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Are You Allowed To Keep Insurance Proceeds After Filing For Chapter 7 Bankruptcy

Are You Allowed To Keep Insurance Proceeds After Filing For Chapter 7 Bankruptcy?

Life Insurance Funds & Bankruptcy: What You Need To Know

Filing for bankruptcy is a significant decision, and you might be wondering if you can keep insurance proceeds after filing for a Chapter 7 bankruptcy. The answer will depend on a variety of factors, so always consult with an experienced Gilbert bankruptcy law firm before filing. Why you received the insurance money, where you live, and when you collected the money will be taken into consideration, along with other factors.

In Arizona, proceeds from accident, employment, disability, and life insurance are generally exempted from the bankruptcy process when the filer meets certain qualifications.

Filing For Bankruptcy In Arizona

What Are Bankruptcy Exemptions?

When you file for Gilbert Chapter 7 bankruptcy, all of your property and possessions can potentially be considered part of the bankruptcy estate. However, that doesn’t mean that you will lose all of your possessions and end up homeless. The goal of bankruptcy is to give individuals a fresh start and a solid financial future.

For this reason, each state has its exemption laws protecting specified assets from being liquidated to pay for your debts. Many people can exempt all of their property in a Chapter 7 bankruptcy, but not necessarily, so be sure to consult with your Gilbert bankruptcy lawyer about your situation. You may be able to keep your primary home and vehicle that provides transportation to work or school. But in most cases, you won’t be able to keep nonessential property, such as a vacation home, boat, collectible car, secondary watch, and other similar possessions.

Many assets, such as some types of retirement accounts and your children’s bank accounts, are protected from bankruptcy proceedings. However, it’s critically important that you do not transfer funds into these accounts in an effort to prevent them from being used to pay for your debts. All of your accounts will be carefully examined. Money that was transferred right before you filed may be considered fraudulent and be returned to its original account. You are also at risk of having your bankruptcy petition denied.
Insurance proceeds are considered an asset and are subject to their own regulations.

Accident Insurance Proceeds & Chapter 7 Bankruptcy

If you receive insurance money as the result of an accident or personal injury when the accident happened and whether you qualify for a bankruptcy exemption will be considered. In many states, insurance proceeds are considered to be part of the bankruptcy estate and subject to liquidation. Some states offer a “wildcard” exemption, which enables individuals to protect one asset up to a certain amount. However, Arizona has its own generous regulations regarding exemptions and does not offer wildcard exemptions.

In Arizona, if the accident or injury took place after you filed for Gilbert Chapter 7 bankruptcy, you’ll be able to keep the insurance proceeds because they won’t be part of the estate, and exemption laws won’t apply.

If you are injured in an accident that happened before you filed for Chapter 7 bankruptcy, your insurance proceeds may be exempt from liquidation through Arizona’s exemption laws, which include insurance proceeds. The date of the accident, not when you actually received the money, is what matters in this situation. You must have lived in Arizona for at least two years before filing for bankruptcy in order to qualify for Arizona bankruptcy exemptions. If you have recently moved from another state, you may be subject to the bankruptcy laws of that state.

Life Insurance Proceeds & Chapter 13 Bankruptcy

Life insurance proceeds are also exempted from the bankruptcy estate according to Arizona statutes in many cases. Like personal injury proceeds, the date of the policy will be taken into consideration. Only certain people can be the beneficiary of the policy if it is going to be exempted.

If you received the life insurance payout at least two years before filing for bankruptcy, the cash value of the policy is exempt from bankruptcy proceedings. The beneficiary must be a surviving spouse, child, parent, brother, sister, or dependent family member of the debtor in order to qualify for an exemption and be protected from liquidation.

What About Other Types Of Insurance?

Arizona protects accident, life, disability, and employer insurance proceeds from bankruptcy with certain conditions. Because these conditions can be complicated and timing may be crucial, discuss the situation carefully with your Gilbert bankruptcy lawyer before you choose to file. The timing of your filing may also matter for other reasons, so be sure to ask your attorney’s advice about when you should file in order to protect as many of your assets as possible.

Accurate Disclosure

It’s crucial that any claim to insurance proceeds is accurately disclosed in your bankruptcy schedules. Failure to disclose this information could result in a delay or denial of your bankruptcy petition.

Pending Litigation

In some cases, if the insurance settlement has not been reached when you file Chapter 7 bankruptcy, your bankruptcy trustee may take over handling any pending litigation. This will likely happen only when the insurance proceeds are not exempted from the bankruptcy estate.

Court Approval of Settlement

If you have pending insurance action and have not reached a settlement at the time of your bankruptcy filing, the court may need to approve any settlement that is reached to make sure that it is being made in good faith and in the best interest of your estate.

Get Advice From a Trusted Bankruptcy Lawyer In Arizona

There are many factors to consider when filing for bankruptcy, and the attorneys at Gilbert Bankruptcy Lawyers are ready to help guide you through the process. We will carefully examine your situation to make personalized recommendations and tailored approaches for each individual. Schedule your confidential, free case review with us today!

 

Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Email: info@myazlawyers.com
Website: https://gilbertbankruptcylawyers.com

Additional Information at:
Phoenix Bankruptcy Lawyer
Mesa Bankruptcy Lawyers
Phoenix DUI Lawyer
Chandler Bankruptcy Lawyer
Tempe Bankruptcy Lawyers
Vegas Zero Down Bankruptcy Attorney
Gilbert Bankruptcy Lawyers
Tucson Bankruptcy Lawyer
Arizona Zero Down DUI
Las Vegas Bankruptcy Lawyers
AZ Bankruptcy Lawyer

Could Filing For Bankruptcy Affect My Family

Could Filing For Bankruptcy Affect My Family?

What To Expect When Filing For Bankruptcy

If you are facing an overwhelming amount of debt that you cannot repay on your own even with a tight budget and working overtime, you may be wondering if filing for bankruptcy is right for you. For many people, this is a complicated and difficult decision with many factors to consider. Bankruptcy isn’t the best choice for everyone and will affect your credit and finances for years to come, so it’s important to make sure you’ve exhausted other resources and discussed your financial situation carefully with an experienced Gilbert bankruptcy lawyer before you decide to proceed. Bankruptcy will not only affect your own life but will impact the life of your spouse and dependents as well.

There are many myths about bankruptcy, but your lawyer can help you separate fact from fiction. But because filing for bankruptcy will have a significant impact on your family, it’s crucial that you enter the bankruptcy process with a full understanding of how it can affect your spouse and dependents so you can minimize the negative side effects as much as possible.

How will bankruptcy affect your family? Here are some of the most common implications.

Filing For Bankruptcy In Arizona

Understand Which Assets Are Protected & Which Are Not

Any money that is held in a trust for your child’s future is not part of your bankruptcy estate and will not be liquidated. Additionally, any funds that your child has in their bank account is also protected from liquidation and is not considered to be your money even if you are a custodian for the bank account.
However, it’s crucial that you do not transfer any of your own money into a trust or bank account belonging to your child in an attempt to keep this money protected. Doing some can be considered fraudulent. You will either be required to return this money to its original account or have your bankruptcy petition denied.

Some Of Your Child’s Or Spouse’s Property May Be Liquidated

If you file for a Gilbert Chapter 7 bankruptcy, all of your nonexempt assets will be liquidated to help repay your debts. Although Arizona law protects some of your assets, some toys, furniture, and other household items that are deemed nonessential could be liquidated by the bankruptcy trustee. This can include items that belong to your child or spouse.

Your Child Might Need To Change Schools

If you file for a Gilbert Chapter 13 bankruptcy and your child attends a private school, your child may need to transfer to a local public school. Your bankruptcy trustee will utilize a “means test” that will help them determine whether you qualify for a Chapter 13 bankruptcy. You will be able to deduct up to $1,875 per child, per year, for educational expenses. If your child attends private school and their tuition exceeds this amount, you’ll need to either transfer your child to a less expensive school or obtain a scholarship.

Will My Bankruptcy Affect My Spouse’s Credit?

When you file for bankruptcy, you have the option to file individually or jointly with your spouse. This may be a difficult decision, so be sure to have good communication with your spouse and consult together with your Gilbert bankruptcy attorney before finalizing your decision. If you decide to file individually, only your credit score will suffer. This means that an individual filing will protect your spouse’s credit from being affected. However, if many of your financial obligations and debts are shared, a joint filing may be the right decision, even though this will negatively affect both of your credit scores.

Even if you choose to file bankruptcy individually, your spouse will still feel the impact. People who file for Chapter 7 bankruptcy will lose nonexempt household assets and possessions, which may include your spouse’s possessions. If you file for Chapter 13 bankruptcy and need to follow a tight budget and repayment plan, your spouse’s cooperation and dedication to following the budget will be crucial to successfully making your debt payments.

Consult With a Trusted Bankruptcy Lawyer In Gilbert

Filing for bankruptcy is a big decision that will affect your life and the lives of your spouse and dependents. For many people, filing for bankruptcy ultimately has a positive effect on the whole family by eliminating overwhelming debt that is keeping the family from a successful future. If you are wondering whether filing for bankruptcy is right for you and want to talk about the best way to proceed, contact the experienced attorneys at Gilbert Bankruptcy Lawyers. We have assisted hundreds of families just like yours through the complexities of bankruptcy, and we are ready to help you, too! Enjoy the peace of mind that comes from discharging debt and gaining a fresh start. Call our office to learn more about how we can help.

 

Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Email: info@myazlawyers.com
Website: https://gilbertbankruptcylawyers.com

Additional Information at:
Phoenix Bankruptcy Lawyer
Mesa Bankruptcy Lawyers
Phoenix DUI Lawyer
Chandler Bankruptcy Lawyer
Tempe Bankruptcy Lawyers
Vegas Zero Down Bankruptcy Attorney
Gilbert Bankruptcy Lawyers
Tucson Bankruptcy Lawyer
Arizona Zero Down DUI
Las Vegas Bankruptcy Lawyers
AZ Bankruptcy Lawyer

Can-You-Get-Rid-Of-Medical-Debt-If-You-File-For-Bankruptcy

Can You Get Rid Of Medical Debt If You File For Bankruptcy?

How To Recover From Medical Debt After Filing For Bankruptcy

If you’re overwhelmed with medical bills, you may be wondering whether filing for bankruptcy can eliminate your medical debt. The answer is yes; medical bills can be discharged through bankruptcy. In fact, medical debt is one of the most common reasons why people file for bankruptcy. Consulting with your Gilbert bankruptcy lawyer can help you better understand the process and which type of bankruptcy might be right for you.

Medical Debt When Filing For Bankruptcy In Arizona

Filing for Bankruptcy to Discharge Medical Debt

Filing for bankruptcy can be a solution to medical debt, but when you file, you must include all of your debt. Other debts that can be discharged through bankruptcy include:

  • Credit card debt
  • Utility bills
  • Rent or lease payments
  • Gym memberships and other types of memberships
  • Personal loans
  • Payday loans
  • Mortgages, auto loans, and other secured debts, although you’ll need to return the property to the lender
    Some bills and obligations cannot be discharged through bankruptcy. Nondischargeable debts include:

  • Child support
  • Alimony
  • Recent tax debts
  • Federal student loans

    When Should I File For Bankruptcy?

    Timing your bankruptcy is crucial, so be sure to consult with your Gilbert bankruptcy attorney before filing any documentation. The frequency of bankruptcy filing is limited; if you incur additional bills after your first bankruptcy, you will be unable to file again for eight years or longer. It’s important to make sure your medical condition has stabilized and that you can handle an unexpected financial crisis before filing.

    Medical Bills Under Chapter 7 Or Chapter 13 Bankruptcy

    Both chapters of bankruptcy will discharge medical debts, but they work differently. You may only qualify for one type of bankruptcy or the other. You’ll need to consider your income and qualifications, whether you want to keep your property, and other factors.

    Chapter 7 Bankruptcy

    Chapter 7 bankruptcy quickly discharges all of your debts. You’ll be able to eliminate your medical bills, credit card debt, personal loans, past-due rent payments, and some other types of debt. Although some of your property will be protected in Gilbert Chapter 7 bankruptcy, the bankruptcy trustee will garnish some of your personal property in order to pay what you owe. This means any luxury vehicles, second homes, and other valuables will be used to pay back your creditors. You may also lose your home, vehicle, and other property with a secured loan if you owe significant amounts of debt on them.
    Not everyone will qualify for a Chapter 7 bankruptcy, but if you choose to file this chapter, the bankruptcy will remain on your credit for ten years and have a longer impact on your future.

    Chapter 13 Bankruptcy

    This type of bankruptcy is essentially a restructuring of your debts. Your medical debt and most other debts will ultimately be discharged, but you will make monthly payments on your debts for a 3-5 year period, after which the remainder of your debts will be forgiven. An advantage of Gilbert Chapter 13 bankruptcy is that you’ll be able to keep your home, vehicle, and other property. Chapter 13 can also be a good option if you have tax debt or other nondischargeable debts. You’ll be able to catch up with affordable payments over a time that will be determined by a bankruptcy trustee within certain guidelines.
    Like Chapter 7 bankruptcy, not everyone will qualify. There are debt limits to Chapter 13 bankruptcy, and you must have a sufficient minimum income. However, bankruptcy filing will only remain on your credit for seven years, making it easier for you to rebuild your finances and credit in the future.

    Which Type Of Bankruptcy Is Right For Me?

    When it comes to filing for bankruptcy, there are many factors to consider with your Gilbert bankruptcy law firm. Filing for bankruptcy isn’t the best choice for everyone; you’ll want to carefully consider some of the following questions:

  • Has my illness or injury resolved, ending my medical bills, or am I anticipating another significant financial crisis?
  • Have I applied for payment assistance through the hospital and exhausted all other payment plan options?
  • Do I have other debts that could also be eliminated?
  • Is my income low enough to qualify for Chapter 7, or do I have too much debt to qualify for Chapter 13?
  • What does my attorney recommend?
    If you and your attorney determine that filing for bankruptcy is your best option, you can expect to receive constant guidance and assistance from your bankruptcy lawyer as you go through the process.

    Get More Information About Bankruptcy from a Leading Attorney Firm

    Learn more about your options for eliminating medical debt when you consult with the attorneys at Gilbert Bankruptcy Lawyers. Our experienced attorneys will carefully consider your situation and help you make the best decision. Let us help ease the burden of overwhelming medical debt. Contact us today to schedule your free case review.

     

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Additional Information at:
    Phoenix Bankruptcy Lawyer
    Mesa Bankruptcy Lawyers
    Phoenix DUI Lawyer
    Chandler Bankruptcy Lawyer
    Tempe Bankruptcy Lawyers
    Vegas Zero Down Bankruptcy Attorney
    Gilbert Bankruptcy Lawyers
    Tucson Bankruptcy Lawyer
    Arizona Zero Down DUI
    Las Vegas Bankruptcy Lawyers
    AZ Bankruptcy Lawyer

  • How Do Wage Garnishment Laws Work In Arizona

    How Do Wage Garnishment Laws Work In Arizona?

    Wage Garnishment In Arizona: Everyting You Need To Know

    A wage garnishment is a court order that requires your employer to withhold a specified amount of money from your paycheck and send it directly to a creditor. If you are behind on credit card payments or medical bills, your wages cannot be garnished unless the creditor sues you and obtains a judgment from the court. Other creditors, such as child support or alimony, have a statutory right to garnish your paycheck without a court order.

    Wage Garnishment In Arizona

    What Are The Limits On Wage Garnishment In Arizona?

    Even if you owe a very large amount of debt, creditors cannot seize all of your paychecks; there are legal limits to how much can be garnished. According to federal law, no more than 25% of your disposable earnings per week can be garnished after mandatory deductions or the amount by which your disposable earnings exceed 30 times the federal minimum hourly wage, whichever is less. Individual states have the ability to impose stricter limits than federal law, but Arizona essentially follows federal law with a few additional protections. For example, garnishment can be reduced to 15% in the event of extreme economic hardship.

