Consumer Bankruptcy Lawyers in Tucson, Arizona

Tucson 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 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 Tucson, Arizona before filing.

Chapter 7 Bankruptcy in Tucson, Arizona

There are 2 common forms of bankruptcy in Tucson, 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 forms 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 forms of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Tucson, Arizona is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Tucson, Arizona

Chapter 13 Bankruptcy in Tucson, Arizona differs significantly from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 does not eliminate any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

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

Which Bankruptcy type to file under depends strongly on the facts of each individual case. If you have a stable stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a stable income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

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

Tucson is a major city in Arizona and the county seat of Pima County.  With a population of about 548,000, it is the second largest city in Arizona after Phoenix.  Tucson is just over 100 miles from Phoenix and about an hour away from the U.S.-Mexico Border.

Often called "The Old Pueblo", Tucson is an attractive mix of traditional southwestern culture and modern innovations.  The downtown area of Tucson has retained much of its historic southwest feel.  Several downtown buildings such as the Hotel Congress and the Art Deco Fox Theater were constructed in the 1920's.  Midtown Tucson also draws many visitors to the city.  For example, the University of Arizona is located in midtown, which includes Arizona Stadium as well as the McKale Center. 

The tourism industry fuels much of Tucson's economy, with some 3.5 million visitors bringing in over $2 billion a year.  Tucson's warm climate attracts many "snowbirds", or winter visitors who often purchase a second home in the city.  Popular events for tourists include the Tucson Gem & Mineral Show and the Tucson Folk Festival.

Lawyers in Tucson, Arizona handle most of their cases at the Tucson City Court.  Tucson lawyers are available to help you understand the many laws that are unique to the state of Arizona. 

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