Bankruptcy is a process individuals or businesses can undertake to eliminate certain types of debt. It is a federal court proceeding designed to help with both debt elimination and debt repayment. Bankruptcies generally fall under two categories: reorganization and liquidation and our Phoenix bankruptcy lawyers are well-versed in both types. The reorganization method is used to do just what the name implies; it reorganize the debts you owe and puts a payment plan in place that will allow you to become debt free over the course of three to five years. Liquidation eliminates debts by giving the collectors the ability to liquidate, or sell, certain assets to amend what you owe them.

Bankruptcy Lawyer in Phoenix

Are you ready to stop worrying about how you are going to pay your next bill or which creditor is going to call you next? Work with Want A Fresh Start today. Allow our team to provide you with the insight and guidance you need to make a better financial future for yourself. As a bankruptcy lawyer in Phoenix, with locations available throughout the city, we are happy to help you in a way that fits your needs.

 

Types of Debts

Secured Debt

A secured debt is backed with some sort of collateral. This collateral reduces the risk of the debt for the lender and often comes in the form of property loans. A mortgage, for instance, would be a secured debt with the house acting as the collateral. Were you to default on your mortgage payment, the house could be seized and the lender could, in that way, recover his or her investment.

Both Chapter 7 and Chapter 13 bankruptcy can be used to assist with these types of debts. Chapter 7 gives you the option of allowing for repossession, continuation of payments, or paying the creditor a lump sum. Chapter 13 allows you to make up any missing payments in order to prevent repossession or foreclosure.

Unsecured Debt

This type of debt does not have a piece of property attached to it that can be used as collateral. In an unsecured debt, such as a medical bill or a credit card, the lender cannot repossess anything of yours to regain his or her investment without the court’s permission. Chapter 7 and Chapter 13 bankruptcies in Arizona can also both help with these debts, and a Phoenix bankruptcy lawyer at EZ Legal Fees by WantAFreshStart can show you how.

Chapter 7 will wipe out these debts by the sale or liquidation of any non-exempt property you choose. Chapter 13 allows you to set up a payment plan based on how much the creditors would have received from a Chapter 7 filing, your wages, and the amount of your debt.

Determining Which Type Is Best for You

Your income level, reliability of wages, and amount of debts should be the primary considerations when deciding how to file. Those without steady employment or whose income is significantly less than the sum of their debts may choose to consider Chapter 7. This method will allow your creditors to be paid quickly by using what you have currently in your possession, excluding the assets you’d need to live and work. Chapter 13 is the better option for those whose income to debt ratio is low, as it allows them to manage their debts without foregoing their possessions.

If you have questions about which type of bankruptcy best fits your situation, contact us today. We are experienced Phoenix bankruptcy attorneys dedicated to finding the best solution for you.

Is Bankruptcy the Right Decision for You?

To answer this question, we encourage you to meet with our bankruptcy lawyer in Phoenix to discuss your specific situation. You may benefit from considering filing if:

  • You are behind on your debts.
  • Your home is at risk of foreclosure.
  • A creditor is trying to garnish your wages.
  • You repeatedly face phone calls and harassment from lenders.
  • You know you cannot get out of debt by making minimum payments.

Our legal team will be transparent and open with you about how bankruptcy may work for your needs, if you qualify to file, and what type may be best for your financial future. Our Phoenix bankruptcy attorneys are compassionate – we know just how hard it is for you to face the reality of bankruptcy, but for many of our clients it is that fresh start they need to turn their life around.

The Benefits of Working with a Bankruptcy Lawyer in Phoenix

Declaring bankruptcy is a difficult decision, but it can be the best option for some people. When you decide to declare bankruptcy, it’s important to choose the right lawyer to help you through the process. Here are some of the benefits of working with a bankruptcy lawyer in Phoenix.

