Is Bankruptcy Right for Me?

Filing for Bankruptcy in Arizona

Determining whether you should file bankruptcy is a serious decision and no one takes it lightly. Only those in serious financial difficulty should be considering filing, as there are frequently other better alternatives if you are not in terrible financial condition. For those who are facing serious debt-related matters, and are unable to hope to pay off their obligations, they are likely a good prospect for Chapter 7 bankruptcy. This form of bankruptcy, also called "liquidation bankruptcy" or "discharge of debt" allows the petitioner to "discharge" (you will no longer owe) most unsecured debt.  This includes credit card debt, personal loans, unsecured loans, unpaid utility bills, medical bills and others. There are some exemptions that cannot be discharged in bankruptcy, including past child support payments. An Arizona bankruptcy lawyer from Price Law Group can advise you what bills you will get discharged in Chapter 7.

Chapter 7 or Chapter 13?

Some individuals or families do not wish to file Chapter 7, or do not qualify due to too high an income or too many assets. Chapter 13 is often a great option for those who are in this position, are making a salary, either as an employee or through self-employment, that have too many back bills and obligations and not enough money to pay them.

When legal threats, letters and calls are your every day situation, it is likely time to look into filing Chapter 13. In this form of bankruptcy, you have the opportunity to pay off your outstanding debt over a 3 - 5 year period, in one payment. When the end of the period is reached, and all payments have been made, any remaining debt is discharged. In most cases, you will only pay off a portion of what was originally owed. This is a good solution for those who want to keep their home and need the opportunity to avoid foreclosure.

If you are wondering if bankruptcy is right for you, contact an Arizona Bankruptcy Attorney from our firm to evaluate your situation and advise you of the alternatives that will work for your personal or business financial situation.