You Can get rid of all debts by filing an Az Bankruptcy

Debt is never an easy prospect for anyone, and when it becomes overwhelming, it can be tough to cope with day to day life. Fortunately, there is relief in the form of Az bankruptcy law. The right attorney can help you decide if this choice may fit your situation. Should you choose to file Chapter 7 bankruptcy, all of your debts will be immediately discharged after the proceedings, and you will be free to build a new financial future.

What is Chapter 7 Bankruptcy?

There are essentially two different kinds of bankruptcy in the state of Arizona. Chapter seven is fairly quick and easy, and it can be for individuals or those who are married. It can also be for corporations and partnerships in the business world. Often dubbed, liquidation, the goal with this type of filing is to get rid of anything that isn't exempt, and sell it to pay off your creditors. In many cases, though, those filing do not have any non-exempt property. Those are called no-asset filings. At the end of the proceedings, you're left with no eligible debts. Keep in mind, however, that some debts can survive a bankruptcy filing.

Can Anyone File Chapter 7?

Actually, no. The new bankruptcy laws throughout the United States require any filer to go through a means test. The goal here is to decide whether or not you should be allowed to file. You're automatically eligible if you have a median income below that of most families in Arizona. If you're income is above that, mortgage and car payments are figured in as is back taxes, child support, and education-related expenses. If, once deducted, you still have $100 a month to pay to unsecured creditors, you are not considered eligible. You're then left with a chapter 13 option or another solution.

What Do I Have To Do To File?

In order to file for bankruptcy in the state, you'll need to go through some credit counseling sessions. Your attorney can help set these up. You'll also need to file any tax returns that are overdue. Then you can sit down with your lawyer and begin the paperwork. Keep in mind there's quite a bit of information required to petition the courts, as well as a filing fee of close to $350.

What Happens Next?

Once the papers are in, your creditors have to stop trying to collect the debts until the paperwork makes it through the court system. The trustee will evaluate which property you get to keep, and take charge of the stuff that will be sold. You'll then have a 341 hearing with the trustee and your creditors. If the creditors fail to convince the court that you should not be allowed to file for bankruptcy within thirty days of your hearing, the paperwork will go through, and your petition will be granted. Once complete, your debts will be discharged completely, and you won't have to worry about the hassle of those creditors again.

The key to the entire process is the right Phoenix attorney. A good lawyer can help you navigate through the bankruptcy laws and get your debts discharged right away.

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