Mesa, Tempe and Phoenix Bankruptcy Lawyer
Affordable Bankruptcy In Your Own Home
We handle all forms of bankruptcy, from small individual cases to large businesses. This includes Chapters 7, 11, and 13. We pride ourselves on offering excellent service at an affordable price.
Our Bankruptcy Experience
Our firm has handled hundreds, if not, thousands of cases since 2008. We have the experience and the knowledge to assist you in your case and make it go as smoothly as possible.
Our experience includes cases ranging from multi-million dollar real estate developer corporate bankruptcy to the single retired individual cases. We know the bankruptcy code inside and out. In the vast majority of cases, we can figure out any problems that you might have prior to the filing of the case. This means that we can fix the problem prior to filing.
We have experience in confirming Chapter 11 cases for individuals and corporations. We saved countless houses and stopped countless repossessions with our Chapter 13 filings. Finally, hundreds of our clients have obtained their fresh start with a Chapter 7.
What to Expect
The initial telephone call tells you if bankruptcy is right for you, the cost of filing bankruptcy in your particular case and whether, or not, bankruptcy is something that you should consider doing.
For this call, we need you to have a reasonable approximation of the amount of your debts, a good idea of your income, and, finally, a good grasp of any significant assets.
Should I File a Chapter 7 or Chapter 13 Bankruptcy?
When you are filing for bankruptcy in Arizona, you have two options: Chapter 7 and Chapter 13. But what exactly do those terms mean legally? And what do they mean for an Arizona resident who is interested in filing bankruptcy?
Before you consider either type of bankruptcy, there are a few debts that you can not eliminate through bankruptcy: child support, alimony, and some taxes, so if those make up your biggest part of your personal debts, Chapter 7 Bankruptcy is probably not the best option for you. However, Chapter 13 is still available as you can pay these types of non-dischargeable debts through the Chapter 13 plan and save yourself fees and interest to get them caught up or paid off.
Chapter 7 bankruptcy is considered a liquidation, a way to help you eliminate some or all of your personal debt, quickly, taking approximately four to six months. In doing a Chapter 7, you may have to lose some of your assets (property or money). It’s our goal as your attorney to prevent this as y our bankruptcy attorneys to the greatest extent possible.
A Chapter 13, on the other hand, is a long process that can last three to five years and sets up a repayment plan for your debt, but you get to keep your assets (home, vehicles, money). They both will have a negative effects on your credit, but there are some creditors who believe that a Chapter 13 is less harmful than a Chapter 7, so if you are worried about your credit score that may be a better option.
Chapter 7 Bankruptcy
We try to keep our clients in Chapter 7 Bankruptcy due to it being simpler, faster and cheaper for our clients. That does not mean it is hte best bankruptcy, or even teh bankruptcy that is available to you. First, you will have to prove this via the means test (see our Blog on Arizona Income Limits) which is based off your income and family size, also your status as a veteran or active military may be a part of that algorithm.
A Chapter 7 bankruptcy can help with two things rapidly, it could provide you relief (and peace) from debt collectors and your creditors. It will also eliminate most of your debt, with the exceptions outlined above.
So, when you have your debt eliminated via a Chapter 7, you are no longer responsible for paying towards certain loans and credit cards freeing up money for your essentials. To free up the money and payments you may lose some assets (this depends on how much equity you have in them), but rest assured your cell phone is safe from bankruptcy.
Chapter 7, also, releases you from the debt collectors in the same way, when you start to file, many debt collectors are banned from contacting you, garnishing your wages, continuing lawsuits, the long story short, the debt collectors have to leave you alone during the process and afterwards.
Chapter 13 Bankruptcy
One big difference between a Chapter 7 and a Chapter 13 is that if you were unable to qualify for a Chapter 7 through the Arizona (or your states) Income Limits, Chapter 13 is not as restricted on your income. It does have debt limits, however.
A Chapter 13 bankruptcy does help you create a plan to help you pay back your debt, you would make one payment towards your debt and the courts will disburse it to the correct creditors, this could also lower some of your payments on debts, making you have more wiggle room financially. But, saying that, you may be expected to give up a majority of your disposable income for the entirety of your Chapter 13 payment plan, which could potentially last three to five years. Those debts are also still your responsibility and on your credit report during this time.
Chapter 13 helps with secured debts. This includes your car and your home. As a homeowner, a Chapter 13 will stop the foreclosure process and open up time for you to be able to make up on your past-due mortgage payments, because you are in bankruptcy the debt collectors would also no longer be able to contact you regarding your debts. You can also, sometimes, retrieve a car that has been repossessed depending on your specific circumstances and how quickly you contact us after the repossession.
Another thing to keep in mind when considering which bankruptcy to choose, that is if you are not able to pay your Chapter 13 payments, or if you do not make your monetary obligations such as taxes, child support, or alimony, you may be switched to a Chapter 7, which could lead to you losing your home, your car, or other assets. So, be sure to be very clear on your financial situation with your attorney.
So, which to choose?
Choosing what type of bankruptcy to file could be complicated, you need to look closely at your financial situation and look at all our options and your plans for the future. But know that Greeves and Roethler, PLC will take into consideration which bankruptcy would be best for your situation. During the free consultation, they will ask you questions that will help you to make a decision on if you should file, how you should file, and when to file. Click here to view our Bankruptcy FAQs and learn more. Or, use the button below to book a call with an experienced Phoenix bankruptcy lawyer today.