    Your wages will be garnished until your debt is paid in full or until you are able to stop the garnishment. Two of the most common ways to stop a garnishment are claiming an exemption with the court or filing for bankruptcy. Bankruptcy can potentially stop almost all types of wage garnishments. Talk with your Gilbert bankruptcy law office to learn more about how filing for bankruptcy can affect your wage garnishment.

    What Are “Disposable Earnings”?

    “Disposable earnings” indicate the remaining portion of your paycheck, salary, or other compensation for services, including bonuses, commissions, payments to a pension or retirement program, or deferred compensation plan, after mandatory tax deductions have been taken. Because the calculation for disposable earnings and wage garnishment can be confusing, it can be helpful to consult with a Gilbert bankruptcy attorney to learn more about wage garnishment limits and how filing for bankruptcy can effectively stop wage garnishment.

    What About Child Support, Student Loans & Taxes?

    Court orders for child support include an automatic income withholding order, meaning that child support is automatically deducted from your paycheck without a special court judgment. If you are behind on child support, the other parent can get a wage garnishment order from the court, although this type of wage garnishment is limited by federal law. In Arizona, up to 50% of your disposable earnings may be garnished for a child support order.

    The U.S. Department of Education can garnish up to 15% of your pay if you default on a federal student loan, called an administrative garnishment. Because regulations regarding wage garnishment are subject to change and may be affected by student loan forgiveness programs, always consult with your Gilbert bankruptcy lawyer to learn how the laws may apply to your situation.

    If you owe back taxes, the federal government can garnish your wages without a court judgment. The exemption amount that you can keep will depend on a variety of factors, including your standard deductions. You may also face wage garnishments for unpaid state and/or local taxes.

    How Can I Protect My Wages from Garnishment?

    If you’ve received a notice of a wage garnishment order, you may be able to protect or exempt some, or all, of your wages by filing an exemption claim with the court. Filing for bankruptcy will also stop most garnishments, at least temporarily. Your Gilbert bankruptcy attorney can help you understand how filing for bankruptcy can stop wage garnishment and help you determine the best way to manage your debts.

    Am I At Risk Of Job Termination Due To Wage Garnishment?

    Complying with wage garnishment orders is additional work for your employer, and some may prefer to terminate your employment rather than deal with the hassle. However, federal law provides some protection: your employer cannot terminate your job if you have one wage garnishment order. Arizona offers additional protection for debtors. Your Arizona employer cannot fire you for a child support withholding order. Although new hires may be required to disclose an existing child support withholding order, your employer cannot discriminate or base their hiring, firing, and disciplinary actions on this information.

    Get Help With Wage Garnishment From An Experienced Bankruptcy Lawyer In Arizona

    Wage garnishment can be overwhelming, but Gilbert Bankruptcy Lawyers are ready to help you understand your legal rights and options. Our firm has extensive experience navigating the complexities of federal and state bankruptcy law. We work on behalf of all of our clients to provide trustworthy legal advice and the best financial options. Contact us today to schedule your confidential, obligation-free consultation and learn more about how we can help you.

     

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Additional Information at:
    Phoenix Bankruptcy Lawyer
    Mesa Bankruptcy Lawyers
    Phoenix DUI Lawyer
    Chandler Bankruptcy Lawyer
    Tempe Bankruptcy Lawyers
    Vegas Zero Down Bankruptcy Attorney
    Gilbert Bankruptcy Lawyers
    Tucson Bankruptcy Lawyer
    Arizona Zero Down DUI
    Las Vegas Bankruptcy Lawyers
    AZ Bankruptcy Lawyer

    What Are The Best Ways To Spend Your Tax Return Wisely When Filing For Bankruptcy In Arizona

    What Are The Best Ways To Spend Your Tax Return Wisely When Filing For Bankruptcy In Arizona?

    How To Use Your Tax Refund When Filing For Bankruptcy

    Most people eagerly await their tax refund. Maybe they have extra expenses to cover, want to buy something outside their normal budget, or like to have some extra funds in the bank. In other cases, a tax return is a necessary part of an annual budget or needs to go directly into debt repayment.

    If you’re planning to use your tax return to pay off debt, filing for bankruptcy might be a better option. If you plan to file bankruptcy this year, it’s important to be aware that how you spend your tax return can affect your bankruptcy proceedings, leading to a waiting period or postponement. Alternatively, filing without spending your tax return can lead to losing those funds. Always consult with a Gilbert bankruptcy lawyer about when and how to spend your tax return if you are considering filing for bankruptcy.

    What Are The Best Ways To Spend Your Tax Return Wisely When Filing For Bankruptcy In Arizona?

    Should I Use My Tax Return to Pay Off Debts?

    If you have a small amount of recent debt, such as a credit card, using your tax return to pay off the account in one large payment can save you money in the long run. You’ll avoid paying high interest rates for months to come, and enjoy safety from the possibility of not being able to make your monthly payments if something happens in the future. Although it might be more fun to spend your tax return on something else, it’s wise to use your tax return for smaller amounts of current debts if that will help you get your finances back in order.

    Should I Use My Tax Return for Old Debts?

    If you have had a debt for a long period of time, do some research before using your tax return to pay off the balance. Arizona recognizes statutes of limitations that may prevent a creditor from pursuing you in order to pay off the balance of a long-term debt. In some cases, filing for bankruptcy is a better way to deal with the debt. Consult with a bankruptcy law office in Gilbert to determine whether your tax return should be paid toward an old balance, or if filing for bankruptcy might be better option.

    What’s the Best Way to Use my Tax Return Before I File For Bankruptcy?

    If you and your attorney have determined that filing bankruptcy is your best option, you’ll need to carefully consider exactly how to spend your tax return money. In Arizona, your tax return isn’t protected in the bankruptcy process, which means the trustee can take a percentage of it to pay for your debts if you file Gilbert Chapter 7 bankruptcy.

    Additionally, Arizona has bank account exemptions and will limit how much money you can retain in your accounts when you file Chapter 7 bankruptcy. In most cases, this means it will be most strategic to carefully spend your tax return before your file for bankruptcy so that you don’t lose the money. Some of the best ways to do this include:

    · Medical or dental care
    · Repair or maintenance on your primary vehicle
    · Stocking up on household essentials that will store for a long time, such as toilet paper and other dry goods
    · Reasonably priced furniture
    · School clothes and supplies for your child
    · Reasonable clothing, especially work apparel
    · Bankruptcy attorney fees and court costs

    It’s crucial to make sure your spending is reasonable. Your trustee probably won’t object to replacing old furniture, but luxury spending, expensive handbags, jewelry, and vacations are a bad idea. If you make these types of purchases on a credit card, they may not be discharged in the bankruptcy process or your petition may be denied.

    It’s also not a good idea to use your tax return to repay personal loans from parents, friends, or family before filing for bankruptcy. Although this may seem like a good idea, it’s known as a preferential payment and is prohibited. Your bankruptcy trustee will require those funds to be returned and evenly distributed among your creditors. If you have any doubts about how to spend your money before bankruptcy, talk with your Gilbert bankruptcy attorney.

    Invest in Yourself with Your Tax Return

    If you will be filing for bankruptcy, you may be on the verge of other significant life changes. Your tax return could provide vital funds for those changes. For example, maybe you need to prepare some assets for sale, want to begin an educational program that will further your career, or need equipment for your own business. Your tax return can be a valuable tool for investing in yourself in a way that is protected in bankruptcy and enables you to build a fresh start.

    Make the Most of Your Bankruptcy Filing with Expert Legal Advice

    Filing for bankruptcy in Arizona can be overwhelming. It’s important that your petition is detailed, accurate, thorough, and timed carefully. Accidental mistakes can delay your petition, result in loss of valuable assets, and cost you thousands of dollars. In extreme situations, your case could be dismissed or you could even be charged with bankruptcy fraud.

    That’s why working with the experienced legal team at Gilbert Bankruptcy Lawyers can help you make the most of your bankruptcy filing. We have collective decades of experience in assisting clients through each step of bankruptcy proceedings. Our attorneys will work to protect your rights, guide you through your options, and represent you from start to finish. Contact us today for a professional and confidential case review that can help you begin a fresh start free from debt!

     

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Additional Information at:
    Phoenix Bankruptcy Lawyer
    Mesa Bankruptcy Lawyers
    Phoenix DUI Lawyer
    Chandler Bankruptcy Lawyer
    Tempe Bankruptcy Lawyers
    Vegas Zero Down Bankruptcy Attorney
    Gilbert Bankruptcy Lawyers
    Tucson Bankruptcy Lawyer
    Arizona Zero Down DUI
    Las Vegas Bankruptcy Lawyers
    AZ Bankruptcy Lawyer

    Is It Possible To Get a Business Loan After Bankruptcy?

    Is It Possible To Get a Business Loan After Bankruptcy?

    Starting a New Enterprise After Filing For Bankruptcy

    Entrepreneurs who have gone through a bankruptcy often wonder if they will be able to start a new business in the future. Starting a new enterprise without capital may be difficult to impossible, which means that being able to acquire a business loan is crucial. But will you qualify for a business loan after bankruptcy?

    Is It Possible To Get a Business Loan After Bankruptcy?

    Business Loans After Bankruptcy

    Although bankruptcy provides a way out of overwhelming debt, it’s important to remember that there are always repercussions. You’ll face a serious hit to your credit score and may have difficulty getting any kind of loan, especially on reasonable terms, for several years after filing. It is possible to start a new business after bankruptcy, but you’ll probably face some additional challenges and will need to take specific rebuilding steps in order to build up your credit and move forward.

    As with every other aspect of bankruptcy, you’ll want to discuss your options with your Gilbert bankruptcy law office.

    Types of Bankruptcy Filing In Arizona

    The exact steps to take in order to rebuild your finances will depend on what type of bankruptcy you filed.

    Chapter 7 bankruptcy will use all of your non-exempt assets to pay toward your debts. Your debts will be discharged in just a few months, after which you’ll have a bankruptcy on your credit history for up to 10 years. This is generally a better option for people who have low income and large amounts of unsecured debts such as medical bills or credit card debt.

    Chapter 13 bankruptcy restructures your debt and establishes 3-5 years of monthly repayments toward your debts. At the end of the term, your remaining debts are forgiven, and the bankruptcy will remain on your credit history for 7 years. Chapter 13 is a better option for people who want to keep their assets or have a higher income but need some breathing room to catch up on debt.

    When filing Gilbert Chapter 7 bankruptcy, some of your assets are exempt from liquidation while others will be used by the bankruptcy trustee to pay for your debts. Bankruptcy as a whole is meant to help individuals rebuild their lives, not end up homeless on the street with no means of moving forward. Assets including your primary home, your vehicle, cash, and retirement accounts are generally exempt, depending on their worth.

    Exempted Assets In Arizona

    Exemptions can be complicated, so it’s important to work with an experienced Gilbert bankruptcy attorney who can guide you through the process and help you choose the best type of bankruptcy filing for your situation.

    Assets that you will likely be able to keep after filing Chapter 7 bankruptcy include:

    • Your primary home, depending on its value and equity
    • Personal property such as furniture, appliances, and clothing
    • Your primary vehicle with certain value limits
    • Some types of insurance proceeds
    • Retirement accounts such as 401(k) and IRA
    • Workers’ compensation benefits
    • Welfare assistance benefits

    If you’ve lived in Arizona for two full years before you file for bankruptcy, you will be eligible to receive all recognized exemptions. If you’ve lived in Arizona for less than two years, what exemptions you are eligible to receive is more complicated.

    Some debts cannot be discharged in bankruptcy. These include:

    • Child support and alimony
    • Criminal fines and penalties
    • Some tax obligations
    • Student loans
    • Fraudulent debts

    How Do I Move Forward after Bankruptcy?

    Although a bankruptcy will remain on your credit score for 7-10 years after filing, there are still a lot of steps you can take to improve your credit score, rebuild your finances, and put yourself in the best position to take out a business loan. The good news is that lenders tend to look at credit scores more than comments on your credit report, meaning that if you are actively working to rebuild your credit, the lender will take that into serious consideration.

    Some of the most beneficial steps to take in order to rebuild your finances include:

    • Stay up to date on your credit reports. Verify that discharged debts are being correctly reported and that all information is accurate.
    • Obtain a secured credit card. For this type of card, you’ll put forward a certain amount of money, such as $500, and only be able to borrow against that amount. This leaves no risk to your lender and is an excellent way to rebuild your credit and develop good financial habits. A lender will appreciate your history of timely repayments when you apply for a business loan.
    • Work with a bankruptcy lawyer to help you get back on your feet, especially if you will still be facing large amounts of debt that cannot be discharged in bankruptcy. Sometimes declaring bankruptcy non dischargeable debt is an option that will enable you to have the income to pay back your other debts.

    With some effort toward rebuilding your life and finances after bankruptcy, you’ll be well on your way to successfully receiving a business loan for your new venture!

    Consult with Gilbert’s Top Rated Bankruptcy Attorney Firm

    Bankruptcy can be overwhelming, but working with the legal team at Gilbert Bankruptcy Lawyers can simplify the process. Our attorneys are committed to helping our clients understand their rights and options, and will work with you to develop a personalized debt relief solution with guidance every step of the way. Contact us today to schedule your free, confidential consultation!

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Additional Information at:
    Phoenix Bankruptcy Lawyer
    Mesa Bankruptcy Lawyers
    Phoenix DUI Lawyer
    Chandler Bankruptcy Lawyer
    Tempe Bankruptcy Lawyers
    Vegas Zero Down Bankruptcy Attorney
    Gilbert Bankruptcy Lawyers
    Tucson Bankruptcy Lawyer
    Arizona Zero Down DUI
    Las Vegas Bankruptcy Lawyers
    AZ Bankruptcy Lawyer

    What Assets Could You Lose When You File For Bankruptcy? 01

    What Assets Could You Lose When You File For Bankruptcy?

    What Assets Are Not Protected In Chapter 7 Bankruptcy Proceedings

    It’s a common misconception that a person who files for bankruptcy will lose everything they have, but fortunately, this is not true. Both federal bankruptcy laws and Arizona state statutes provide exemptions that protect many specific assets from being garnished in the bankruptcy process.

    However, some assets are not protected if you choose to file Gilbert Chapter 7 bankruptcy, instead, they will be sold and used by the bankruptcy trustee to help pay off your debts. Other types of bankruptcy have different regulations and may not include asset garnishing. The lost assets discussed in this article refer specifically to Chapter 7 bankruptcy proceedings.

    What Assets Could You Lose When You File For Bankruptcy? 01

    Essential & Non-Essential Property

    Generally speaking, property that may be lost during a Chapter 7 bankruptcy is property that is considered non-essential for a person’s basic necessities. This means your primary home and vehicle may be protected, depending on the circumstances. Each state has its own regulations. If you lived in a state other than Arizona for the 2.5 year prior to your bankruptcy filing, exactly what property is considered essential may be slightly different and will be taken into consideration by the trustee.

    The most common assets that can be lost during a Chapter 7 bankruptcy in Arizona include:

    Second or subsequent vehicles: Talk with your Gilbert bankruptcy attorney about the vehicles that you own. You may be able to claim an exception for your primary vehicle up to a certain value. However, an additional vehicle that you own is not protected and may be sold to pay your debts. Legally speaking, a vehicle that has your name on the title is considered to be your vehicle even if you are not actually using it. A common situation is where an adult child uses a vehicle that has a parent’s name on the title. Even though it is considered to be the adult child’s vehicle, it legally belongs to the parents and might be lost if the parents file bankruptcy. Choosing to sell or transfer a vehicle before filing for bankruptcy in an attempt to avoid losing it is typically not a good idea and can be considered bankruptcy fraud, so it’s crucial to be straightforward with your bankruptcy attorney about all the details of your situation.

