Bankruptcy Lawyer Prescott

When the phone keeps ringing with calls from collections on credit card debt and you’re worried about foreclosure, you may feel like there’s no way out. No matter what you do, it just gets worse; however, there is a way to find financial relief. Set yourself free by getting the fresh start you deserve with a bankruptcy discharge.

Bankruptcy Law Network is a team of lawyers who specialize in the bankruptcy process. A bankruptcy attorney from our law firm in Prescott, AZ can help you turn your financial situation around and navigate the legal process for your bankruptcy case. There is a path to a brighter future by getting the relief you need. Call us today and discuss your concerns with a professional bankruptcy lawyer who is well-versed in bankruptcy law.

Understanding Bankruptcy Law

The bankruptcy process may not be the right solution for everyone but when you meet with an AZ bankruptcy lawyer from our team, you will learn more about how it could help you get the financial relief you need. Filing for personal bankruptcy is nothing to be embarrassed about. In fact, it could be the only way to free yourself from constant calls by creditors and protect yourself from foreclosure on your home.

Plenty of people and businesses file for AZ bankruptcy to resolve mountains of debt and make a fresh start. If your financial situation is dire, it’s not going to get any better on its own. You should consider the options of Chapter 7 and Chapter 13 bankruptcy to get the financial relief you need.

Under this reorganization law, you’ll have a chance to start anew, though it is best to speak with a bankruptcy attorney first. At our bankruptcy law firm, a certified specialist licensed by the Arizona board can assess your financial situation and make recommendations for your bankruptcy case. Learn more about filing for AZ bankruptcy below and see which type may be best for your business or your personal debt.

Do I File for Chapter 7 or Chapter 13?

A liquidation is known as a Chapter 7 bankruptcy. For many debtors, Chapter 7 offers the quickest way to a fresh start free of crippling debts, such as credit card balances or unpaid medical bills. In a Chapter 7 case, a Phoenix bankruptcy judge will appoint a trustee to liquidate some of your assets and repay your creditors as much as possible. Any remaining unpaid debt can then be discharged or canceled, meaning you are no longer under any legal obligation to pay.

With a Chapter 13 bankruptcy, in contrast, your debts are not immediately discharged. Instead, you submit a plan for repaying your debts to the court. This option allows you to manage your debt over a longer period of time, generally three to five years. Only after you complete this plan will the bankruptcy court discharge any remaining debts.

Of course, Chapter 13 bankruptcy assumes the debtor has a regular income and can afford the monthly payments. The actual amount you must repay each month will depend on a number of factors. For instance, the bankruptcy court will determine your “disposable income,” i.e., your gross wages less certain necessary living expenses and payments for any priority debts, such as your mortgage.

Will I Lose Everything?

Some people are reluctant to file for bankruptcy because they fear they will lose what little they have. But Arizona law provides for a number of bankruptcy exemptions. These exemptions allow you to keep much of your personal property so that you are able to rebuild your credit and your life following the discharge.

For instance, Arizona permits all debtors to exempt up to $6000 in household goods. This might not sound like a lot when thinking about how much you paid for everything. However, the value represents used goods. Therefore, you use the value you would pay at a rummage sale. You may also keep a certain amount of equity in your car or house. However, if the value of the property exceeds the exemption amount, the bankruptcy trustee may sell the property, allowing you to keep any exempt proceeds.

Do You Need a Prescott Bankruptcy Attorney?

It is possible to file for bankruptcy in Prescott on your own, but it is not recommended. Bankruptcy involves a good deal of paperwork. If you make a mistake or misunderstand the law, you may accidentally run afoul of the bankruptcy court, which can jeopardize your chances of obtaining a discharge.

A qualified Prescott bankruptcy attorney can guide you through every step of the Chapter 7 or Chapter 13 process. Also keep in mind that while many Chapter 7 cases are resolved within a few months, a Chapter 13 case, depending on the terms of your repayment plan, can remain open for many years. This fact emphasizes the necessity of working with an experienced bankruptcy lawyer.

How a Certified Consumer Bankruptcy Specialist Can Help You

A bankruptcy attorney who is board-certified by the American Bankruptcy Institute is a tremendous asset when facing creditors. When you work with Bankruptcy Law Network, you’ll have access to a bankruptcy attorney with credentials that demonstrate extensive skill in protecting those facing financial distress.

If you want to rebuild your life by filing for AZ bankruptcy for personal or business reasons, you should get solid legal advice from our attorneys in Prescott. Our lawyers are committed to providing the guidance you need in your most dire time.

Choose a bankruptcy attorney with Bankruptcy Law Network today by visiting one of our convenient Bankruptcy Law Network locations in Prescott Valley, Phoenix, and the surrounding areas. We have a track record of success in helping people restart their lives without drowning in debt. You’ll find that each bankruptcy attorney at our law offices provides personalized and compassionate attention to every case.

Stop carrying the burden of debt on your shoulders and start making a change for the better. Learn how to begin the process of AZ bankruptcy and protect your assets, and yourself.