  1. They can help you navigate the bankruptcy process: The bankruptcy process is complicated, and a lawyer can help you understand it and make sure you’re taking the right steps.
  2. They can help you protect your assets: A lawyer can help you figure out which assets you can keep and which ones you’ll need to surrender in bankruptcy. This is an important consideration, as you don’t want to lose more than you have to.
  3. They can help you rebuild your credit: After bankruptcy, you’ll need to start rebuilding your credit. A lawyer can help you understand how to do this and what steps you need to take.
  4. They can give you peace of mind: Dealing with bankruptcy can be stressful. A lawyer can help reduce your stress by handling everything for you and keeping you informed throughout the process.
  5. They can help you get a fresh start: Bankruptcy can be a new beginning. A lawyer can help you start over and make sure you’re on the right track.

If you’re considering bankruptcy, contact a bankruptcy lawyer in Phoenix to discuss your options. They can help you figure out what’s best for your situation and make sure you understand the process.

Benefits Of Hiring a Bankruptcy Lawyer In Phoenix, Arizona

Unlike in criminal defense matters, a debtor is not entitled to a court-appointed attorney when declaring bankruptcy. You may have heard of others who successfully discharge their debts pro se, or without an attorney. You should educate yourself about the benefits and drawbacks of filing bankruptcy with a lawyer before drafting or filing your petition. While it may seem counterintuitive to spend money on an attorney when you are filing bankruptcy due to debt, but attorney representation can save you hassle, time, and most importantly, money in the long run.

Representation At Your 341 Meeting Of Creditors

You will need to attend this hearing whether you file Chapter 7 or Chapter 13. This hearing can be fairly short and simple. However, your case may be more complicated, or your creditors may appear and make objections about their debts being discharged in your case. When complications arise, you will want to have a Phoenix bankruptcy attorney present with you.

Benefits Of Hiring a Bankruptcy Lawyer In Phoenix, Arizona, Phoenix Bankruptcy Attorney, Your Arizona Lawyer

Hiring a Phoenix Bankruptcy Attorney is the Best Idea.

Creditors Must Stop Calling After You Retain a Phoenix Bankruptcy Attorney

When you hire a Phoenix bankruptcy attorney, creditors are required to direct all inquiries and other communications about your debts to your attorney instead of you. You can inform your creditors of your bankruptcy attorney once you retain, and additional calls to you could result in sanctions for your creditors.

Fast Bankruptcy Filings In Emergency Situations For People In Phoenix, AZ

When you’re facing an imminent repossession, wage garnishment, etc., it may serve you well to quickly find an attorney. Your attorney may be able to file your emergency petition in just a few days, or even faster.

Support Staff For Updates, Quick Bankruptcy Questions, etc.

Not every question and task related to your bankruptcy needs to be addressed by an attorney. When an attorney has experienced staff, they can handle several of your issues if your attorney is busy in court or with other clients.

What Are The Drawbacks Of Filing Without a Bankruptcy Attorney?

You Could Make Errors On The Means Test

If you make more than your state’s median income, you will need to use the Means Test to qualify for Chapter 7. If you file Chapter 13, you will need the Means Test to calculate how much your plan payments should be. You will need to deduct certain allowable expenses from your average income over the past 6 months. This will determine if you have any money that is spent on non-essentials that could be used to pay your debts. An incorrect Means Test calculation could end in a dismissal for your case.

You May Fail To Recognize Preferential Payments, Credit Card Spending Limits, & Other Bankruptcy Restrictions

This could result in delays in your bankruptcy filing.  You may also incur extra fees because of preferential payments.  Also, your trustee could take your assets.  Worst case,  your case may be dismissed. Therefore, be prepared to spend several hours researching bankruptcy laws.  Especially if you plan to file without an attorney.

Almost Certain Failure In a Chapter 13 Bankruptcy Filing

Less than 1% of Chapter 13 bankruptcy cases that are filed without an attorney in Phoenix are discharged. While those who file Chapter 7 self-represented see moderately better success, you should plan to hire an attorney if you only qualify for Chapter 13.  Our Phoenix Chapter 13 lawyers have filed many successful cases in Maricopa County, Phoenix.

Issues That Can Arise In Your Bankruptcy

There are several other issues that could arise in your bankruptcy, like your trustee taking your tax refund based on timing, residency requirements, upcoming inheritances or personal injury settlements, and more. When you file with a quality Phoenix bankruptcy attorney, you know your attorney will worry about these issues for you.