    Recreational vehicles: All recreational vehicles, including ATVs, golf carts, and motorcycles that are not your primary vehicle are not protected in Gilbert Chapter 7 bankruptcy.

    Vacation homes: Your primary home will be protected in bankruptcy proceedings up to a certain amount, but second or vacation homes are not protected and may be used to help pay for your debts.

    Land and investment real estate: Raw land or real estate used for investment, including commercial buildings or rental properties, are not protected in Chapter 7 bankruptcy.

    Jewelry: Arizona enables debtors to protect an engagement or wedding ring valued up to $2000 and one watch valued up to $150. Other jewelry is not protected in Chapter 7 bankruptcy.

    Investments such as stocks, bonds, and mutual funds: Investments are not protected in Chapter 7 bankruptcy. This can be frustrating because investments are often being used to help provide for retirement. However, certain types of retirement accounts are protected in Chapter 7 bankruptcy. Money that is transferred to a retirement account immediately before a bankruptcy filing may not be protected, so talk with your Gilbert bankruptcy lawyer about investments and retirement accounts, and how to protect your assets.

    Is My Home at Risk?

    It’s easy to be confused about whether your home or property is at risk when you file for Chapter 7 bankruptcy because the equity in the property is what is considered. Equity is the value of the property minus any liens on it, such as a mortgage. For example, if you own a vacation home that is worth $200,000 and hold a $200,000 mortgage on it, there is no equity in the home, so you would not lose the home in Chapter 7 bankruptcy.

    How Can I Protect Property In Bankruptcy?

    If you file Chapter 7 bankruptcy and want to keep property that will not be protected, you may have the option to “buy it out” from the trustee. This means you would pay the trustee the equivalent of its value. Typically, this is only feasible for smaller valued items, such as heirloom jewelry or an inexpensive ATV. If you are filing for bankruptcy, you will typically not have the funds available to buy out a higher valued property.

    If you have high value property that you want to keep, you may be eligible to file a Gilbert Chapter 13 bankruptcy instead. This type of bankruptcy enables you to keep everything you own because you are essentially restructuring your debts and committing to an affordable repayment plan that will last 3-5 years. There are limitations and qualifications for filing either type of bankruptcy, so consult with your attorney about which type of bankruptcy is right for you and how to protect assets you want to keep.

    Consult with Gilbert’s Leading Bankruptcy Lawyers

    If you are facing financial hardship or being intimidated by debt collectors and wondering if bankruptcy might be right for you, contact Gilbert Bankruptcy Lawyers to schedule your confidential consultation. With extensive experience in Chapter 7 and Chapter 13 bankruptcy, we can help you understand the legal process, work to protect your rights, and help you determine the best next steps. Contact us today to schedule your free case review!

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Additional Information at:
    Phoenix Bankruptcy Lawyer
    Mesa Bankruptcy Lawyers
    Phoenix DUI Lawyer
    Chandler Bankruptcy Lawyer
    Tempe Bankruptcy Lawyers
    Vegas Zero Down Bankruptcy Attorney
    Gilbert Bankruptcy Lawyers
    Tucson Bankruptcy Lawyer
    Arizona Zero Down DUI
    Las Vegas Bankruptcy Lawyers
    AZ Bankruptcy Lawyer

    Protecting retirement savings when filing for bankruptcy in Chandler, AZ

    How Can Bankruptcy Affect My Retirement Accounts In Arizona?

    Protecting Your Retirement Accounts From Creditor Seizure

    If you’re thinking about filing for bankruptcy, you’re probably concerned about what may happen to some of your most valuable assets, such as your retirement accounts. It’s smart to consider all of your options, because while filing for bankruptcy can give you a fresh start, it isn’t necessarily the best choice for everyone and can have significant consequences if you don’t know what to expect.

    Arizona state law allows property exemption to federal bankruptcy laws. Property protection is an important part of the new financial beginning that you get from filing for bankruptcy and provides protection for many of your assets. This is especially beneficial for people who file for bankruptcy due to medical bills, a job loss, or other unexpected event.

    Arizona’s property exemptions means that the law is on your side when you file for bankruptcy. However, the law is also complex, so it’s imperative to have a dedicated Gilbert bankruptcy attorney with you throughout the process. A skilled attorney will know how to maximize your exemptions and protect assets such as your retirement accounts from creditor seizure.

    Protecting retirement savings when filing for bankruptcy in Chandler, AZ

    Federal Bankruptcy Law

    When you file for bankruptcy, an automatic stay immediately goes into place and instantly stops a number of actions, including:

    • Repossession
    • Wage garnishment
    • Foreclosure
    • Lien placement
    • Eviction
    • Creditor harassment
    • Most court actions against you as related to your finances

    Some of these processes, such as eviction, may only be temporary, but the automatic stay can give you some much-needed relief from debt collectors and a bit of time to work through your options, such as finding a new place to live.

    Federal bankruptcy laws include a protected repayment period for Gilbert Chapter 13 bankruptcy and an immediate debt discharge in a Gilbert Chapter 7 bankruptcy. If you file for Chapter 13 bankruptcy, you will have 3-5 years to catch up on your mortgage payments and make payments on other debts. Chapter 7 bankruptcy will eliminate almost all credit card, medical bills, and other debt in just a few months.

    Arizona’s Bankruptcy Exemption Law

    Although the basic bankruptcy provisions are the same in most other states, Arizona is one of just a few states that provides special protection for accounts such as IRAs, 401(k)s, and similar retirement accounts. This exemption is important for people who choose to file for bankruptcy because creditors often go for the easy, large sum of cash that may be available in a retirement account.

    Arizona’s state laws also protect 529 college savings accounts, teacher retirement benefits, government pensions, Social Security and VA disability, and other government benefits. Although this protection is good news for people who are forced to file for bankruptcy due to an uncontrollable situation, such as medical debt after a car accident, it has some downsides too. For example, some people move money into retirement accounts right before they file Gilbert Chapter 13 bankruptcy in order to take advantage of this exemption, which is potentially illegal. Other people keep their exemption government benefits in the same account as their wages, which can be garnished. This commingling can make it difficult for the bankruptcy trustee to apply the exemption.

    Protection for retirement accounts depends on the individual state laws, so it’s important to consult with your Gilbert bankruptcy lawyer to verify what exemptions apply to your accounts.

    Which Type of Bankruptcy Do I Qualify For?

    In order to file for Chapter 7 or Chapter 13 bankruptcy, you’ll need to meet certain qualifications. The most significant qualification for Chapter 7 is the “means test.” Your annual household income must be below the average level. This figure changes frequently, but was around $85,000 in Arizona in 2020 for a family of four.

    In order to qualify for Chapter 13 bankruptcy, a debt ceiling usually applies. This is designed to prevent people from abusing the system when they actually have the means to pay off their debts. You cannot have more than approximately $1.3 million in secured debts and $400,000 in unsecured debts, including both current and past due financial obligations. Additionally, Chapter 13 debtors must have sufficient monthly income to make the monthly debt consolidation payments that will be determined by the bankruptcy trustee. The exact amount will vary significantly, but is usually about as much as a mortgage payment.

    To find out which type of bankruptcy filing you may qualify for, and which may be the best option for your situation, consult with a trusted Gilbert bankruptcy lawyer.

    Gain Peace Of Mind With an Experienced Bankruptcy Attorney In Gilbert

    If you’re thinking about filing for bankruptcy in Arizona but want to protect your family’s assets and your retirement accounts from creditor seizure, contact the trusted legal team at Gilbert Bankruptcy Lawyers. All of our clients are treated with respect and compassion as we guide you through every step of the process to obtain financial peace of mind. To get started on your new future free of harassment from debt collectors, contact our office today.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Additional Information at:

    Phoenix Bankruptcy Lawyer

    Mesa Bankruptcy Lawyers

    Phoenix DUI Lawyer

    Chandler Bankruptcy Lawyer

    Tempe Bankruptcy Lawyers

    Vegas Zero Down Bankruptcy Attorney

    Gilbert Bankruptcy Lawyers

    Tucson Bankruptcy Lawyer

    Arizona Zero Down DUI

    Las Vegas Bankruptcy Lawyers

    AZ Bankruptcy Lawyer

     

    Keeping your home after a bankruptcy in Chandler, AZ

    What Happens To My Mortgage Loan If I File For Bankruptcy In Arizona?

    Determining Factors For Keeping or Losing Your Home When Filing Bankruptcy

    Filing for bankruptcy may feel daunting if you’re not sure what to expect. Many people feel extremely discouraged at the thought of potentially losing their home in the process. Learn more about what will happen to your mortgage loan and your home if you choose to file with a Gilbert bankruptcy attorney in Arizona.

    Keeping your home after a bankruptcy in Chandler, AZ

    What Will Happen To My Mortgage If I File For Bankruptcy?

    It’s understandable to wonder what will happen to your mortgage if you file for bankruptcy in Arizona. Home loans are one of the biggest financial obligations of our lives, and no one wants to be forced out of their home if they are unable to pay their other debts.

    The answer is that there are several factors that will determine whether you will lose your home if you file for bankruptcy, including which type of bankruptcy you file for, how much equity you have in your home, and what other debts you have. To fully understand your own situation, consult with a trusted Gilbert bankruptcy lawyer.

    Filing Chapter 7 Bankruptcy & Home Loans

    A Gilbert Chapter 7 bankruptcy is a type of bankruptcy in which many or all of your assets are liquidated and sold to settle with your creditors and give you a fresh, clean slate. In many cases, this may include selling your home, but not necessarily. The Arizona Homestead Exemption law enables some homeowners to retain their primary residence under certain circumstances. Under this law, up to $150,000 worth of equity in your home is protected and inaccessible to creditors for up to 18 months after you file for bankruptcy. This exemption applies to homes, mobile homes, condos, and land as long as it is your primary residence. In order to utilize the Arizona Homestead Exemption when you file for Gilbert Chapter 7 bankruptcy, you’ll need to meet certain qualifications:

    • You must be up to date on your mortgage payments
    • You must be financially able to continue making mortgage payments after you’ve filed for bankruptcy
    • You must not have a lot of equity in your home

    Your Gilbert bankruptcy law office can help you understand whether you qualify for the Arizona Homestead Exemption.

    Filing Chapter 13 Bankruptcy & Home Loans

    If you’re concerned about keeping your home after bankruptcy, a Gilbert Chapter 13 bankruptcy may be a better option. With this type of bankruptcy, you’ll continue making regular mortgage payments and may be able to adjust your mortgage payments into something more affordable. Chapter 13 bankruptcy essentially restructures your debts. You’ll continue making payments for an allotted time frame, after which the remainder of your debts will be forgiven. Under Chapter 13 bankruptcy, you may also be able to eliminate a second or third mortgage that you’ve taken out against your home.

    Can I Surrender My Home In Bankruptcy?

    Some people decide during the bankruptcy process that they cannot afford to continue making their mortgage payments long-term. In some cases, the mortgage balance is higher than the value of the house itself. It can be risky to keep your home if you aren’t sure you will be able to stay current with mortgage payments in the future. If you don’t have steady income, are getting divorced, or have non-dischargeable debts such as child support or student loans, you may not be able to pay your mortgage every month.

    If you are in one of these situations, one option to discuss with your Gilbert bankruptcy attorney is whether you should surrender your home as part of a Chapter 7 bankruptcy in order to pay off your debts and start over.

    Can I File For Bankruptcy After Foreclosure?

    If your home has already been sold by the bankruptcy trustee or foreclosed on, filing for bankruptcy may still be helpful. Lenders may be able to charge you with a deficiency balance if your home sold for less at the auction than you owed on the loan. If you file for Chapter 7 bankruptcy after a foreclosure, you may be able to discharge any deficiency balances you owe on the home in addition to unsecured debts. For many people, this brings tremendous relief from an overwhelming financial situation or harassment from debt collectors.

    When Can I Qualify For a Mortgage After Bankruptcy?

    If you choose to surrender your home in a Gilbert Chapter 7 bankruptcy, you’re probably wondering when you can take out a mortgage loan for another home in the future. You may be able to qualify in as little as 1-4 years following the bankruptcy, although your interest rate may be higher or you may need co-signer. Working to rebuild your credit by paying your bills on time and taking out a secured credit card, while maintaining stable employment, can be helpful in shortening the length of time until you qualify.

    Learn More About Bankruptcy and Mortgage Loans

    Gilbert Bankruptcy Lawyers is an experienced team of attorneys who fully understand Arizona financial laws and are dedicated to helping people just like you. Whether you are looking to restructure or discharge your debts, we can help invest in your financial future and answer all of your questions about how bankruptcy may affect your mortgage. Call our office to schedule your confidential consultation.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Recovering from bankruptcy in Chandler, AZ

    Easy Tips For a Smooth Recovery From Bankruptcy

    Rebuilding Your Finances After Filing For Bankruptcy

    If you’ve filed for bankruptcy, you might feel like you’ve hit rock bottom. Although bankruptcy wipes out your debts, it stays on your credit report for 7-10 years and causes a significant drop in your credit score, which can make it difficult to qualify for a mortgage or other credit.

    How do you make a smooth recovery from bankruptcy? It can be challenging, but learning to manage your cash flow, establishing good credit, and rebuilding your financial profile doesn’t have to be overwhelming. Check out these tips from a top rated Gilbert bankruptcy law office to help rebuild your finances and get a fresh start.

    Recovering from bankruptcy in Chandler, AZ

    Save The Paperwork From Your Bankruptcy Filing

    It may not seem important, but keeping all of the paperwork from your bankruptcy case can be helpful when you apply for a mortgage, loan, or other financial account in the future. Saving the paperwork can also provide helpful proof of discharge if you are contacted by a debt collector.

    Start Saving & Create a Budget

    The last thing you want is to go through another Gilbert Chapter 7 bankruptcy again. Establish good financial habits, including starting a savings account for emergencies. Create a budget to help manage your income and guide your spending. These steps are crucial to keep spending in check and reduce the chances of accumulating overwhelming debt again. Check out online resources for learning more about making a budget, or consult with a financial advisor who can help you get started.

    Re-Establish Good Credit

    Building up your credit score is an important part of financial recovery after filing bankruptcy with a Gilbert bankruptcy lawyer. There are several ways you can work on this, including:

    • Pay all of your bills on time
    • Open a secured credit card, which requires an upfront deposit and is one of the best ways to rebuild credit
    • Contact your utility companies to ask them to report your bill payments toward your credit score
    • Consider a credit builder loan
    • Making your Chapter 13 bankruptcy payments on time, if applicable

    Boosting your credit score will take time, but with patience, hard work, and good decisions, you’ll see your work pay off.

    Consistently Monitor Your Credit Reports

    You may feel intimidated or anxious about looking at your credit report after filing for Gilbert Chapter 7 bankruptcy, but making this a regular habit is important. Carefully monitoring your credit report will help you verify that all of the information on your profile is accurate. Inaccurate information can make your credit score lower than it should be. If you find a mistake on your credit report, contact the credit bureaus and the business that reported the information. Keep everything in writing and maintain records of the situation; the credit bureaus will have 30 days to investigate and correct the errors. You can download free copies of your report from each bureau once a year, which you can ideally space out throughout the year so you are able to view one report every few months.

    Keep Up With Your Job & Home

    An essential part of post-bankruptcy life is maintaining your home and your job. You want to show lenders that you are able to pay off debts and maintain a steady, reliable income. Additionally, many lenders will consider your employment history as part of their loan application process. Having consistent income can boost your reliability for lenders and make it easier for you to get a loan when you are ready.

    Develop an Emergency Fund

    If you have an unexpected financial need, having some cash saved can help you avoid poor financial decisions and disastrous debt. Start this process as soon as possible and make regular deposits, even if they are small. One easy way to begin building an emergency fund is by asking your employer to deposit a certain amount into your savings account whenever they write paychecks.

