Phoenix Chapter 7 Bankruptcy Lawyer

Phoenix Chapter 7 Bankruptcy Attorney

Our Arizona Law Firm Can Help You Find Debt Relief

Are you struggling to make your loan, mortgage, or car payment? When the financial aspects of your life become too difficult to manage, it is essential to learn about the options available to you to regain financial stability.

Chapter 7 bankruptcy may be a great option for you if you are facing:

As soon as you file, an automatic stay is put into effect, which prevents creditors from taking further collection actions. Known as the liquidation form of bankruptcy, this is a process that allows you to completely clear away your debt and keep your exempt property. You can obtain a fresh financial start in a relatively short amount of time.

Are You Eligible for Chapter 7 Bankruptcy?

To determine your eligibility for Chapter 7, and decide if this process is right for you, the first step you should take is to speak with a Phoenix bankruptcy attorney. The means test is a necessary evaluation of your income level compared with others within your area. It assesses people's true need for significant debt relief.

Due to the nature of Chapter 7 bankruptcy, it is most often appropriate for individuals who can no longer keep up with their debt—however, it is not always the solution for those with a regular income or those with a lot of assets that they would rather not lose. If you have little to no income, you may be a perfect candidate.

To determine whether or not you qualify for Chapter 7, you should have your financial situation evaluated by a skilled bankruptcy lawyer in Phoenix. They will be able to see whether or not you have enough debt to justify filing or whether it would be better for you to file Chapter 13 and repay it over time with a repayment plan.

If you are unsure of how this process will affect you, you should discuss your financial situation during a free case evaluation with our law firm.

What Types of Debts Can Be Discharged? 

Under Chapter 7 bankruptcy, the following debts can often be discharged:

  • Credit Card Debt
  • Medical Bills
  • Unsecured Loans

However, the following debts usually cannot be discharged:

  • Student Loans
  • Child Support / Alimony
  • Unpaid Taxes
  • Secured Loans

Will I Lose Everything That I Own?

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Contact Leonard V. Sominsky, ESQ., PC Today!

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