In a Chapter 7 Bankruptcy, you’re given the opportunity to completely wipe out all or most of your unsecured debt. This includes most credit cards, medical bills, utility bills and personal loans. This can also include tax obligations and student loan debt in some cases.
It’s a good idea to hire an experienced lawyer when filing for bankruptcy. This can ensure that the process is completed smoothly and quickly while minimizing your exposure to the many hassles involved.
A good Chapter 7 Bankruptcy Attorney in Phoenix, AZ should understand how to help you get the most out of this process and give you the best chance for success. They’ll review your finances, explain which chapter is right for you, assist you with filing and claim the proper exemptions to protect your property.
If you’re unsure of whether or not you need an attorney, we recommend that you contact us for a free consultation. This will allow you to ask all of your questions and have all of your legal issues clarified. We will be able to walk you through the entire process of filing for bankruptcy and give you all of the tools you need to succeed.
Chapter 7 Bankruptcy is a way to reset your financial life and get out of debt without paying a dime. It provides a fresh start and allows your creditors to stop trying to collect on their accounts. This is because once your case has been filed, you are no longer considered a debtor and can’t be garnished or have your wages seized.
It can also help to prevent repossession of your vehicle or foreclosure of your home. In addition, it will also eliminate your obligation to pay back some of the fees and interest associated with late payments and missed payments.
The bankruptcy process will involve a number of meetings with your creditors, a trustee and the court. You’ll need to provide detailed information about your assets, income, expenses and debts. You’ll also need to submit recent tax returns and pay stubs, which the trustee will use to verify your income.
You’ll also need to attend your 341 Meeting of Creditors, which is a meeting held by the trustee. This is where they will examine your income and expenditures to determine how much you can pay back to your creditors.
In the end, the trustee will then liquidate your nonexempt property to repay your debts. This may mean selling your car, home or other assets and using the proceeds to pay off your debts.
A bankruptcy filing is a significant event that will remain on your credit report for seven to 10 years, so it’s important to make the right decision for you. The bankruptcy attorneys at Macco Law Group, LLP will work to ensure that your case is handled effectively and efficiently so that you can receive the debt relief you deserve.
We have been helping people with their bankruptcy and other legal matters for more than 35 years. If you’re interested in filing for bankruptcy, we encourage you to contact us today to schedule a free consultation. We’ll be happy to discuss the options for getting out of debt and starting your life over.