Chapter 7 Attorneys in Phoenix Assisting You Through Your Bankruptcy

Rough stretches in life happen to most people. From the wealthy to the poor, no person is immune from having a bad stretch of time in their life. When these rough patches hit, you may feel like there is no way out. Finances can be an issue for a lot of people, especially if poor financial decisions end up in a sea of debt. If you feel like you are drowning in debt and your lack of financial freedom is affecting all aspects of your life, you are not alone. Filing for Chapter 7 bankruptcy may be an option for you depending on your situation.

Chapter 7 bankruptcy may allow you to escape the clutches of your debt and allow you to breathe again. With many bankruptcy options, including zero-down bankruptcy plans, available to you, it’s important to seek the advice of a bankruptcy lawyer to breakdown the options in front of you and help you efficiently move through your bankruptcy process without having to break a sweat. Filing for Chapter 7 bankruptcy can be a nerve-wracking experience but with the help of an experienced bankruptcy lawyer, you can rest assured of continuous support throughout your bankruptcy process.

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is one of many types of bankruptcies available for people that are having trouble keeping up with their debt and their cost of living. If you file for Chapter 7 bankruptcy, you may have the opportunity to get rid of all the unsecured debts attached to your name. Doing so can help you recalibrate your finances and start fresh. However, it’s important to note that filing for Chapter 7 bankruptcy does come with some drawbacks including negatively affecting your credit and having the possibility of losing some of your properties and possessions.
The prospect of having your property affected by Chapter 7 bankruptcy can be frightening but it is important to have guidance on these matters before signing any dotted lines. Consult with a Chapter 7 bankruptcy attorney in Phoenix today to help clear up your situation and discuss your options. If you are not digging the idea of having to pay an attorney when your money is already tied up into paying creditors and living expenses, talk to a bankruptcy attorney about zero down bankruptcy options. Zero down bankruptcy doesn’t require you to pay for any legal services upfront, giving you the immediate guidance you need without spending a dollar.

What Debts Can I Get Rid of By Filing for Chapter 7 Bankruptcy?

When you file for Chapter 7 bankruptcy, the primary debt you can clear from your name is unsecured debts. Unsecured debts are debts that do not require certain types of collateral to apply for. Common types of unsecured debts are credit card bills and medical bills. However, it is important to understand that not all types of unsecured debts are wiped out after filing for Chapter 7 bankruptcy.

Debts such as child support and student loans remain active and must be paid out even after your Chapter 7 bankruptcy goes through. Likewise, depending on your circumstances, even some credit card debts may remain following your bankruptcy. An experienced Chapter 7 bankruptcy lawyer can help sort through your debts to see which ones may be wiped out and which ones you may still be required to pay.

Am I Eligible to File for Chapter 7 Bankruptcy?

You must meet certain requirements to file for Chapter 7 bankruptcy. In most cases, you will have to complete credit counseling prior to filing for bankruptcy. Credit counseling will educate you on how to properly manage finances to avoid having to go through the same situation again. One of the most critical requirements for Chapter 7 bankruptcy is to meet the minimum income requirement. You may need to make below the median income in your state or pass a test that determines whether or not you have sufficient means to pay creditors.

What Can a Chapter 7 Bankruptcy Lawyer Do for Me?

There are many variables that go into filing for Chapter 7 bankruptcy. Not knowing whether or not you may be eligible is one of the most commonly asked questions prior to filing. Israel & Gerity, PLLC can help you put the pieces together and set up a bankruptcy plan for you. Call Israel & Gerity, PLLC at 602-274-4400 for a free consultation today.