Consumer Bankruptcy Lawyers in Tempe, Arizona

Tempe 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 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 Tempe, Arizona before filing.

Chapter 7 Bankruptcy in Tempe, Arizona

There are 2 common types of bankruptcy in Tempe, 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 discharged. Fortunately for debtors, many types of property are exempt from liquidation, including homes, vehicles, essential personal items, and retirement accounts.

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

Chapter 13 Bankruptcy in Tempe, Arizona

Chapter 13 Bankruptcy in Tempe, Arizona is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each individual case. Chapter 13 does not discharge debt, but restructures it instead. Usually, 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 usually manageable, as long as the debtor can make some sacrifices.

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

This depends entirely on the facts of your particular 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.

Regardless of your situation, you should speak with an attorney in Tempe, Arizona who is experienced in bankruptcy before making a decision. They will be able to advise you of your options, and the likely consequences of each one, allowing you to make a much more informed decision.

119 Bankruptcy, Banking and Credit cases posted to LegalMatch lawyers in Tempe

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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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