When you’re facing unexpected financial struggles, such as a lost job or health issue, you may feel overwhelmed and have trouble keeping up with the mounting bills. Fortunately, there are options available that can help you get your life back on track. These include hiring a Phoenix bankruptcy attorney.
The decision to file for bankruptcy is no small one, but a Phoenix AZ bankruptcy attorney can help you decide whether or not it’s the right move. It’s important to understand the process, as well as the various benefits of filing for bankruptcy.
In general, a bankruptcy is a legal process in which a debtor is no longer obligated to pay off a certain amount of his or her unsecured debt. As part of the process, you’ll need to submit information regarding your assets and debts to the court.
Among the advantages of filing for bankruptcy is that you’ll be able to get a fresh start. For instance, you can sell any non-exempt property to pay off your creditors, and you’ll be able to keep your exempt property, such as your home.
A Phoenix bankruptcy lawyer can also help you determine what’s the best kind of bankruptcy to file for, and which type is best suited for your specific situation. There are several different types of bankruptcy, but the most common is the chapter 7 bankruptcy. This allows you to retain all your assets, but eliminates a large amount of your unsecured debt.
To be able to file for Chapter 7, you’ll need to have a minimum income. This is based on your household size and the number of people living in the home. While the average monthly income for Arizona is $3,646 to $9,700, not everyone will qualify for this type of bankruptcy.
For many people, filing for bankruptcy can be the first step to debt relief. During the filing process, you’ll be able to avoid aggressive collection agencies, as well as other unpleasant surprises. But you need to understand that the process is complex and can take some time. Your lawyer will explain all the details and prepare all the necessary paperwork.
While the benefits of filing for bankruptcy can be substantial, it’s important to remember that it’s not the easiest thing to do. Often, debtors will struggle with paying the bills every month and will be bombarded by collections agencies. Getting a lawyer’s advice is the only way to ensure that your case will be handled in the most professional manner possible.
When you’re thinking about filing for bankruptcy, make sure to choose a Phoenix bankruptcy attorney that is experienced and knowledgeable about the process. Even if you think you know what you’re doing, it’s still a good idea to consult with a lawyer. They can answer questions, recommend the best options for your particular situation, and give you peace of mind.
Before you file for bankruptcy, you’ll want to ask yourself the dreaded question: “What is my best option?” You can do this by requesting a free consultation from a Phoenix bankruptcy attorney. To contact one, visit www.phoenixfamilylawyers.net/contact-us/.