lawyers in Tempe, Arizona typically file legal claims at the Tempe Municipal Court.  The municipal court handles a wide range of legal issues and ordinance violations.  Tempe lawyers also participate in a variety of exciting civic and community service events. 

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