If you are in a serious financial crisis, it may be time to consider filing for bankruptcy. Bankruptcy can give you a fresh start by eliminating much of your debt, and it is one of the best ways to get back on track financially. But there are several things you should know about this process before you file.
Filing for bankruptcy on your own can be a challenging and time-consuming process. It involves extensive research, including determining the laws that protect your property. It also requires you to abide by all local court rules and procedures. If you are not comfortable doing all this yourself, it is a good idea to hire an attorney to guide you through the process.
The #1 Chapter 7 Bankruptcy Attorney in Phoenix can help you decide if you are eligible for bankruptcy and what type of filing is right for you. She can assist you in assessing your financial situation, negotiating with creditors and building a plan that will help you get out of debt and start rebuilding your credit history.
Most Chapter 7 cases are filed by individuals, but business owners can also use this process to eliminate their unsecured debts. Typically, the Chapter 7 filing process is relatively quick and easy, but there are several steps that must be followed to ensure your bankruptcy is successful.
First of all, the bankruptcy court will place a stay on any attempts by your creditors to collect money from you. This is called the “automatic stay.” It stops creditors from foreclosing on your home, evicting you from your apartment, garnishing your wages or collecting payments from your bank account.
Second, the bankruptcy court will appoint a trustee who will oversee your case. The trustee will review all of your assets and determine if any can be sold to pay your debts. Nonexempt assets can be sold to satisfy your debts, but exempt property, such as your home or automobile, are protected.
In addition to protecting your assets, your bankruptcy attorney can help you develop a plan to pay off your creditors over the course of a three to five year period. The attorney can also make sure that the plan is reasonable and will satisfy the requirements of the court.
Your attorney will also answer any questions that you may have about the bankruptcy process or your new debt repayment plan. She will help you avoid problems such as getting sued by your creditors or being charged with fraud or forgery.
Having the best Chapter 7 Bankruptcy Attorney in your corner can mean the difference between a successful bankruptcy and a failed one. According to Ed Flynn, the head of the American Bankruptcy Institute, a bankruptcy lawyer is more likely to have your debts discharged than a consumer filing for bankruptcy alone.
If you are in need of a bankruptcy attorney in Phoenix, call Dodge & Vega PLC Law Firm to find out how we can help you get the fresh start you need. We have a wealth of experience helping people just like you overcome their financial problems and build a stronger future. Contact us today to schedule a free consultation, where we will discuss your financial needs and explore the bankruptcy options available to you.