    Consider Your Financial Future

    What goals do you have for your future? Do you want to own a home or a specific type of vehicle? Maybe you want to go back to school or start a family. After filing for Gilbert Chapter 13 bankruptcy, putting some focus on your financial future and life goals can keep you motivated to stick with a budget, save money, and avoid unnecessary debts. Managing your cash flow and making careful financial decisions is the best way to secure your financial future.

    Although your credit score will take a significant hit after your file for bankruptcy, it’s possible to recover, get back on your feet, and even have a better credit score than you did before filing. Incorporating responsible saving and budgeting, while working to rebuild your credit score, will help you make a better future for yourself.

    Gilbert’s Best Bankruptcy Lawyer Is Ready To Help

    If you’re feeling overwhelmed with your financial situation and wondering whether filing for bankruptcy is right for you, schedule your free, no-obligation consultation with the friendly and experienced legal team at Gilbert Bankruptcy Lawyers. We will carefully examine your situation and provide legal advice you can trust. Call our office to get started with your future!

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Filing for bankruptcy in Gilbert, AZ

    Debunking Common Myths About Bankruptcy on Your Credit

    Everything You Should Know If You Are Thinking About Filing For Bankruptcy

    Filing bankruptcy will have significant effects on your credit and can cause your credit score to drop as many as 200 points or more. However, sometimes bankruptcy can be a last resort option that helps people in difficult situations liquidate their assets, pay off or settle their debts, and gain relief from financial troubles. If you’re thinking about filing for bankruptcy, take a look at these common myths debunked by a trusted Gilbert bankruptcy lawyer.

    Filing for bankruptcy in Gilbert, AZ

    Myth: If you have a great credit score and no negatives on your credit report before you file bankruptcy, you’ll have a higher credit score after filing bankruptcy than you would if you had negative information before filing.

    Truth: A history of making on time payments and lack of negative information does not significantly minimize the impact of a Gilbert Chapter 7 bankruptcy on your credit score. Instead, the presence of a bankruptcy and how long the bankruptcy has been on your report are the strongest factors determining your credit score after filing.

    Myth: A bankruptcy will stay on your credit report for 10 years, with no exceptions.

    Truth: Only the public records from a Gilbert Chapter 7 bankruptcy will remain on a credit report for 10 years. All other bankruptcy references will be only your credit report for just seven years. This includes:

    • Trade lines that indicate your account included in bankruptcy
    • Third-party collection debts, judgments, and tax liens that were discharged through your bankruptcy filing
    • Gilbert Chapter 13 bankruptcy public records

    As these begin to disappear from your credit report, it’s likely you’ll start to see larger boosts in your credit score.

    Myth: As long as the bankruptcy stays on your credit report, you will have bad credit.

    Truth: While you can expect a much lower credit score following your bankruptcy filing, smart credit management can help you build up your credit. Within 4-5 years, you may even be able to get into the 700 range. Once you’ve filed bankruptcy with a Gilbert bankruptcy attorney, you can immediately begin working on building up your credit with the following options:

    • Adding new credit such as a secured credit card or small installment loan
    • Making all of your payments on time, including rent, new debt, or Chapter 13 bankruptcy payments
    • Using less than 30% of your available credit card balance

    Myth: Filing for bankruptcy affects the credit of everyone equally, regardless of how much debt or how many loans were included.

    Truth: Your credit score will consider details such as how much debt was discharged and the proportion of negative and positive accounts that you hold. If you had a relatively low amount of debt and/or only a couple of accounts in your bankruptcy filing, your credit score will likely be higher than someone who had a more severe bankruptcy.

    Myth: All debts discharged by filing bankruptcy will disappear from your credit report.

    Truth: While filing bankruptcy with an experienced Gilbert bankruptcy law office will help erase or settle your debts, those accounts will still remain on your credit report and affect your credit score for 7-10 years, depending on which type of bankruptcy you choose. However, the impact on your credit score will decrease over time. Federal student loans usually cannot be discharged by filing bankruptcy, so you may still be required to make payments on them.

    Myth: After filing bankruptcy, you won’t qualify for a credit card or a loan.

    Truth: Since credit cards are one of the best ways to build credit, it’s good to know that there are options for people with a challenging credit history. Secured credit cards, which require a security deposit, may be a good option and help build credit just like a traditional credit card. People who have filed for bankruptcy may also qualify for loans such as passbook, CD, or credit builder loans, that require collateral or a deposit. All of these will help build your credit as you pay them off, and are much easier to get because the lender is protected with your initial deposit.

    Myth: Filing for bankruptcy will ruin your credit forever.

    Truth: Filing for bankruptcy will severely damage your credit in the short term, but is only on your credit report for up to 10 years. After those 7-10 years, you’re free and clear. If you are able to establish good financial habits and build up your credit in the meantime, you may end up with stronger credit than ever.

    Before you take the leap and file for bankruptcy, consult with a trusted Gilbert bankruptcy lawyer who can help you understand the facts about bankruptcy and credit scores. Good legal advice can help minimize the damage and give you a jump start on re-establishing your credit after you’ve filed.

    Learn More with Gilbert’s Most Trusted Bankruptcy Law Firm

    Put an end to burdensome debt and gain a fresh start when you work with the experienced team at Gilbert Bankruptcy Lawyers. Our zero money down program gives you the opportunity to get legal advice and make debt relief your reality without struggling to find the money to get started with a bankruptcy attorney. Eliminate your debt by scheduling your free consultation with one of our bankruptcy lawyers today!

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Filing For Bankruptcy After Going Through a Divorce

    Filing For Bankruptcy After Going Through a Divorce

    Divorce & Bankruptcy: Which Comes First?

    Divorce is enough reason to consider filing for bankruptcy. If you have gone through a divorce, you may experience many financial problems, especially if you have to pay bills with a single income. 

    Regardless of the reason for your bankruptcy case after divorce, you should always discuss the topic with your trusted divorce lawyer. Also, talk to your trusted Gilbert bankruptcy law office to get the best debt-free solution. 

    Your divorce can impact your bankruptcy case, so be sure to read the following information before filing the bankruptcy petition. 

    Divorce & Bankruptcy: Which Comes First in Gilbert, AZ

    Domestic Support Obligations In A Bankruptcy Case

    Domestic support obligations are not eligible for a bankruptcy discharge or debt forgiveness. Even after divorce, your domestic support obligations are still present. However, you can get bankruptcy help for past alimony or child support payments if you file for Chapter 13 bankruptcy. 

    Since Chapter 13 bankruptcy works as a repayment plan, you can include past-due alimony payments in the plan. If the plan lasts up to five years, you will be able to complete it in 60 monthly payments.

    A Chapter 13 bankruptcy case can help you avoid jail or other punishments if you cannot pay child support or alimony payments. But, you must make all upcoming domestic support payments on time.

    Should I File For Bankruptcy After Or Before A Divorce?

    You have many options for both divorce and bankruptcy. These options work more favorably depending on some factors such as your relationship with your ex-spouse, the property you have, the kind of bankruptcy you want to file, etc. 

    Contact a Gilbert bankruptcy attorney to get better guidance for your case. Bankruptcy lawyers are always the best option to receive a realistic debt-free solution according to your current situation.  

    Remember that many factors come into play when filing for bankruptcy before or after a divorce. It’s not the same as filing for bankruptcy with joint unsecured debts as filing with secured debts. Plus, it is not easy to understand the differences, hence the importance of contacting a lawyer. 

    What Happens If I File For Bankruptcy First?

    If you want to file for a Chapter 7 bankruptcy, filing for the bankruptcy petition first may be the best solution. We remind you that filing for bankruptcy jointly can be more expensive than filing as a single person. Besides, when filing for bankruptcy first, the court may discharge all your qualifying debt. 

    Nonetheless, this alternative is eligible only for couples who are on good terms because it requires the cooperation of both parties during the bankruptcy. Keep in mind that Chapter 7 bankruptcy can last up to 120 days (or even more).

    What Happens If I File For Divorce First?

    If you earn less income than your spouse, filing for bankruptcy first won’t be useful. If you want to qualify for Gilbert Chapter 7 bankruptcy, you should file for divorce first. In some cases, both parties can qualify for bankruptcy and make a mutually beneficial debt-free solution.

    Be aware of your combined income. If it is too high to qualify for a Chapter 7 bankruptcy, it may be best to file a bankruptcy petition after divorce. 

    You can also file for divorce first if you are worried about owing spousal support.

    What Happens If I File For Both Simultaneously?

    You can file for bankruptcy and divorce simultaneously, but it is usually unnecessary. This method can delay paperwork for everyone involved. 

    If you have already started the bankruptcy case and then decide to file for divorce too, the bankruptcy has to be concluded first. That’s because all assets and liabilities must be distributed before you reparse them during divorce procedures. 

    In the end, we know that bankruptcy and divorce are emotionally-charged life situations, so you should not take them lightly. Do your research, analyze the pros and cons, and talk to a lawyer to get the best outcome. 

    Who Can Help Me File For Bankruptcy?

    It’s not easy to deal with the court system in Arizona. Contacting a Gilbert bankruptcy lawyer is usually the best move to get trusted and legal guidance during a bankruptcy case.

    You and your spouse should be cautious about the best option in the long run. To help you with your bankruptcy doubts, we recommend you contact Gilbert Bankruptcy Lawyers. We have a well-experienced team of lawyers ready to help you get the best solution for your debts! Contact us now to schedule a FREE case consultation. 

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Discharging tax debts by filing bankruptcy in Gilbert, AZ

    Does Bankruptcy Discharge My Tax Debt?

    Which Cases Of Bankruptcy End IRS Harassment For Good

    Do you owe a lot of money to the IRS because of unpaid taxes? Then you may need to contact a Gilbert bankruptcy lawyer to obtain professional guidance. However, you should also read the information below to see which cases of bankruptcy might end IRS harassment for good.

    If you’ve seen commercials offering a complete wipe out of tax debts in bankruptcy, be careful. It’s not as easy as it seems. You cannot wipe out most tax debts in bankruptcy, so you will probably continue to owe them at the end of your bankruptcy case. Read on to learn more about it.

    Discharging tax debts by filing bankruptcy in Gilbert, AZ

    How Filing For Bankruptcy Can Help Me With My Tax Debt?

    Some tax debts may be eligible for discharge if you file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 can help you get a full discharge by liquidating assets, while Chapter 13 discharges debts with a repayment plan so you can pay debts little by little.

    Regardless of the type of bankruptcy, your tax debts must meet certain criteria if you want to discharge them. This includes:

    • Your taxes are only income taxes. You cannot wipe out payroll taxes or fraud penalties through bankruptcy.
    • You did not commit willful evasion or fraud. If you willfully attempted to evade taxes, bankruptcy won’t help you. In this case, a Gilbert bankruptcy attorney is the best to receive the best guidance.
    • Your tax debt must be at least three years old.
    • You filed a tax return. This is crucial for the debt you want to discharge. You should have filed the tax return two years before filing for bankruptcy.
    • You have to pass the 240-day rule. It means that the IRS assessed your income tax debt at least 240 days before you filed for bankruptcy.

    What About Federal Tax Lien?

    While bankruptcy can help you discharge some tax-related debts, others cannot be discharged the same way. Non-dischargeable tax debts include tax liens, property taxes, and employment taxes.

    Bankruptcy cannot wipe out your prior recorded tax liens. Chapter 7 bankruptcy can discharge your obligation to pay the qualifying tax and help you keep the IRS away from your bank account. However, if the IRS recorded a tax lien on your property before your bankruptcy filing, the lien will stay on that property. In short, you will have to pay off the tax lien before transferring the property’s title to a new person.

    When Should I File For Bankruptcy: Before or After Taxes?

    This is a common question when filing for bankruptcy. It’s usually better to consult with a Gilbert bankruptcy attorney to get better advice, but we can help you out with the following recommendations.

    If You File For Chapter 7 Bankruptcy:

    The trustee will oversee your case and will ask you to show your most recent filed tax return. It doesn’t have to be the tax return for the last tax year, but if you don’t follow this rule, the trustee will ask for a specific explanation (through a written document).

    The trustee will then compare the income you mentioned to the amount listed in the bankruptcy paperwork. Depending on that information, you may have to turn the refund over to the trustee. This way, the trustee can distribute the refund to your creditors.

    If You File For Chapter 13 Bankruptcy:

    You have to be up to date on your tax returns before filing for Chapter 13 bankruptcy. To make things easier, you can offer copies of the tax returns from the previous four tax years to the trustee. The only rule, in this case, is to offer these copies before the 341 meeting of creditors.

    If you do not qualify for a return, your trustee may ask for an affidavit or letter explaining why.

    Getting More Information With a Gilbert Bankruptcy Lawyer

    If you can prove you meet all the specific criteria mentioned before, bankruptcy may be a great alternative for you. But, if you still have doubts about this topic, and you don’t know if filing for bankruptcy is your best debt-relief solution, feel free to request a free case consultation with Gilbert Bankruptcy Lawyer.

    Our staff will help you schedule your consultation at your convenience. Contact us by phone or email to get started!

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Getting money from nonexempt properties to pay debts in Gilbert, AZ

    What Is Nonexempt Property In Bankruptcy?

    How Nonexempt Properties Are Crucial For a Bankruptcy Case

    Declaring bankruptcy is tough. Just the image of experiencing financial issues and thinking of selling our most precious items is enough to be afraid. But, bankruptcy can be necessary in some cases, so it is crucial to know its ins and outs.

    Learning the differences between exempt and nonexempt property is crucial for any bankruptcy case. Exempt property is a property that creditors cannot sell because those items are essential for your daily living. As you may guess, the nonexempt property would be the contrary.

    To know more details about the nonexempt property, a Gilbert bankruptcy lawyer shares below some facts.

    Getting money from nonexempt properties to pay debts in Gilbert, AZ

    What Is The Meaning Of “Nonexempt Property”?

    During a bankruptcy case, people sell some of their items to help them end part of the debt. These products are known as ‘nonexempt property’. Nonexempt property is the group of items that do not receive protection in bankruptcy and do not appear on the debtor’s exemption list.

    Contrary to nonexempt property, exempt property refers to essential items for your everyday living, including things you need for work. Your home, your car, and professional equipment belong to the exempt property.

    Nonexempt property in bankruptcy terms refers to items more related to leisure. In other words, things you don’t need for essential living.

    Vacation houses, travel souvenirs, family heirlooms, and luxury items are usually part of the nonexempt property.

    Although the differences are very clear, it’s always best to be sure by contacting professional lawyers. Bankruptcy lawyers always have the expert opinion to guide you in your case. This way, you can be debt-free without risking many items.

    What Is Nonexempt Property For Chapter 7 Bankruptcy?

    The type of bankruptcy you file for will decide what happens to your possessions. It’s extremely important to always contact a trusted Gilbert bankruptcy lawyer before deciding on your exempt and nonexempt properties.

    Chapter 7 is the most common type of bankruptcy because its requirements are quite attainable. To file for this type of bankruptcy, you only need to have an income that’s not higher than the state median income. You shouldn’t have any bankruptcy discharge in the last six to eight years either.

    The only inconvenience of Chapter 7 is time. Processing chapter 7 bankruptcy can take a long time, from four months to six months with a fee of USD338. With Chapter 7 bankruptcy, you must also accept a trustee to handle the estate containing non-exempt property.

    The trustee will be responsible for selling your possessions with the generated profit used to pay off creditors. Priority debts like child support are normally the first to be paid off. Loans and credit card bills are the next ones.

    Nonexempt properties must meet certain conditions in Chapter 7. It may seem like a good idea to save some of them, but you cannot forget about the guidelines. As long as you keep the guidelines in mind, there shouldn’t be problems.

    In some cases, saving nonexempt properties can be helpful, as long as you consult with a Gilbert bankruptcy attorney. For example, if the trustee abandons the estate, which usually happens when they see that there’s not much value in the items.

    What Happens If The Trustee Abandons The Property?

