Filing bankruptcy in Buckeye may be the best way for you to get out of debt and obtain a fresh start to recover from a financial hardship. People file for bankruptcy relief for many reasons. While mismanagement of money and overuse of credit are reasons for some bankruptcy cases, most people who file for bankruptcy relief are struggling with debts because of a situation that was not within their control.
Examples of reasons people may need to file Chapter 13 or Chapter 7 bankruptcy in Buckeye include, but are not limited to:
- A sudden illness that required extensive medical treatment and lost time from work.
- A business that failed.
- Separation or divorce.
- Unemployment or a long-term reduction in household income.
- An accidental injury that resulted in medical bills and loss of wages.
- The death of a spouse or other family member.
- The person became permanently disabled.
Whatever the reason may be for your financial troubles, our Buckeye bankruptcy lawyers are here to help you explore your bankruptcy options. We want to help you choose the right debt relief option for you so that you can get back on your feet financially and begin planning for a brighter financial future.
Chapter 7 Bankruptcy in Buckeye
Many people qualify for a bankruptcy discharge or debt forgiveness under Chapter 7. The Chapter 7 process is a liquidation bankruptcy. A Chapter 7 trustee reviews your assets to decide if he can sell any of your property to pay your unsecured debts.
The good news is that most people who qualify for Chapter 7 do not have equity in property that exceeds the amount they can keep under the Arizona bankruptcy exemptions. A Chapter 7 case in which the property is exempt or not worth liquidating is called a no-asset case. Most Chapter 7 cases filed in Arizona are no-asset cases.
A typical no asset Chapter 7 case is discharged and closed in about four to six months after filing the bankruptcy case. If you meet the income qualifications for a Chapter 7 case, you could get rid of most or all of your unsecured debts, get out from under a mortgage or car loan that is upside down, and get a fresh start in just a few months.
Chapter 13 Bankruptcy in Buckeye
The Chapter 13 process allows a debtor to reorganize debts while protected by the bankruptcy automatic stay. The automatic stay prevents creditors from collecting debts, provided the debtor continues paying the Chapter 13 plan payments, and maintains all other requirements for remaining in Chapter 13.
Through a Chapter 13 plan, a debtor can avoid a foreclosure or repossession. If you’re experiencing other types of foreclosure specific problems, contact a Buckeye foreclosure attorney for legal advice. He can catch up back domestic support payments and pay tax debt over time. The debtor may even be able to lower car payments or pay less than is owed on the car title loan to satisfy the lien on the car.
Our Buckeye bankruptcy attorneys carefully review every aspect of your Chapter 13 case to calculate the lowest plan payment allowed by law. We work with the Chapter 13 trustee and your creditors to resolve objections to the plan in the most favorable manner possible. Our goal is to develop an affordable Chapter 13 plan that gets you back on track with your finances and gives you the foundation you need to get out of debt and improve your financial wellbeing for the future.
Contact Our Buckeye Bankruptcy Attorneys for a Free Case Review
If you have questions about bankruptcy or you are interested in filing a bankruptcy case, please contact our office to speak with a representative. We want to help you take control of your debts.
Call the Arizona bankruptcy lawyers at the 602 Law Group today at 602-562-5000 to set up your free bankruptcy consultation with a Buckeye bankruptcy lawyer.