It can get exhausting dodging creditors the whole day. Paying bills is a fact of life we all have to deal with. You have to pay if you do not wish to be penalized. What should you do then if you have no more money in the bank to cover all your bills? Just acknowledge the fact that you are broke and need the expertise of a bankruptcy lawyer. Phoenix residents and business owners who are in dire financial straits will find these legal experts useful in moving the process along, in particular when it involves Chapter 7 or Chapter 13 filings.
What does it mean when you file for Chapter 7?
It isn?t odd to file for Chapter 7. In the US, several private citizens and businesses file for this chapter. Any time you talk with a bankruptcy attorney in Phoenix to discuss this, you are prepared to liquidate all your assets. This will enable your past and current creditors to begin getting whatever money you owe them. What makes this an ideal situation is the debt discharge feature. If you file and complete the requirements, you could start your financial life once again.
The only downside is you need to fix the assets you need to dispose. This process may last around four to seven months. Undergoing bankruptcy could be taxing, specially when you are interested in a job or attempting to start a new business.
What are the differences between Chapter 13 and Chapter 7?
Chapter 13 is another process you could go through. This is great for individuals who still have the capacity to repay a portion or majority of debts owed. You should do this when you have important properties and assets that you would like to keep and save for the future.
Which one should I file for?
It will really depend on the circumstance you?re in. For example, if you?d like to dispose all your assets and pay off your creditors, file for Chapter 7. If you?re still earning money and have the means, file for Chapter 13 so that you can keep the essentials like your house or car.
What do I need to consider when filing?
You have to get a hold of a bankruptcy lawyer. Phoenix citizens who find themselves in these situations often wind up lost during the proceedings. Having a legal expert at your side can speed up the work so you can get on with your life as quickly as possible.
In addition to getting things done for you, they will act as your representative in court. Any documents you have to submit or sign will require the approval of this person.
Mediation is another instance where you?ll need this kind of help. It?s likely that your creditors and debtors will have a representative on hand who?ll sort papers before they?re able to reach an agreement on certain issues.
How soon should I begin the consultation process?
Start consulting as soon you make the decision to file. Once you?ve got a legal professional working for you, you can get all the information on the pros and cons of your decision. You can get all the advice you need so you?ll know what you are getting yourself into.
Experience is what matters the most when employing a bankruptcy attorney in Phoenix. Request advice from former clients or visit their website for some testimonials and reviews. The sooner you can get things going, the sooner you could be back on track.
Libera Ferrari is a bookkeeper who worked with a bankruptcy attorney Phoenix together with bankruptcy lawyer Phoenix firms.
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