How To File for Arizona Bankruptcy in 3 simple steps

Choosing bankruptcy is never an easy option. For most, it's the last stop on a long, spiraling journey, but it also serves as the light at the end of the tunnel for many. Bankruptcy can mean a fresh start and a clean slate, and that's exactly what some people need to move on with their lives. Fortunately, you can file for an Arizona bankruptcy fairly easily. Three major steps are involved in the process.

Consult the right attorney

The first thing you should do is find the right help. While it is possible to file for bankruptcy in the state without the help of an attorney, having someone on your side to explain the laws and procedures is always beneficial. You wouldn't undergo a medical procedure without the help of a doctor, right? Why take on a legal proceeding without a lawyer? The right Phoenix bankruptcy attorney will have handled many cases like yours in the past and have reasonable fees. You may want to look for someone who has been certified by the National Association of Consumer Bankruptcy Attorneys, and you may also want to consult with someone who has a staff of aides and paralegals that can handle the little nuances that could come up in a case. This can help keep the attorney's workload down, and your time spent filing for bankruptcy quite small. Keep in mind that after consulting with an attorney, you may decide bankruptcy isn't right for you after all. Listen carefully to what he or she has to say on the subject before you make your final decision.

File the Paperwork

After you've chosen the attorney who is best for you, the paperwork will begin. Your lawyer will guide you through much of this, but one of the first decisions you'll be asked to make is whether you want to file chapter 7 or chapter 13 bankruptcy. One of them offers you a manageable debt reorganization plan while the other wipes out everything you owe as well as many of your assets, so make certain you know which might be right for your situation. Once the paperwork has been filed, it's a waiting game until you meet with your creditors.

Attend the Proceedings

The final step in the processes is to meet with a trustee and your creditors. In Arizona, this is called a 341 meeting. During this meeting, the trustee and creditors can ask you questions, but they cannot be rude or abusive. Most questions will be about the debts you owe. Your only job during the meeting is to cooperate fully. At the conclusion of the meeting, your creditors will have 60 days to file paperwork suggesting you should or shouldn't be allowed to declare bankruptcy. Once the sixty days is over, the court will accept your petition or deny it. If it is accepted, you will be declared bankrupt, and any assets that can be taken will be submitted to the court for sale to cover your debts.

Filing for bankruptcy isn't terribly complicated, and it many situations, it is a necessity. Talk with your attorney carefully before you make any final decisions.

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