FREQUENTLY ASKED BANKRUPTCY QUESTIONS

Understanding Arizona Bankruptcy Better

THE LAW OFFICE OF MY AZ LAWYERS 480-488-9800

HOW LONG DOES THE BANKRUPTCY PROCESS TAKE?

Obviously no two bankruptcies are exactly the same.  Typically, a Chapter 7 bankruptcy can take about four months (from the time of filing to the final discharge.) A Chapter 13 bankruptcy can take 36 to 60 months to entirely complete.

WHAT IS AN AUTOMATIC STAY?

When a bankruptcy is filed, an automatic stay is put into effect.  This means that ALL CREDITOR COLLECTION ACTIVITY MUST STOP.  Wage garnishments, bank levy, collection phone calls, foreclosures, reposessions…  under bankruptcy protection, the automatic stay requires creditors to immediately cease and desist all collection activities.

WHAT PROPERTY WILL BE PROTECTED IF I DECLARE BANKRUPTCY?

Arizona has exemption laws.  If you have lived in AZ for two years or more prior to filing your bankruptcy, you can typically protect your property under these laws.

WHAT IF I NEED TO FILE BANKRUPTCY, BUT I’M A BUSINESS OWNER

The answer here is to contact My AZ Lawyers.  This is a perfect example of a case that needs the attention of a knowledgable and experienced AZ bankruptcy law attorney.  My AZ Lawyers will determine which type of bankruptcy is best for your situation. The lawyers will hear your issues and concerns and help you decide which options are best to meet your financial goals both personally and for your business.

WHAT ABOUT MY STUDENT LOAN DEBT? 

It should be noted that it is virtually impossible to discharge student loans in any type of bankruptcy.