What To Expect From Your Arizona Bankruptcy Attorney

Your Bankruptcy Attorney Will Use Their Knowledge To Protect Your Assets From Your Trustee & Creditors

Your attorney can help you come up with creative solutions if your assets aren’t protected in Chapter 7. You might be surprised about how many assets you are able to keep if you declare Chapter 7. You also may need to reaffirm your debts, or even surrender financed assets you no longer want to keep. Your attorney will help you determine the best course of action for your assets during your consultation.

Your Phoenix Bankruptcy Attorney Will Draft Your Bankruptcy Petition Using Your Financial Documents

While gathering and submitting your documents will be no small task, it pales in comparison to using your documents to actually draft your bankruptcy petition. Most bankruptcy petitions start at a minimum of 50 pages. Your creditor mailing matrix will also need to be accurate, or your creditors won’t be properly notified of your bankruptcy and may proceed with collections despite the Automatic Stay.

Your Bankruptcy Lawyer Will Be Familiar With Creditor Methods & Local Trustees

Some creditors are more likely than others to appear at your 341 Meeting of Creditors and file adversarial proceedings during your bankruptcy. Your Phoenix bankruptcy attorney should also have general knowledge about local bankruptcy court procedures, as well as specific trustees’ preferences and rules. This is expertise that you won’t be able to find on the internet or from an inexperienced attorney.

What Is The Role Of a Bankruptcy Attorney In Arizona?

A Bankruptcy Lawyer Can Be Your Legal Advisor

There are several considerations that go into where, when, and which type of bankruptcy you file. It is difficult to keep track of all of these considerations without a legal education and a background in bankruptcy. Just be honest with your attorney, and they should be able to foresee any potential obstacles in your case.

An Intermediary Between You & Your Creditors

It can be far less confusing and stressful to hear news from your creditors when it has first been filtered through your attorney. Your creditors must contact your Phoenix bankruptcy attorney instead of you after being informed of your retainer.

Hearing Representation

Everyone who files bankruptcy must attend a 341 Meeting of Creditors. You may also need to attend adversarial proceedings and reaffirmation hearings in either bankruptcy chapter. Everyone who files Chapter 13 must also attend a plan confirmation hearing. An attorney will prepare you for these hearings and guide you through them real-time.

Post-Bankruptcy Support

Your Phoenix bankruptcy attorney should prepare you for what comes after bankruptcy, but that doesn’t mean you won’t have additional questions and concerns after your debts are discharged. You may have discovered long-forgotten debts that need to be amended in your bankruptcy petition. Additionally, you may need advice on how to rebuild your credit.  If so, contact our Phoenix Bankruptcy Attorney for help.

Fresh Start Bankruptcy In Phoenix Is Just a Call Away

Bankruptcy can be a complicated process, but having quality attorney representation will ease much of the stress you experience. An attorney will expedite your bankruptcy process, and help you avoid additional fees and seizures of your assets. When you file with our Phoenix Bankruptcy Attorneys, you will get this type of quality representation from our experienced bankruptcy lawyers. Our dedicated staff and attorneys will guide you through each step of the process, so you can feel confident and secure throughout your entire bankruptcy. Call or use our online form to get started with your free consultation today. (480) 462-0406

What Type of Bankruptcy Is Right for You?

When you meet with our attorneys, we will discuss the types of bankruptcy available to you and work with you to determine which route may be best for your situation. We work with consumers hoping to file one of these two options.

Chapter 7 Bankruptcy

In this form of bankruptcy, your debt is discharged. You petition the court to ask them to eliminate what you owe to creditors. In exchange, you will relinquish ownership of assets that go above and beyond the Arizona exemptions. These exemptions may help to protect some of the equity in your home, your possessions, and your vehicle.

When filing for Chapter 7 bankruptcy in Arizona, there will be no repayment plan proposed or enacted. Instead, your non-exempt assets will be gathered and liquidated to pay creditors’ claims. This can settle back payments, leaving you free to continue your payments if both parties agree. Another option, if available, would be to give the holder a lump sum to settle the debt entirely.

