Chapter 7 Bankruptcy
Top Rated Arizona Chapter 7 Bankruptcy Attorneys
Leading You to a Brighter Financial Future Through the Preparation and Filing of Your Arizona Chapter 7 Bankruptcy Case
Millions of Americans find relief from debt through Chapter 7 bankruptcy each year. If you are struggling with oppressive debt, never ending harassment by creditors, and an underwater mortgage, Chapter 7 bankruptcy could provide you with relief from debt and the ability to attain a brighter financial future.
The experienced Phoenix bankruptcy attorneys at My AZ Legal Team, PLLC are available 24/7 to evaluate your debt and help you determine whether bankruptcy is right for you. When you call our office, you will immediately be connected to a seasoned bankruptcy professional who will assess your financial picture and guide you towards the course of action that can best alleviate your debt. We offer low flat fees that allow you to retain the very best of legal services.
Chapter 7 Basics
Chapter 7 bankruptcy is the most commonly used form of bankruptcy. It offers individuals and businesses a means of eliminating all or most of their unsecured debt. Unsecured debt can include anything from credit cards and medical bills to deficiency balances from foreclosures.
Chapter 7 bankruptcy is commonly referred to as the ??iquidation??chapter because it involves the bankruptcy trustee?? sale of your non-exempt assets to pay off your creditors. While the thought of losing possessions deters many would be filers, it is important to understand that many assets are protected by Arizona?? state exemptions. For instance, in the state of Arizona, you will be able to keep up to $150,000 of the equity of your home. An experienced bankruptcy attorney will thoroughly examine your assets to determine what will be protected if you pursue a Chapter 7 bankruptcy.
The Chapter 7 Bankruptcy Process in Arizona
Your road to a successful Chapter 7 bankruptcy begins with filing a petition. Your petition will be prepared by your knowledgeable bankruptcy attorney. It will include detailed information about your debts, assets, expenses, income, and any monetary funds transfers made in the two years prior to filing. It is imperative this petition be prepared with accuracy and thoroughness.
Once your petition is filed, an automatic stay will issue, stopping all collection calls and attempts to collect debts. A trustee will be appointed to sell your non-exempt assets and distribute the proceeds to the creditors. Your bankruptcy attorney will ensure all exempt assets are protected throughout the process.
As the completion of the Chapter 7 process, all of your dischargeable debts will be released and your future can begin.
My AZ Legal Team, PLLC: Assisting You Through Chapter 7 Bankruptcy
If you are overwhelmed by debt and considering filing for bankruptcy, the Phoenix Bankruptcy Lawyers at My AZ Legal Team, PLLC can help. Our veteran bankruptcy attorneys are available 24 hours a day/seven days a week to discuss your bankruptcy options. At My AZ Legal Team, PLLC, you will always speak directly to an attorney and have an attorney prepare your bankruptcy petition. Our top bankruptcy attorneys offer low flat fees and quality representation. Call My AZ Legal Team, PLLC today at (602) 900-9834 to schedule your free consultation.
Do I Qualify?
Qualifying for Chapter 7 Bankruptcy in Arizona
Individuals and businesses can qualify for Chapter 7 bankruptcy. In order to qualify as an individual, you must pass the ??eans Test.??Rather than assessing your debts or insolvency, the means test looks at whether your income is low enough so as to qualify under Chapter 7.
If your income falls below the median income in Arizona for a household of your size, you will generally qualify for Chapter 7 bankruptcy. Even if your income exceeds the median, you could still qualify if you can provide additional information concerning your secured debt obligations and expenses sufficient to satisfy the court.
In addition to passing the means test, all Chapter 7 filers must complete a credit counseling course within six months prior to filing. The course is available online or on the phone.