When you are financially struggling, it can be hard to get your head above water. The bills continue to pile up and the money is just not there. This will not only take a toll on you financially, but also emotionally.
Many people are hesitant to file for bankruptcy because they are worried about their credit and their financial future. However, sometimes bankruptcy is the answer and the relief you need. A phoenix personal injury attorney phoenixcan help you file and get back on your feet financially.
No matter what the cause of bankruptcy; whether it is from a job loss, divorce, illness or any other troubling time that life throws at you, filing for bankruptcy can give you the legal relief you need to move forward.
What Type of Bankruptcy is For Me?
There are two types of bankruptcy; Chapter 7 and Chapter 13. Chapter 7 is the most common type and relieves a person of most of their debt. They are no longer forced to repay their debt. If a debtor does not have the financial resources to pay back their debt, they will most likely be recommended to file Chapter 7.
Chapter 13 is slightly different from Chapter 7 in that a debtor arranges a payment plan to pay back their debts. Some of the debts might be forgiven, but not necessarily. This type of bankruptcy is filed when a debtor is seen to have enough financial resources and earns enough income to pay back their debts.
Most individuals who file for bankruptcy are recommended to file Chapter 7 by a Phoenix bankruptcy attorney. However, it is important for the attorney to evaluate their case and determine which type is best.
In order for an attorney to decide if bankruptcy is the right choice for you, they must determine if you meet a certain criteria. The specific criteria for filing bankruptcy includes the amount of income you earn, as well as your monthly expenses and your total debt.
Why You Need a Bankruptcy Attorney
Filing for bankruptcy is a serious matter. You do not want to hire an attorney with expertise in a different field, and you also should not try to represent yourself. You want an attorney who is an expert in bankruptcy and knows the specific laws of the state you live in.
Since the bankruptcy filing process can be a difficult one as there is much paperwork, and specific bankruptcy laws, you need to work with someone you trust. The attorney you work with needs to determine if filing bankruptcy is the best option for you.
Most Phoenix bankruptcy attorneys are experts in their field. They have helped many clients successfully file for bankruptcy and know the specific laws in Arizona. They also know the exact process and will help you get through it smoothly and efficiently.
If you have a question about your financial situation or are thinking about filing for bankruptcy, you should contact a bankruptcy lawyer at the Phoenix Attorney Network today for a consultation.