    When the trustee abandons nonexempt property during a Chapter 7 bankruptcy case, they file for a Notice of Abandonment. This document informs creditors that they should not liquidate the properties mentioned. With this agreement, the debtor has control of properties once again.

    Once the trustee finishes the process of abandonment, the debtor’s properties are released from bankruptcy. In that case, the debtor can either surrender the property, sign a new contract, file for surrender or keep the nonexempt property.

    What Is Nonexempt Property For Chapter 13 Bankruptcy?

    If you have an income higher than the median estate, you should file for Chapter 13 bankruptcy. You have to meet specific requirements apart from having that income. One is that your unsecured and secured debt does not increase its assigned limit.

    You must also prove that you are capable of paying the repayment plan. This type of bankruptcy is not available for businesses.

    With Chapter 13, the filer has to pay the nonexempt property to the unsecured creditors through the retirement plan. Chapter 13 Bankruptcy in Gilbert is usually trickier than Chapter 7, so you may need constant assistance throughout the process.

    If you file for Chapter 13 bankruptcy, you will be obligated to pay your creditors through a retirement plan, meaning that you could end up paying them more if you want to keep your nonexempt properties.

    Should I Contact a Gilbert Bankruptcy Lawyer?

    Regardless of the type of bankruptcy you file for, it’s not recommended to do the entire process by yourself. You should always contact a bankruptcy lawyer.

    That’s why we recommend you to reach out to Gilbert Bankruptcy Lawyer. Our team of experienced lawyers will give you professional guidance so you can obtain the best solution for your debts.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Dealing with debts in Chandler, AZ

    How Much Debt Do I Need To Have To File For Chapter 7 In Arizona?

    Learn The Basics Of Bankruptcy & Types of Petitions

    Bankruptcy is a process you may go through someday. Dealing with debts is never easy, and avoiding foreclosure is not possible if you cannot get current payments for secured loans. With bankruptcy, you will have protection through an automatic stay, but you must meet some requirements first.

    Before filing for bankruptcy, you should contact a Gilbert bankruptcy law office to get reliable guidance. Financial lawyers can help you get your fresh start in the best way possible. You can also read the information below to learn the basics about bankruptcy, including how much debt you should have.

    Dealing with debts in Chandler, AZ

    What Is a Bankruptcy Petition?

    The bankruptcy petition is the first of many forms you have to complete when filing for bankruptcy (although the entire process is usually known as a “bankruptcy petition”). When you file for bankruptcy, you must inform all of your financial details through official bankruptcy forms.

    The bankruptcy case doesn’t start until you file the petition form with the clerk of the bankruptcy court. These forms are free, and you can download them through the U.S. Courts website.

    There are four bankruptcy petition types:

    • Voluntary Petition For Individuals: This form is for people filing a case on their behalf.
    • Voluntary Petition For Non-Individuals: This form is for business entities that want to file for bankruptcy as a voluntary case.
    • Involuntary Petition Against An Individual: This form is for creditors that force debtors into bankruptcy.
    • Involuntary Petition Against A Non-Individual: This form is for a group of creditors forcing a corporation into bankruptcy.

    Types Of Bankruptcy

    The two most common bankruptcy forms are Chapter 7 and Chapter 13 bankruptcy in Gilbert. Chapter 7 is great for people who have debts with credit card bills, medical bills, and personal loans.

    If you have non-exempt assets that you wouldn’t want to liquidate, Chapter 13 may be the best choice.

    Keep in mind that both types of bankruptcy will stay on your credit report for many years after bankruptcy. But, the period with Chapter 7 is usually longer, so it will remain in your credit report for more years than Chapter 13.

    Ask yourself the following questions to know which bankruptcy case is better for you:

    • Are my debts mostly medical and credit card related?
    • Am I behind on home mortgage and car payments? Do I want to make these up?
    • Do I have a co-signer on accounts in arrears? Do I want to have them protected?
    • Do my debts include student loans, recent taxes, and child support?

    You must also follow the essential requirements. Firstly, you cannot file for a bankruptcy petition if you already filed for it in recent years. If you are filing for Chapter 13 bankruptcy, your total debt must be below USD394,725, and your total secured debt must be below USD1,184,200.

    A Gilbert bankruptcy attorney can help you more with your case. Contact one if you consider filing for bankruptcy soon.

    How Is The Bankruptcy Process?

    Once the court approves your petition, you will receive bankruptcy protection immediately. With that protection, creditors and debt collectors cannot demand payments from you, so the creditor harassment will stop.

    A bankruptcy trustee is always assigned. This part of the process will be ready once you finish your paperwork. The trustee determines if you currently have assets that can be liquidated to pay off any portion of the total debt.

    Depending on the bankruptcy case, you may be able to keep assets up to a certain value, including your home, vehicles, work tools, and more.

    After you declare bankruptcy, you will have to take a credit counseling and financial management course. This course is necessary to file bankruptcy Chapter 7 and get a bankruptcy discharge. Financial courses for this matter usually last from 90 to 120 minutes, and they help you understand your finances better so that you can restore your credit rating.

    Contact a Reliable Gilbert Bankruptcy Lawyer

    If you are considering filing for any type of bankruptcy, we recommend you contact a trusted bankruptcy lawyer. A great option is Gilbert Bankruptcy Lawyer, a local-owned law office that can help you identify the best strategy to pursue your debt relief. We will guide you through the legal process and help you file your case so you can become debt free! Contact us today to obtain a free consultation.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    If I File For Bankruptcy, Will It Affect My Future Employment

    If I File For Bankruptcy, Will It Affect My Future Employment?

    How can bankruptcy affect my job opportunities?

    Filing bankruptcy is never easy, but it’s great to get a fresh start. Nonetheless, you may already know that it does come at a cost, including preventing you from getting jobs in the private sector.

    Personal bankruptcy does not affect your current employment per sé, but it can influence other job opportunities. Continue reading below to see the laws that apply, and check if you should contact a Gilbert bankruptcy attorney

    How can bankruptcy affect my job opportunities in Gilbert, AZ

    Can My Employer Find Out About My Bankruptcy?

    You don’t have to inform your employer about your bankruptcy. You don’t have to let them know you filed for Chapter 7 or 13. Most of the time, employers don’t even find out this information.

    Notice that your employer can be asked to stop the wage garnishment because the debt was discharged. But, it only happens if your wages were garnished before. 

    Another example is when jurisdictions ask you to pay your debts directly out of your paycheck, which will surely inform the employer. However, this situation isn’t that common, it’s indeed rare. 

    Another rare example is when your employer is one of your creditors due to wage overpayment. In that case, the employer will be informed. 

    Nevertheless, if none of these situations apply to you, your employer won’t find out unless you inform them directly.

    Can I Be Fired Or Turned Down?

    No, you cannot be fired just for bankruptcy, even if your employer finds out. Federal law protects debtors from employment discrimination. Employers cannot fire you for filing Chapter 7 or Chapter 13 bankruptcy. 

    If you suffer discrimination, you should consult with a Gilbert bankruptcy attorney. A lawyer is usually the best option to understand your rights better. 

    There’s one exception to this rule, and that’s related to a job application. You may be required to submit a credit report to complete a background check during a job application. In that case, private-sector employees can consider that information when hiring. 

    In other words, they can consider hiring you or not AFTER checking your credit record, but ONLY when that’s a plus to other evaluations during the job application process, meaning that they cannot deny your application just because of the credit record. 

    Take into account that private-sector employers can turn down your application if you don’t permit them to check your credit record.

    Once again, remember that this is just a possibility. Most employers do not hire people based on credit scores unless the job is related to fields like bookkeeping or accounting. In the end, factors like skills, work history, and knowledge will be more important.

    You should not feel ashamed of having bad credit. Many Americans have the same financial problems and they continue applying for numerous jobs. 

    If you still have doubts about this topic, feel free to contact a Gilbert bankruptcy law office. A law firm can give you the best guidance related to bankruptcy laws so that you don’t stress about it while working or finding a job. 

    Basics About Discrimination Laws And Bankruptcy

    Federal law forbids both government and private-sector employers from discriminating against employees who file for bankruptcy. 

    You can find these laws in the U.S. Bankruptcy Code, which is the federal law that reviews bankruptcy processes. 

    Here’s a brief explanation of this code:

    Regarding Government Agencies, Section 525 of the Bankruptcy Code says that they are prohibited from:

    1. denying employment
    2. terminating the employment
    3. otherwise discrimination concerning employment

    Any employee who’s a debtor. 

    In short, government agencies cannot refuse to hire, fire, or discriminate against you just because you file for bankruptcy.

    As for private-sector employers, Section 525 of the Bankruptcy Code remains almost the same as government agencies. But, there’s a difference, and that’s denying employment. 

    Case law has interpreted this omission as intentional because private employers CAN deny employment to applicants who have filed for bankruptcy. However, it’s not that common.

    What Should I Do If I Am Discriminated Against? Do I Need To Contact a Gilbert Bankruptcy Lawyer?

    In conclusion, it is against the law to discriminate against citizens who file for bankruptcy. Unfortunately, that discrimination still happens.

    If you think an employer or potential employer is discriminating against you because of your bankruptcy filing, first make sure there’s no other reason. It is hard to prove your debtor status was the only reason for your firing, especially if you had made other mistakes like showing up late or missing many days at work. 

    It is more difficult to prove that you were turned down for a government job because of your bankruptcy case, so always be sure to research first before assuming anything. Better yet, you can contact a bankruptcy lawyer to examine your case and decide if there’s evidence of wrongdoing.

    Feel free to contact Gilbert Bankruptcy Lawyers to learn more about bankruptcy laws and employment. Our team has the best experience and knowledge to work on your case and give you the best solutions for any issues you have. Plus, we can help you get the debt-free lifestyle you deserve. Take a look at our website or call us to get a free consultation! 

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Arizona Bankruptcy Basics What Bankruptcy Can Do & Cannot Do

    Arizona Bankruptcy Basics: What Bankruptcy Can Do & Cannot Do

    Crucial Factors You Should Know Before Filing Bankruptcy In Arizona

    Are you struggling with your finances right now? You may already be thinking about bankruptcy, but you should know the basics first. Bankruptcy can be useful when having financial issues, but it won’t wipe out all obligations.

    Bankruptcy can stop many lawsuits and other collection activities, but cannot get rid of student loans unless you prove a hardship. This is only one of the many things you should know about bankruptcy. 

    Before discussing your options with a  Gilbert bankruptcy attorney, we invite you to read this blog to be well-informed about Chapter 7 and Chapter 13 bankruptcy.

    Crucial Factors You Should Know Before Filing Bankruptcy in Gilbert, AZ

    What Can Bankruptcy Do?

    Bankruptcy allows you to wipe out some debt obligations and get a fresh new start. Chapter 7 and Chapter 13 are the most common bankruptcy types, but each one provides different advantages. Plus, each chapter treats debt differently.

    You have to choose the better chapter for you depending on your financial goals and needs. Therefore, it’s always better to contact a lawyer when thinking about bankruptcy.

    Generally speaking, bankruptcy can stop creditor harassment and collection activities. The court orders an automatic stay as soon as you file to stop most creditor calls and lawsuits, but not all of them. Some creditors may still collect support payments, for example.

    Bankruptcy can also stop a repossession, eviction, or foreclosure for a short-term period, but only if they’re still pending.

    Evictions will come to half after a bankruptcy filing, but only if they’re still in the litigation process. The automatic stay can stop a repossession or foreclosure when filing for Chapter 7, but it won’t help you keep your property. On the contrary, with Chapter 13 you can catch up on past payments to keep the asset.

    A Gilbert bankruptcy lawyer can be more helpful with this topic, so contact one if possible.

    Things Exclusive In Chapters 7 & 13 Bankruptcy

    Both Chapter 7 and Chapter 13 offer unique solutions to your financial issues. Take into account that the chapter you file will influence how quickly you will wipe out your debt. 

    Chapter 7 takes three to four months to finish, while Chapter 13 allows you to pay back some portion of your unsecured debts through a three-to-five-year repayment system. Nonetheless, unsecured debt balances that remain after completing the repayment plan will get discharged. 

    Chapter 7 is usually recommended for low-income filers, while Chapter 13 is better for people with enough income to pay at least something to debt creditors. 

    In short, chapter 13 bankruptcy can:

    • Stop a mortgage foreclosure and force the lender to accept a plan that allows you to make up the missed payments.
    • Permit you to keep the unprotected property by a bankruptcy exemption. This allows you to save items you need to work and live using bankruptcy exemptions.
    • Cramdown secured debts as long as the property is worth less than the amount you own. That’s because Gilbert Chapter 13 bankruptcy has a system that permits you to decrease an obligation to the replacement value of the property securing it. 

    What Cannot Bankruptcy Do?

    Now that you know what bankruptcy can do, take note of the things it cannot.

    • Bankruptcy cannot prevent a secured creditor from repossessing or foreclosing a property you cannot pay. With a bankruptcy discharge, you can eliminate debts but you cannot eliminate items. Therefore, the lender can take the property, sell it at auction, and apply the necessary to a loan balance.
    • Bankruptcy cannot eliminate child support and alimony obligations either. They survive bankruptcy, meaning that you will keep these debts in full, even after filing for the bankruptcy case. Additionally, if you choose to file for Chapter 13 bankruptcy, you will have to pay this debt in full. 
    • Bankruptcy cannot wipe out student loans (some exceptions apply). You can discharge student loans only if you can prove that repaying the loan will cause you “undue hardship”, which is very difficult to prove. 
    • Bankruptcy cannot eliminate most tax debts. This is indeed a very difficult thing to do, although it’s possible sometimes for older unpaid tax debts. 

    Bankruptcy cannot wipe out other nondischargeable debts either (even if you contact a Gilbert bankruptcy lawyer), including:

    • Debts you forgot to list in your bankruptcy list
    • Debts for personal injury or death due to DUI
    • Fines and penalties that were charged as punishments (for example, criminal restitution).

    With Chapter 7, these debts remain until your case is over. But, with Chapter 13, you will have to pay these debts in full. 

    Finally, bankruptcy may eliminate debts related to fraud, but it all depends on certain circumstances.

    Need More Help? Contact a Gilbert Bankruptcy Lawyer

    If you want to have a fresh start with your finances, contact Gilbert Bankruptcy Lawyers for a reliable solution. Our team of experienced lawyers will help you schedule a FREE consultation at your convenience so that you can be closer to a debt-free lifestyle. Reach out to us via website or phone to get started! 

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Filing For Bankruptcy Without My Spouse Will It Affect Them

    Filing For Bankruptcy Without My Spouse: Will It Affect Them?

     

    what happens when One Spouse Files For Bankruptcy?

    There are different reasons you may need to file bankruptcy on your own. Maybe your spouse is not legally obligated, or they just refuse to file. Maybe you don’t want to wreck your credit, or they don’t want you to ruin theirs.

    Regardless of the reason, you can consider bankruptcy on your own if you have a high income but are behind in debt payments and can no longer afford help from someone else.

    In this article, a Gilbert bankruptcy lawyer will explain if filing for bankruptcy on your own can affect your spouse.

    what happens when One Spouse Files For Bankruptcy in Gilbert, AZ

    Does Filing For Bankruptcy Affect My Spouse’s Credit?

    The short answer is no. People have separate credit bureau files attached to their social security number regardless of their marital status. Therefore, if the spouse isn’t a co-debtor or legally liable for the same debt, the bankruptcy shouldn’t affect their credit score. 

    Nevertheless, if you and your spouse have joint debts, you may have to worry about a negative report on your spouse’s credit score, especially if they’re a non-filing co-debtor.

    When a spouse files for A Chapter 7 bankruptcy to release the joint debt, it may appear on the spouse’s credit report too. Therefore, the creditor can take action against the non-filing spouse. 

    Moreover, creditors are always notified about the spouse’s bankruptcy status, meaning they can bother the non-filing spouse to collect joint debts.