Once any excessive assets are sold, the rest of your debt is forgiven. With our help, we will minimize any lost assets while also working to pursue a fast discharge of the debts owed.

Chapter 13 Bankruptcy

In this form of bankruptcy, your assets are not sold. Instead, they are recognized to make them easier to repay. With a structured repayment plan that lasts between 3 and 5 years, you are able to repay some of what you owe without creditor harassment. Instead, you will make a payment to the bankruptcy court each month throughout this time.

Also known as a “wage earner’s plan,” Chapter 13 bankruptcy enables individuals with steady and reliable income to develop a debt repayment plan with their creditors over the course of three to five years. The time frame allocated to debtors for repayment depends on income level relative to the debts they owe. Filing for Chapter 13 stops creditor harassment by precluding them from beginning or continuing measures for debt collection during the payment period.

Over time, the bankruptcy court will determine if you are compliant. At the end of the process, the remaining debt is discharged.

Could Filing Bankruptcy Save You Money?

There are many situations where continuing to make minimum payment on debt is an expensive mistake. If you cannot pay off your debt within a few years, that could mean that it will be very expensive to do and throughout that time, you are likely to face numerous hardships and frustrations. The interest that compounds on your credit card debt can be hard to overcome, but our legal team can help you.

When you meet with our bankruptcy lawyer in Phoenix, we will provide you with clear, actionable guidance. That includes:

  • Discuss your current financial situation including how much debt you have and who you owe.
  • Providing you with options to determine the eligibility for filing either form of bankruptcy, and what repayment or discharge may look like to you.
  • Stop creditors from calling and harassing you, freeze all garnishment actions against you, and stop foreclosure immediately.

At Want A Fresh Start, we also offer a few key advantages that not all bankruptcy attorneys in Phoenix can including:

  • Stop wage garnishments the same day for no extra cost to you.
  • You can stop foreclosures and lawsuits immediately.
  • You can make one call to us, learn about your options, and file the same day without any extra cost for doing so.

More so, we are happy to offer insight and guidance to you even if you are not sure if bankruptcy is right for you. When you set up a consultation with our team, we will provide you with transparent information and honest advice. There are some situations where we do not recommend filing bankruptcy – and we will tell you that. When it may benefit you, we will offer options to support your future.

Let Us Help You to Build a Better Financial Future Now: Phoenix Bankruptcy Attorney

If you have any of these types of debts or financial situations, we encourage you to contact us immediately to learn about your legal options and rights to file bankruptcy:

  • Excessive credit card bills – whether they are maxed out or have high interest rates and payments
  • Threats of repossession of your assets
  • Threats of foreclosure on your home
  • Utility foreclosure actions against you
  • Lawsuits filed against you from creditors
  • Past due payments on rent or your mortgage
  • Wage garnishment threats
  • Medical debt you cannot pay
  • Judgements against your for debs

With a consultation with our team, you will learn what your rights are for overcoming these financial challenges. Every situation is vastly different, but it does not matter how you got into this place. Our goal is to provide you with the legal options to get out of it. For more than 20 years, we have been the best bankruptcy lawyer in Arizona and we will continue to fight for your financial wellbeing as well.

Bankruptcy Is the Beginning of Your Financial Health

Do not view bankruptcy in a negative fashion because for many of our clients it is the start of a better financial future. It is an opportunity to move forward with a better potential outcome. There are negative factors to consider with bankruptcy, and our attorneys will discuss the consequences to you based on how it may impact you.

To learn more about what our bankruptcy lawyer in Phoenix can do for you, contact our team immediately. Want A Fresh Start is available to help you 7 days a week.

Phoenix Bankruptcy Law Firm

EZ Legal Fees by WantAFreshStart, LLC Phoenix, AZ

343 W. Roosevelt, First Floor, Phoenix, AZ 85003, United States

  • From Margaret T. Hance Park, head west on W Culver St. toward N 3rd Ave
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  • Turn left onto W Roosevelt St
  • Turn right onto N 4th Ave.
    The destination will be on the left