Medical bills. Credit card debt. Divorce. Life happens. You wake up one day and your financial struggles have multiplied overnight. You’re in over your head, and you know that you need help. Could declaring bankruptcy be the answer?
Learn the laws, discover your options, and find out whether declaring bankruptcy could be the right choice for you. Educate yourself about bankruptcy, and then contact Arizona Bankruptcy and Debt Solutions to determine what the best path towards a better future will be.
Chapter 7 bankruptcy cancels many, if not all, of your debts outright in a short process that usually takes 4-6 months. If your debts are very high and your income is very low, you will most likely qualify for this type of bankruptcy.
Chapter 13 bankruptcy is a different option where you use your income to make payments on your debts for the next 3 to 5 years. This type of bankruptcy is best for people who have sufficient disposable income to pay their debts.
The advocates at Arizona Bankruptcy and Debt Solutions can help you decide which type of bankruptcy is the best choice for you.
Declaring bankruptcy eliminates many types of debt, but not all. Bankruptcy is best for wiping out unsecured loans, such as credit card debt. However, money owed for student loans, alimony, child support, secured debt, and many types of tax debt cannot be discharged. The team at Arizona Bankruptcy and Debt Solutions can help determine which debts can be eliminated by bankruptcy, and what to do about the ones that can’t.
Do you own a home? Bankruptcy won’t get rid of your obligation to make mortgage payments, but it can make things easier by eliminating other types of debt. Many homeowners opt for Chapter 13, which saves your home and gives you 3-5 years to catch up with any mortgage payments that you are behind on.
For cars and other valuable assets, how much property you can keep depends on the exemption laws in your state, and whether the property has been pledged as collateral for a debt.
Did a relative or friend help you obtain financing by agreeing to co-sign on the loan for a car, furniture, or anything else? If you file for Chapter 13 bankruptcy, your cosigner will be protected – but with Chapter 7 bankruptcy, your cosigner may be stuck with the debt that you do not pay.
Pensions, life insurance, and retirement accounts such as IRAs and 401(k) are generally protected in most states. They are considered exempt property, which means that you get to keep them if you file for bankruptcy.
Are you considering declaring bankruptcy? Don’t go it alone. Arizona Bankruptcy and Debt Solutions is here to help.
Filing for bankruptcy isn’t the right solution for everyone. The determination of whether or not bankruptcy is an appropriate debt relief solution for your will be made based on a number of factors including the type and total level of your debt. Use this form to schedule an appointment with one of our bankruptcy attorneys. The consultation is completely free and there is no obligation.