    Things change a little with a Chapter 13 bankruptcy because it has a safety clause to protect a co-debtor who doesn’t file for bankruptcy. This clause forbids creditors from bothering co-debtors. However, the creditors can still contact the court to lift the say if the joint debt isn’t repaid through a repayment plan. 

    Only an experienced Gilbert bankruptcy lawyer can give you the best advice about this topic.

    Will We Lose Our Jobs After Filing For Bankruptcy?

    Neither you nor your spouse will lose your jobs after filing for bankruptcy. 

    Bankruptcy laws deny employers from hiring either spouse because of bankruptcy.   Besides, many employers don’t even realize there’s a filing for bankruptcy. If they find out, be relieved that they know you are getting a better financial outcome.

    In short, you don’t have to worry about losing your job when starting this process. Your spouse should also be relieved.

    What Will Happen To Our Property?

    Bankruptcy won’t affect any property the non-filing spouse has on their own. But, if you have joint assets, the bankruptcy case will affect them depending on the state. 

    There are some differences between a common-law property state and a community property state. In the case of a common-law property state, all individual assets and the spouse’s share of interests in jointly owned properties are part of the bankruptcy. But, properties that belong only to the non-filing spouse are usually not at risk.

    With community property states, most assets and incomes during the marriage are considered community property, so they may belong to the bankruptcy estate’s property. 

    A Gilbert bankruptcy attorney can give you more information about what happens with the joint property if you file for bankruptcy. 

    Is It Better To File For Bankruptcy Together?

    There’s no “one-size-fits-all” solution for this question.  There’s no rigid rule that says that both spouses have to file for bankruptcy together. It all depends on each scenario and financial situation. Therefore, you can get the best analysis about it by contacting a bankruptcy lawyer.

    In some cases it is better to file for bankruptcy with your spouse, but in others, it’s better to do it on your own. 

    There are many reasons for debt to remain in one spouse’s name in marriage. It may happen because the marriage is new, or because the spouse didn’t divulge the actual amount of debt to their partner. 

    Uncontrolled use of credit is another reason to consider filing for bankruptcy in one spouse’s name in marriage, especially if the spouse in debt continues to use credit without the other spouse’s knowledge. 

    Another reason to file for bankruptcy in only one spouse’s name is to protect the other spouse’s credit record. This is a common practice because it can benefit beaus of the non-filing spouse’s access to credit.

    Is It Better To File For Bankruptcy Together?

    There’s no “one-size-fits-all” solution for this question.  There’s no rigid rule that says that both spouses have to file for bankruptcy together. It all depends on each scenario and financial situation. Therefore, you can get the best analysis about it by contacting a bankruptcy lawyer.

    In some cases it is better to file for bankruptcy with your spouse, but in others, it’s better to do it on your own. 

    There are many reasons for debt to remain in one spouse’s name in marriage. It may happen because the marriage is new, or because the spouse didn’t divulge the actual amount of debt to their partner. 

    Uncontrolled use of credit is another reason to consider filing for bankruptcy in one spouse’s name in marriage, especially if the spouse in debt continues to use credit without the other spouse’s knowledge. 

    Another reason to file for bankruptcy in only one spouse’s name is to protect the other spouse’s credit record. This is a common practice because it can benefit beaus of the non-filing spouse’s access to credit.

    A Gilbert Bankruptcy Lawyer Can Help You

    Filing for bankruptcy doesn’t have to affect your spouse’s credit, but it’s always better to contact a top-rated lawyer to get the best outcome. With Gilbert Bankruptcy Lawyers, you won’t have to worry about your debts or financial issues because we can help you throughout the process. Our law firm will help you choose the best strategy to pursue depending on your goals and needs. 

    Contact us now to get a free consultation! 

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    A military filing bankruptcy in Gilbert, AZ

    Can Military Members File For Bankruptcy In The Same Way As Civilians?

    Aspects To Consider When Filing Bankruptcy As a Military Member

    Filing bankruptcy is stressful and confusing, especially if you are a military member. If you are not sure if you can file it or not, then we are here to help. This blog will encompass all the information needed to answer that question and many more (including if you need a Gilbert bankruptcy attorney or not) so read on to find out!

    A military filing bankruptcy in Gilbert, AZ

    All About Chapter 7 And Means Test Exemption

    The “means test” is a requirement for filing bankruptcy in the U.S.

    It involves calculating your income and expenses to determine whether you qualify for Chapter 7 bankruptcy. If your income is too high, you will have to file under Chapter 13 instead of Chapter 7.

    However, military members may be able to exempt themselves from this process. If you are a disabled veteran or a member of the National Guard or Reservist, you may be exempt from passing the means test. But, you have to meet certain conditions.

    Disabled Veteran Exemption

    If you are a disabled veteran, then you don’t have to pass the means test if you got debts during these periods:

    • while performing activities regarding homeland defense, or
    • during active duty

    Qualifying Disability

    To pass on the means test, you must have a qualifying disability, which means:

    • Your disability is 30% or more under the Secretary’s disability compensation rules.
    • You were released from active duty because you aggravated your disability while on duty.

    What Are The Limits and Exclusions in Active Duty?

    A Gilbert bankruptcy law office is the best place to understand better the limits in active duty. What we can say is that not all disabled veterans who were injured during duty qualify for this exception.

    Keep in mind that “active duty” means “full-time” military service (including attendance and training at military schools).

    Only full-time National Guard duty is excluded from this term. However, you may still be entitled to the means test if you are in the National Guard (it depends on certain conditions).

    Reserve Exemption

    If you are a member of the National Guard or a reservist, you might qualify for the means test exception, but only if:

    • You participated in homeland defense activities for at least 90 days (with a continuous period)
    • You are filing bankruptcy 18 months after leaving active duty.

    Exempt Assets for Veterans

    Your benefits as a veteran may be exempt assets when you file for bankruptcy. However, if you live in a state with a federal bankruptcy exemption system, and you use the federal exemptions, then your benefits are exempt.

    In other words, your state’s exemption laws may cover your veteran’s benefits too.

    This is a delicate topic though, so you should not file for bankruptcy by yourself. Contact a Gilbert bankruptcy lawyer to get better help.

    What Is The Servicemembers Civil Relief Act (SCRA)?

    The Servicemembers Civil Relief Act of 2003 (SCRA) is a federal law in the U.S. that protects military members from debt collection circumstances. This law postpones and prevents:

    • Debt collection default orders.
    • Bank attachments.
    • Evictions and wage garnishment.

    The SCRA is mostly beneficial in non-bankruptcy situations, but it can also help you while in bankruptcy. This federal law can stop or delay contested or adversarial proceedings in bankruptcy for up to 90 days. This is viable after you leave active duty service, and it includes:

    • Objections to discharge.
    • Trustee actions regarding your property.
    • Default complaints to choose discharge ability.
    • Debtor’s examinations.
    • Collection actions.

    What Are The Bankruptcy Circumstances That Can Hurt My Military Application

    Filing for bankruptcy per sé won’t prevent you from joining the military, but you still have to meet certain financial requirements to enlist.

    Consider these potentially damaging bankruptcy issues before enlisting, as they can hurt your military application:

    • Filing for bankruptcy many times.
    • Discharging taxes and gambling debts.
    • Having a dismissed case (by the court).
    • Relapsing into bad financial situations after filing for bankruptcy,

    When Should I Meet With A Gilbert Bankruptcy Lawyer?

    In conclusion, military members do not file for bankruptcy the same as civilians. Military members have some differences in certain conditions, but it’s still important to contact a bankruptcy lawyer before continuing with the process.

    At Gilbert Bankruptcy Lawyer we can help you out with your financial situation. Our attorneys can guide you through the legal process and help you file your case and become debt-free without much hassle! Contact our team today to get a free case evaluation.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Can Married Couples File For A Joint Bankruptcy

    Can Married Couples File For A Joint Bankruptcy?

    Joint bankruptcy: Is It possible for married couples?

    If your financial situation is still an issue due to medical bills, job loss, or consumer debts, then you may consider legal alternatives to get help. One of the options available is bankruptcy for married couples, but you must be careful when considering it.

    You have to decide if you both need bankruptcy protection only after determining if you qualify for Chapter 7 (if your debts are discharged) or Chapter 13 (if you have a repayment plan).

    Since this is a serious decision, you should seek experienced legal guidance. A Gilbert bankruptcy lawyer can explain your bankruptcy options so that you can stop creditors from calling.

    Joint bankruptcy: Is It possible for married couples in Gilbert, AZ?

    Can Bankruptcy be filed mutually by married couples?

    Married couples can file for bankruptcy together or individually. Couples that file together usually have joint debts, and they also have the legal preparation to do this process. However, spouses can file by themselves as well if they prefer.

    This option can be beneficial depending on the financial situation of each spouse. If one partner has assets separate from a partner that needs debt relief, it may be best to file for individual bankruptcy.

    You have to discuss whether you should file jointly or individually with a Gilbert bankruptcy attorney. It may seem like a smart move to file your bankruptcy to save money by using generic forms from the Internet. But, keep in mind that the court may dismiss your case if you get some information wrong. You can also be in trouble if you file as an individual and the court decides you acted in bad faith.

    If you’re married and decide to file for bankruptcy independently, the court will look at the total household income. The court will also check the expenses to be sure you’ve filed properly.

    In some cases, both are responsible for the case because of the total spent, even if only one spouse has run up the debt.

    As you can see, this situation can be tricky and complicated, which is why it is always better to reach out to a Gilbert bankruptcy lawyer to discuss the complete financial picture with a professional perspective. You shouldn’t try to do any legal process alone, especially when filing for bankruptcy.

    What are the differences between Filing Separately & Filing Jointly?

    There are some notorious differences in both cases. Analyze them carefully before deciding what to do.

    These are the reasons why you may consider filing for bankruptcy independently:

    • Your spouse filed for bankruptcy in the last years (past 8 years) and cannot file for another one.
    • You have a higher debt that’s not part of marital debt.
    • If the debts aren’t marital and you didn’t co-sign with your spouse, the non-filing spouse’s credit record can be safe.
    • Your partner has assets that shouldn’t be sold to pay the debts.

    These are the reasons why you might want to file for bankruptcy jointly:

    • You and your spouse receive a full set of exemptions under bankruptcy statutes.
    • You also get co-signed loans, meaning that your bankruptcy won’t liberate your spouse’s obligations on co-signed loans.
    • Most of your debt is marital and both parts need debt relief and also a fresh start for your finances (this is known as ‘marital debt’).

    There are many reasons why couples want to file bankruptcy individually or jointly. Just remember that your spouse’s income matters even if he or she does not file with you. Income is always important in bankruptcy, and it determines which type of bankruptcy a person qualifies for.

    contact a Gilbert bankruptcy attorney If you’re married & want to file for bankruptcy

    Are you looking for a fresh start but don’t know if you should file for bankruptcy with your spouse? Don’t worry, we’re here to help you! Our Gilbert Bankruptcy Lawyers understand that financial problems can take a huge toll on your mental health, and we know that you want to stop debt collector harassment. Our qualified bankruptcy lawyers can help you with your situation, and decide which kind of bankruptcy is best for you.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Will Filing For Bankruptcy Include Paying Criminal Fines

    Will Filing For Bankruptcy Include Paying Criminal Fines?

    Understanding Bankruptcy: Dischargeable & Non-Dischargeable Debts

    Understanding what is and is not dischargeable in bankruptcy is important, especially if you have certain fines based on a past criminal conviction. Bankruptcy may be a good decision, but you may still have some debts once it’s over.

    The best you can do is to go into a bankruptcy process with caution. You can also get well-informed by contacting an experienced Gilbert Bankruptcy lawyer. Read the information below to learn more.

    Understanding Bankruptcy: Dischargeable & Non-Dischargeable Debts in Gilbert, AZ

    What is a ‘Discharge’ in Bankruptcy?

    A ‘discharge’ in bankruptcy is when the court releases you from a specific debt. This way, you don’t have to pay for it anymore, and the creditor doesn’t come after you.

    Discharge is specific, meaning that it only works for certain debts. A bankruptcy court may discharge some debts and not others. In other words, the court doesn’t necessarily discharge all of your debts, so you have to be very careful with it.

    Besides, the discharge is often automatic unless a creditor objects to it. For example, some courts present a discharge in Chapter 7 when the time limit to file an objection is up (normally four months after you file).

    Other chapters like Chapter 13 require you to opt for a payment plan for 3 or 5 years. After you finish the plan, the court offers you a discharge if you’re qualified. However, discharge under a Chapter 13 bankruptcy is more difficult, so you should talk to a Gilbert bankruptcy attorney to get better assistance.

    Is it possible to discharge criminal fines in bankruptcy?

    A criminal fine cannot get discharged. If you were found guilty of a crime, you may owe court costs and fines. You’ll have these debts whether you complete your bankruptcy case or not. Take into account that not all fines come from a criminal case.

    You have to differentiate fines from civil action by a state and fines from the criminal court process. Civil fines and fees may qualify for discharge, contrary to others.

    This information can be a little confusing, and it can vary depending on personal circumstances, so you can always contact a Gilbert bankruptcy law firm. Contacting a bankruptcy lawyer is always the best option if you aren’t sure whether the fines you owe are civil or criminal.

    What debts can be discharged in bankruptcy?

    The court can discharge all types of non-priority and unsecured debts. Some of them are medical bills, utility bills, rent, credit cards, as well as loans without collateral. But, there are some exemptions. A bankruptcy court doesn’t usually discharge the following:

    • All kinds of taxes
    • Unlisted debts (by the debtor in court documents).
    • Spousal and child support.
    • Debts for malicious injuries to properties or people.
    • Debts to governmental units for penalties or fines.
    • Student and federal loans.
    • Debts for personal damages caused by drunk driving.
    • Debts for specific tax-advantaged retirement plants.
    • Cooperative housing or specific condominium fees.

    There may be other reasons why the bankruptcy court decides not to approve the discharge. For this reason, accurately recognizing what type of fines you have is important to choose the best strategy in court. It doesn’t have to be filing for bankruptcy, although it can be of great help in some cases.

    The dischargeable debts also depend on the bankruptcy chapter. It’s not the same filing for Gilbert Chapter 7 Bankruptcy as filing for Chapter 13.

    You can discharge debts once you finish a Chapter 13 repayment plan that you cannot discharge with Chapter 7. Say, the non-criminal fines you owe the government can be discharged in Chapter 13, but they can’t be discharged in Chapter 7.

    Where can I learn more about bankruptcy?

    No one chooses bankruptcy because of one expired bill. Most people are behind on numerous debts like auto loans, credit cards, student loans, court fees, and so on. That’s because filing for bankruptcy is never easy. It is a delicate financial matter that can impact credit opportunities. However, it is also a necessary process to get a fresh start.

    Contact a Gilbert Bankruptcy attorney for debt relief

    If you’re past due on many debts, and you have no idea where to start your debt relief, contact our Gilbert Bankruptcy Attorneys. Whatever has caused you to find yourself in a financial crisis, Gilbert Bankruptcy Lawyers guarantees that there is hope for your situation! Call or use our online form to schedule your case evaluation today.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Is-There-A-Limit-To-The-Amount-Of-Times-You-Can-File-Bankruptcy

    Is There A Limit To The Amount Of Times You Can File Bankruptcy?

    How Often Can You File For Bankruptcy In arizona?

    Filing for bankruptcy is not a one-time thing. You can do this process more than once in a lifetime because there’s no limit to how many times you can file. However, there are period limits between filing dates.

    Depending on your situation, you could file for bankruptcy but not receive a debt discharge, so you have to be very cautious. Besides, you have to consider that the time limits depend on what Chapter you file under, and the U.S. Bankruptcy Laws always determine these time limits.

    Our professional Gilbert bankruptcy attorneys have summarized some points to know how often you can file up for bankruptcy.

    How Often Can You File For Bankruptcy In arizona in Gilbert, AZ?

    What Are the Wait Times Between Bankruptcy Filings?

    These depend on the Chapter to Chapter Options, which are:

    • Chapter 7 to another Chapter 7 bankruptcy: 8 years
    • Chapter 7 filing for Chapter 13 bankruptcy: 4 years
    • Chapter 13 filing for Chapter 7 bankruptcy: 6 years (you can also pay in full on Chapter 13 repayment plan)
    • Chapter 13 to another Chapter 13 bankruptcy: 2 years

    These wait times prevent overuse of the system and high credit card debts that cannot be paid.

    Why You Should Switch Your Bankruptcy Filing From The Last Chapter

    Your repayment plan will change depending on the type of bankruptcy you file. It will also change the number of unsafe debts you owe as well as the amount of time the bankruptcy remains on your record. That’s why it’s always better to file for a different bankruptcy than the one you used in a previous case.

    A Gilbert bankruptcy lawyer can help you understand the best options to pay for your debt comfortably. A lawyer may not change the time limits between filing dates, but it’s the best choice to decide if changing your Chapter is wise. Besides, a professional attorney can also help you file as soon as the date is available.

    These are some of the strategies to complete your second bankruptcy filing:

    • Changing from Chapter 7 to Chapter 13: If you pay your debts during Chapter 7, you can file a Chapter 13 to create a repayment plan to pay off the tax debts that were not released during Chapter 7.
    • Changing from Chapter 13 to Chapter 7: The six-year waiting lapse can be removed if you pay back the entire unsecured debt to creditors. You may even have to pay back only 70% of unsecured debt.
    • Repeating Chapter 13: This strategy is common to handle student loans or tax debts repayment because these debts cannot be discharged.

    What do with Numerous Bankruptcies on Your Credit Report

    You may need help with a Gilbert bankruptcy lawyer to get the best help in filing for multiple bankruptcies. You may also need to consider a court date in between filings.

    An automated stay can expire before your next bankruptcy discharge is registered. You have to make sure that the discharge is ready before the automatic stay ceases.

    Also, be aware of your credit report language, it will always let you know about your filing and status date.

    Having numerous bankruptcies on your credit history normally indicates you have a hard time finding low-interest rates, so you will have a poor credit score for over a year.

    Chapter 20 Bankruptcy: Filing bankruptcy before the time limit is up

    The time limits indicate how long a debtor must wait to release debt through another bankruptcy. If you don’t want another debt discharge, but you want a plan to organize your remaining debts, filing a Chapter 13 after a Chapter 7 discharge may be an excellent option.

    The “Chapter 20 bankruptcy” is the informal name for filing Chapter 7 and Chapter 13 in succession. This process tends to be complex, and many courts don’t allow a double filling before the time limit is up. Hiring a Gilbert bankruptcy attorney is very helpful in this case.

    Consider the pros & cons of Double Filing

    Pros:

    • Getting a Chapter 7 discharge and filing for Chapter 13 right away can give you more time to pay back debts that you cannot discharge.
    • If you need more time to pay off your debt, you can file for a second Chapter 13 to get more time instead of having automatic wage garnishment.
    • If you did not get a discharge during the first filing, you could get one in the second filing.

    Cons:

    • If you file too early, you cannot have another debt discharge until the time limits have finished, and that could make you waste much money and time.
    • If the judge notices that you have filed again “in bad faith”, they will stop the automatic stay, unless you prove you filed in good faith.

    Contact a Gilbert Bankruptcy Lawyer Today!

    Filing for bankruptcy can be difficult, especially if you do the process by yourself. Contact Gilbert Bankruptcy Lawyers to get the most effective path to get debt relief. Whether you need help with a Chapter 20 Bankruptcy, or you want to know the best way to pay off your debts, we are always ready to help you! Contact our Gilbert Bankruptcy attorneys today to get your consultation as soon as possible!

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Filing-Bankruptcy-Before-OAfter a Divorce Understanding The Differences

    Filing Bankruptcy Before Or After a Divorce: Understanding The Differences

    HOW DOES DIVORCE AFFECT my bankruptcy filing?

    Divorce can be an intense and stressful process, even in the best of circumstances. But if you are struggling with debt, the process can be made so much worse. Many people lose assets and suffer serious financial setbacks because of a divorce. They have to learn how to go from living on two incomes to just one. If you already have debt before then, divorce can make your financial situation worse.

    If you are going through a divorce, you may start thinking about filing for bankruptcy as a way to manage your overwhelming debt. But you will need to talk to a Gilbert experienced bankruptcy attorney to learn more about your options. Depending on your personal circumstances, it may be better to file for bankruptcy before your divorce is finalized, or it may be better to file afterward. The laws are complex, so you need to consult with an experienced lawyer to understand how they apply to your particular circumstances.

    How does divorce affect my bankruptcy filing in Gilbert, AZ.

    bankruptcy filing before the Divorce

    You may have accumulated a lot of debts during your marriage, or your spouse may have accumulated a lot of debts independently of you. Debts will be divided between the two spouses in the divorce, just like assets will be. If you want to avoid taking on more debt from your soon-to-be ex, you may want to file for bankruptcy before the divorce is final.

    Know that if you file for bankruptcy while you are still legally married, your spouse’s income will be considered in addition to your own. Therefore, you may not qualify for Chapter 7 bankruptcy, which provides a total discharge of unsecured debts, but which also has strict income requirements.

    Filing after the Divorce: A clearer picture of your estate

    It may be better for you to file for bankruptcy after your divorce because everything will be settled with the division of your debts and assets, and you will likely have a lower income. You will have a clearer picture of your estate, and you will be more likely to qualify for Chapter 7 bankruptcy.

    After the divorce, you will also have a confirmed order for spousal support or child support. If you have to pay a lot to spousal support or child support, that may significantly reduce your disposable income, which may make it easier for you to qualify for Chapter 7 bankruptcy.

    should i file for bankruptcy and divorce at the same time?

    You can simultaneously file for bankruptcy and file for divorce at the same time. However, doing so will make both your bankruptcy and your divorce more complex, and it could delay the resolution for each. You cannot move forward on your bankruptcy filing without a clear picture of your finances, which means you need a resolution for the division of assets and debts. You also cannot get a clear division of assets and debts if some of your debts are currently under review to be discharged in bankruptcy or some of your assets are currently under review to be liquidated to pay off debts.

    If you insist on filing for bankruptcy and divorce simultaneously, just make sure you work with a good Gilbert bankruptcy attorney and a good divorce attorney to guide you through the process. They’ll advise you on strategies to move through the process more quickly while also protecting your interests.

    No matter what strategy you decide – filing for bankruptcy before or after your divorce, or even simultaneously – it is important that you work with an experienced bankruptcy lawyer on the process. Your attorney will ensure that your filing is complete and accurate, and your lawyer will advise you on the best steps to take throughout the process to ensure a timely discharge and the maximum debt relief.

    Contact Experienced Bankruptcy lawyers in gilbert

    Gilbert Bankruptcy Lawyers are ready to help you get the debt relief you need through bankruptcy protection. We can help you understand the best steps to take if you are in the process of divorcing or know you will be soon. We’ll carefully review your finances and make tailored recommendations for how to use bankruptcy most effectively to meet your goals, including discharging as much debt as possible and protecting as many assets as possible. Call us in Gilbert today to schedule a free consultation with a bankruptcy attorney.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Essential Tips To Rebuild Your Credit Score After Bankruptcy

    Essential Tips To Rebuild Your Credit Score After Bankruptcy

    Bankruptcy Discharge: How to rebuild your credit

    Many people shy away from bankruptcy because they worry what it will do to their credit. But the truth is that continuing to struggle with debt that you cannot pay will have a much bigger negative impact on your credit. If you have struggled for a while, you likely have a lot of missed or late payments on your record, high credit balances, and a lot of credit applications. In that case, filing for bankruptcy can actually improve your credit by wiping out those balances and putting an end to your debt problem.

    But you will still have to do a little work to rehab your credit, whether you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. Usually, you can expect your credit to be healthy enough to get approved for loans within two years, but if you are vigilant, you can get there a little faster. Here are a few things you can do to rebuild your credit score after your bankruptcy discharge:

    How to restore your credit score after a bankruptcy discharge in Gilbert, AZ.

    CreatE a Budget & STICK to It

    The first thing you’ll need to do to rebuild your financial health is to create a realistic budget. Make a list of all your expenses, and then build in a little extra for unexpected expenses or for fun things. Compare that to your income and ensure that your expenses do not exceed it. If they do, find ways to lower your expenses or raise your income so that you are always living within your means.

    Then, continue to spend only within your budget. Do not use credit to buy things outside your budget. Living within your means will go a long way to ensuring that you never get into a financial situation that you can’t handle.

    BUILD UP YOUR SAVINGS

    You never know when a financial emergency will arise. To avoid taking on more credit and possibly having more trouble with debt. You can help to avoid this situation by building up your savings.You may find it difficult to put aside too much at first, but any little bit you can save will help.

    Create a separate account to keep your savings so that you don’t feel tempted to spend it. With the right account, you can also earn a little interest, helping your savings to grow more quickly.

    get a small line of credit

    When you’re ready, you can apply for a small line of credit, such as through a gas credit card or store credit card. Keep this account current and pay it on time, and you’ll see your credit score rise slowly but steadily.

    You can also consider getting a secured line of credit, asking someone to co-sign on a line of credit for you, or becoming an authorized user on another account. Any of these can help you get credit if you can’t get it on your own.

    keep your credit balances low

    Whatever kind of credit you get, use it sparingly. Keep your balances low to ensure that you are always able to pay the account and to protect your credit. Your credit score will drop if your balances are too close to your limits. Aim to keep the balances under 28 percent of the total limit.

    keep credit applications at a minimum

    Every time you apply for credit, there is an inquiry on your credit report. Excessive inquiries will lower your credit score. So if you apply for credit and are denied, wait a while before you apply again. Numerous applications will make it look like you are struggling financially and are turning to credit to solve your money woes.

    pay all your bills on time

    No matter what else you do, always pay your bills on time. Even paying your cell phone or your car insurance bill on time will help you establish a positive credit history. Paying on time will also keep your balances in check so you do not reach a point where you can no longer manage your debt.

    Be consistent in your efforts to rebuild your credit, and you will slowly see your credit improve after your bankruptcy. You will be able to qualify for new lines of credit, including a home loan or a car loan. But the first step to managing your overwhelming debt and getting on that road to financial recovery should be to talk with a Gilbert bankruptcy lawyer about your options for debt relief.

    Contact bankruptcy lawyers in gilbert

    Call Gilbert Bankruptcy Lawyers today to learn more about how Chapter 7 bankruptcy or Chapter 13 bankruptcy could help you manage your debt. You may qualify for a total discharge of your debt, or it may be more beneficial to reorganize your debt under a repayment plan that you can actually afford. Call us in Gilbert to schedule a free consultation with a bankruptcy lawyer and learn more.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Can I Convert a Chapter 13 to a Chapter 7 Bankruptcy?

    Can I Convert a Chapter 13 to a Chapter 7 Bankruptcy?

    Gilbert Bankruptcy Attorneys Explain How to Convert a Chapter 13 to a Chapter 7 Bankruptcy

    You may wish to file for a Chapter 7 bankruptcy and get a total discharge of your debts, but you may not qualify, so you file for Chapter 13 bankruptcy instead. Or you may want to protect some assets, such as your vehicle or your home, so you opt for Chapter 13 instead. But what you may find is that after you have been paying on your Chapter 13 bankruptcy plan for a while, your circumstances change and you want to switch to a Chapter 7 bankruptcy. Is that possible? Yes. And a Gilbert bankruptcy attorney can help you. 

    A person converting a Chapter 13 to a Chapter 7 bankruptcy thanks to Gilbert bankruptcy lawyers.

    Reasons to Convert

    There are two reasons that you would need to convert from a Chapter 13 to a Chapter 7 bankruptcy: Your financial circumstances have changed, or your goals for the bankruptcy have changed. 

    If your financial circumstances have changed, you may be struggling to keep up with your Chapter 13 bankruptcy payments. Your income may have dropped, or you may have lost your job completely. In that case, you may be able to switch to a Chapter 7 bankruptcy because you can no longer afford the payments on your Chapter 13 repayment plan. 

    You may also wish to switch because your goals have changed. For example, you may have chosen Chapter 13 bankruptcy so that you could catch up on your late payments for your car and could keep the vehicle. But now, you may no longer wish to keep the vehicle, and you want to get the discharge that Chapter 7 bankruptcy allows. 

    If you find yourself facing either of these circumstances after entering a Chapter 13 bankruptcy, talk to a bankruptcy attorney about your options. You may be able to convert to a Chapter 7 bankruptcy. 

    Eligibility to Convert to Chapter 7 Bankruptcy

    Of course, you won’t be able to just switch over to Chapter 7 bankruptcy because you want to – you’ll still have to meet the original eligibility criteria. Otherwise, everyone who couldn’t qualify for Chapter 7 at first would just file for Chapter 13 bankruptcy and convert later. Your bankruptcy attorney will review your finances to determine if the change in your circumstances has been enough to qualify you for Chapter 7 now.

    You may be able to transfer some of the paperwork that you submitted for your Chapter 13 filing, but you are likely to have to fill out a lot of new paperwork. Work closely with your bankruptcy lawyer on this step as any mistakes you make could prove costly. You could even face penalties for some errors. 

    Forced Chapter 7 Bankruptcy Conversion

    In some cases, the bankruptcy court may actually force a conversion from Chapter 13 to Chapter 7 bankruptcy. The circumstances for a forced conversion vary, but they include you not being able to keep up with your Chapter 13 payments and suspicion that you are abusing the bankruptcy system. Your bankruptcy lawyer will help you understand when a forced conversion may be imminent and why. 

    If you just miss a few Chapter 13 payments, that is unlikely to trigger a forced conversion. The bankruptcy court would likely just work with you to get current on the plan.

    Always consult with a bankruptcy attorney to better understand how the bankruptcy laws apply to your situation. The laws can be complex, and not every person will have the same outcome under the system. Your attorney can help you understand how to use creative filings to get the results you need. 

    Contact Gilbert Bankruptcy Lawyers today to learn more about your options for debt relief through bankruptcy protection. We can help you with a new bankruptcy filing, or we can talk to you about converting your current bankruptcy filing. We’ll help you understand how you can get the maximum debt relief possible under the law. We offer our services with no money down, and we offer affordable rates to ensure that you have no barriers to getting the debt relief you need. We serve clients throughout Gilbert and the surrounding area. Call our bankruptcy law office today to schedule a free consultation with a bankruptcy attorney and learn more about your options.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Debt Consolidation vs. Filing For Bankruptcy In Arizona Which Is Better

    Debt Consolidation Vs. Filing For Bankruptcy In Arizona: Which Is Better?

    Pros & Cons you should know before you either get a debt consolidation or file for bankruptcy

    You have a few options for handling your debt when you have reached the point that you are in over your head. Two of the most popular options are to get a debt consolidation loan or to file for bankruptcy. Both have some pros and cons, depending on your circumstances, and it is worth exploring what each has to offer before you make any choices. You should also talk to a trusted Gilbert bankruptcy lawyer to learn how bankruptcy would apply to your finances, specifically.

    Here’s a look at how debt consolidation and bankruptcy compare in Arizona:

    Debt Consolidation or Filing for bankruptcy, which one is better in Arizona

    Debt Consolidation: makes it easier to pay your debts & even save some money on interest

    Debt consolidation involves taking out a loan big enough to pay off multiple balances, such as multiple credit card accounts, medical bills, or other loans. After paying off your other accounts, you would then have one payment to make each month, and presumably with a lower interest rate. A debt consolidation loan can make it easier for you to pay what you owe, and maybe even save you some money on interest.

    You may find it difficult to qualify for a debt consolidation loan. Your credit score may have gotten too low due to your high balances or late payments, so you may not be approved for a new loan. Or, even if your credit score is healthy, you may be required to provide some collateral to get the loan, and you may not have assets that are valuable enough to qualify.

    Chapter 13 Bankruptcy: A MORE AFFORDABLE WAY TO PAY YOUR DEBT in a REASONABLE AMOUNT OF TIME

    Chapter 13 bankruptcy is similar to a debt consolidation plan. It consolidates your debt under a structured repayment plan that is overseen by a bankruptcy trustee. The trustee determines how much you can afford to pay, based on your income and assets, and creates a monthly payment that is then distributed to your creditors. The plan lasts between three and five years, and some of your debt may even be able to be discharged at the end of it.

    The advantage of a Chapter 13 bankruptcy is that just about anyone can qualify. You don’t need a great credit score or valuable assets. You also get a more reasonable repayment plan that is based on your ability to pay – not on the amount you borrowed. You aren’t actually borrowing anything in a Chapter 13 bankruptcy. You are getting a court-ordered repayment plan. You can pay off your debt in a reasonable amount of time and in an affordable way.

    Chapter 7 Bankruptcy: The best Way To debt relief, as well as the most strict

    If you can qualify, Chapter 7 bankruptcy may provide the most debt relief available. You must pass a means test to qualify for Chapter 7 bankruptcy, which looks at your income and assets. If you pass, may be able to get all of your unsecured debt discharged – which means that it goes away for good, without you having to pay a thing. Unsecured debts include credit cards, medical bills, and personal loans.

    Not everyone will qualify for Chapter 7 bankruptcy, as the eligibility requirements can be quite strict, which is the downside. You may also want to avoid Chapter 7 bankruptcy if you have a lot of equity built up in your home, or you have other substantial assets, such as hefty retirement accounts.

    Always talk to an experienced bankruptcy attorney to explore your options before you make any choices. A bankruptcy lawyer will review your finances closely and give you suggestions for how to use bankruptcy creatively to relieve you of the most debt while also preserving the most of your assets (where applicable). You can be free of the debt that is weighing you down without having to take on more debt.

    Contact gilbert bankruptcy lawyers to help you get the maximum debt relief under the law

    Call Gilbert Bankruptcy Lawyers today to talk with a trusted bankruptcy attorney about your options. We represent clients seeking debt protection under Chapter 7 bankruptcy and Chapter 13 bankruptcy. Our goal is to help you get the maximum debt relief under the law. We can start working on your case with zero money down, and we offer affordable rates and payment plans to make it easier for you to get the debt relief you need quickly. Call us today to start with a free consultation and evaluation of your financial circumstances. We’re ready to help you meet your financial goals.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    The Unknown Element of Bankruptcy: Car Insurance

    The Unknown Element of Bankruptcy: Car Insurance

    How Bankruptcy Affects Your Car Insurance Payments

    When you’re thinking of filing for bankruptcy, you’re likely thinking of things like credit card bills and an overdue home loan. You likely aren’t thinking about other bills, like your car insurance. In fact, you may have even decided to stop paying your car insurance and other bills so that you could put your resources toward more important items. 

    However, as any Gilbert bankruptcy attorney will tell you, it is very important that you continue to pay your car insurance bill. Failure to maintain the required car insurance could have a lot of consequences, including jeopardizing a Chapter 13 bankruptcy petition. In an effort to save yourself some money, you will end up costing yourself a lot more. 

    The Unknown Element of Bankruptcy: Car Insurance

    Required Car Insurance

    By law, you must maintain a minimum amount of insurance on your vehicle to drive it. In Arizona, you are required to carry bodily injury liability coverage with a minimum of $25,000 per person or $50,000 per accident, property damage liability coverage with a minimum of $15,000, and uninsured and underinsured motorist bodily injury coverage with a minimum of $25,000 per person or $50,000 per accident.

    However, the bankruptcy court will likely require more than the minimum if you are still financing your vehicle. The bank that has lent you the money for your vehicle has an interest in protecting that investment, and proper insurance must be maintained to protect against damage or loss. Otherwise, you may decide to stop paying the loan if the vehicle is damaged.

    Bankruptcy court requires that you maintain “full coverage” insurance on a vehicle that is being financed. Full coverage includes both collision and comprehensive insurance. The court may even ask for documentation of the insurance, which should also identify the lienholder. 

    Consequences for Lapsed Car Insurance

    If you cannot provide proof of insurance to the bankruptcy court, or if the court discovers that your car insurance has covered, it may object to your Chapter 13 bankruptcy plan. Once that happens, you will have 10 days to provide proof of coverage. Or, if you do not have coverage, you will have 10 days to get the insurance you need and to provide evidence of it to the court. 

    Failing to meet this requirement may result in severe consequences. For example, the court may grant the lienholder relief provisions, which would give them permission to repossess the vehicle. Or you may be forced to purchase insurance through the court, which would end up being much more expensive and would not provide needed coverage to you. The insurance purchased through the court would only provide protection for the lienholder. If you were to be pulled over and you showed the court-purchased insurance, you would end up being fined since that insurance would not be sufficient to cover your legal obligations. 

    Stay ahead of this situation by prioritizing your car insurance bill each month and keeping your policy current. 

    Hire a Gilbert Bankruptcy Lawyer to Get Debt Relief

    You shouldn’t have to figure out which bills to pay each month to get by. You should be able to have car insurance and other necessities to protect your quality of life. Filing for bankruptcy may be able to help you get the debt relief you need so you can take back control of your finances and regain stability. Chapter 13 bankruptcy allows you to reorganize your debt under an affordable repayment plan that lasts three to five years. You may be able to save your car from repossession or your home from foreclosure. 

    Gilbert Bankruptcy Lawyers are ready to help you get the debt relief you need through bankruptcy protection. We represent clients seeking to reorganize their debt under Chapter 13 bankruptcy, as well as those seeking to have their unsecured debts discharged through Chapter 7 bankruptcy. We’ll review your finances and help you understand which chapter of bankruptcy is most likely to meet your needs. We require zero money down to file bankruptcy, and we offer a free consultation. We also offer affordable fees so that you do not have to struggle further in your efforts to get debt relief. Call us in Gilbert today to schedule a consultation with a bankruptcy lawyer.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    How Does an Emergency Bankruptcy Filing Work?

    How Does an Emergency Bankruptcy Filing Work?

     

    Understanding Emergency Bankruptcy Petition

    Some people come to a Gilbert bankruptcy attorney because they have finally had enough struggling with debt, and they want to seek the protection available to them under the law. Some people come to a bankruptcy lawyer in Gilbert because they are looking at a clock quickly ticking down to the bank coming to take their house or their car. They need to act fast, or they have a lot more to lose than a few more points off their credit score. 

    An emergency bankruptcy filing allows these people to get the protection of the automatic stay quickly. With an emergency filing, you need only submit a few documents, allowing the automatic stay to be implemented immediately so you can put a stop to foreclosure proceedings or other legal action. Then you have 14 days to submit the rest of the required documentation and to continue with the bankruptcy proceedings. 

    How Does an Emergency Bankruptcy Filing Work?

    Forms Required for an Emergency Bankruptcy Filing

    The primary form you will need for an emergency bankruptcy filing is the bankruptcy petition itself. The petition will be specific to the type of bankruptcy you are filing, either Chapter 7 bankruptcy or Chapter 13 bankruptcy. Each type will require different information, and your Gilbert bankruptcy attorney will walk you through that step-by-step. Your attorney will request all the needed information and complete the form, then review it with you in detail before submitting it. 

    In addition to the petition, you will need to submit a list of all your creditors and their contact information. You will need to also include people who may be involved in collecting a debt, such as a collection agency or sheriff. 

    You must complete a credit counseling course before you can file for bankruptcy, and you will have to submit proof of that completion with your bankruptcy petition. You must also submit a Form B121, which involves providing your Social Security information.

    Finally, you will have to pay the bankruptcy filing fee when you submit your petition. You can apply for a fee waiver, or you can apply to be able to pay your fee in installments. You must meet certain criteria to qualify for either option, and your bankruptcy attorney in Gilbert will counsel you on what to expect. 

    Additional Forms that May be Required

    There may be scenarios in which the court requires additional forms or documentation with the bankruptcy petition, even when it is an emergency filing. It is essential that you comply with all the requirements, or else you risk having your petition dismissed entirely. 

    One form that is commonly requested to be submitted is an order of dismissal that will be put into effect if the applicant does not submit all the required documentation for the bankruptcy petition with the 14-day time frame. Other times, the court requests a cover sheet to outline all the forms that are being included in the bankruptcy petition. These and other requests may seem trivial to you, but they are not optional. Follow the directions of the court to the letter or risk getting the debt relief that you so desperately need. 

    Your Gilbert bankruptcy attorney will help you understand all that is required for your emergency bankruptcy petition, as well as throughout the bankruptcy process. You will have to provide a lot of follow-up documentation, as well as complete additional education classes and attend meetings. Your attorney can give you tips for how to expedite the process so that you get the discharge you want as quickly as possible – or, in the case of Chapter 13 bankruptcy, you start your repayment plan as quickly as possible. 

    Gilbert Bankruptcy Lawyers are ready to help. We can file an emergency bankruptcy petition to help you fast-track the bankruptcy process and get protection under the automatic stay as quickly as possible. We represent clients in Chapter 7 bankruptcy and Chapter 13 bankruptcy, and we can help you figure out which will give you the maximum benefits. We offer a zero down bankruptcy filing with affordable fees. Contact us in Gilbert today to schedule a free consultation with a bankruptcy lawyer to learn more about your options. You can stop the creditor harassment and get the debt relief you need. 

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    How Is House Value Determined In Bankruptcy?

    How Is House Value Determined In Bankruptcy?

    Gilbert’s Expert Bankruptcy Attorneys Explain The Different Methods For Valuing Your Home In Bankruptcy

    When you’re struggling with debt, the last thing you want is to have to lose your house also. Many people look to filing for bankruptcy to put an end to their debt problems before they get to the point that they can’t pay their mortgage and lose their house. But many people also worry that filing for bankruptcy will result in the seizure of their house to pay their creditors.

    The good news is that you are able to exempt some of your personal property from your bankruptcy estate, and most homeowners will not have to worry about losing their homes. It is important for you to talk through your particular circumstances with a Gilbert bankruptcy attorney so you know how bankruptcy laws apply to your case, specifically.

    Expert Bankruptcy Attorneys Explain The Different Methods For Valuing Your Home In Bankruptcy In Gilbert, AZ.

    Arizona Homestead Exemption

    Every state has a homestead exemption that specifies how much home equity you are able to exempt from your bankruptcy filing. In Florida, the entire home is exempted, regardless of its value. Other states have much stricter allowances, like Alabama, which has a $15,000 exemption, or Kentucky, which has only a $5,000 exemption.

    Fortunately, Arizona is one of the state’s with a generous exemption. You can exempt up to $150,000 in home equity from your bankruptcy estate. Unlike other states, Arizona does not allow you to double that exemption for married couples. The exemption remains the same for single people or for couples.

    How Home Value Figures Into a Bankruptcy Filing

    You will need to determine how much your home is worth to know if it can be included in the homestead exemption. If you are filing for Chapter 7 bankruptcy and the home value exceeds the exemption, the bankruptcy trustee can seize the home and sell it to satisfy your debts. You cannot dismiss your bankruptcy filing just because you find out that the home is valued at more than you thought and now don’t want it to be taken. You will need to have a solid valuation of the house before you file.

    If you are filing for Chapter 13 bankruptcy, you can keep your home, regardless of its value. However, you will have to pay an amount equal to the non-exempt equity you have in the house (anything over $150,000) to your creditors in your restructured repayment plan.

    Valuing Your Home

    There are a few ways that you can show the value of your home to the bankruptcy trustee, and your bankruptcy attorney will help you determine which is best. Do not use your city or county tax appraiser’s valuation, as these officials often use questionable criteria to value the property, and the value is often disputed by other experts. Also avoid using a quick sale value, as this would not be applicable to a bankruptcy proceeding. The bankruptcy trustee would also use a real estate agent to sell the property and would market it appropriately. The trustee would not have to settle for a quick sale amount.

    Here are a few of the options for valuing your home properly:

    Private Appraisal

    Hiring a home appraiser is the most effective way to get an accurate appraisal, but it is also the most expensive. You can pay $500 or more for the appraisal.

    Market Analysis

    A less expensive yet still effective option would be to hire a licensed realtor to provide a comparable market analysis that looks at the sale of homes similar to yours in your area to determine value.

    Website Data

    The free option for valuing your property is to use a real estate website like Trulia.com or Zillow.com. These websites always offer an estimate of your home’s worth based on recent sales in your area and other factors.

    Your Gilbert bankruptcy attorney will review these and potentially other options for valuing your home with you to let you know which will get you the most accurate valuation and will be most likely to be accepted by the bankruptcy trustee. It is important that you have a proper valuation of your house at the outset of your bankruptcy filing so you can make the most informed decision about your options.

    contact professional bankruptcy attorneys in gilbert

    The bankruptcy attorneys at Gilbert Bankruptcy Lawyers are ready to help you explore your options for debt relief through bankruptcy protection. We’ll review your finances to give you a better understanding of how your home and other assets will be impacted in a bankruptcy filing, and what benefits you can get from filing. We represent clients in Chapter 7 bankruptcy and Chapter 13 bankruptcy throughout the Gilbert area. Call us today to schedule a free consultation with a bankruptcy attorney and learn how you could become debt free.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Warning Signs You Might be Headed toward Bankruptcy and How to Prepare

    Warning Signs You Might be Headed toward Bankruptcy and How to Prepare

    8 Signs You Should Think About Filing For Bankruptcy

    We all run into financial trouble from time to time. Expenses go up unexpectedly, or we change jobs or experience some other change in income. Sometimes, we’re able to weather the storm (usually with the help of savings), but sometimes, we aren’t. Many people end up using credit cards or taking on other debt to deal with their financial crisis, or they face a crisis caused by overspending on the credit cards themselves.

    Filing for bankruptcy can provide some needed debt relief, but many people tend to delay it in an attempt to get a handle on their debt themselves. Here are some warning signs that your debt might be getting out of control and you need to think about seeking protection under bankruptcy:

    Warning Signs You Might be Headed toward Bankruptcy and How to Prepare

    You Rely on Credit Cards

    Many people use a credit card or two every now and then. But if you are at the point where you are using credit cards to pay for the basics because you can’t afford to pay with cash, you might be in trouble. Likewise, you might be in over your head if you are constantly using your credit cards and your balances just keep growing.

    A Chapter 7 bankruptcy filing can discharge all your credit card debt if you qualify. Not only will it get rid of that crippling debt, but it will also free up the cash you need to pay other debts, such as your car or home loans.

    You Have Delayed the Necessities

    Has it been a couple of years since you went to the dentist? Or are you driving around with a bumper hanging off your car? If you are putting off taking care of the necessities because you don’t have the free cash, chances are that you have become mired in debt. Filing for bankruptcy may be able to help you get rid of debt or get it under control so that you are able to afford what you need again.

    You are Considering Loans

    Have you gotten to the point where you are thinking about taking out a payday loan or a title loan just to get through the month? That’s usually a point of desperation for most people because their credit scores are so bad that they can’t get more reasonable loans.

    If you aren’t able to get by on your income alone, bankruptcy can help you eliminate some or all of your debt so that you can get your finances under control. Taking out one of these high-interest loans would only add to your debt crisis.

    Your Phone is Ringing Off the Hook

    Once you miss a payment, even by a couple of days, your creditor is going to start calling you to ask that you make arrangements. And they will keep calling every day until you pay or you make a plan to pay. The more payments you miss with the more creditors, the more your phone is going to ring. You may start to dread picking up the phone. If you are at that point, it’s likely time to talk to a Gilbert bankruptcy attorney.

    You Have Received a Summons from a Creditor

    Your creditors won’t keep calling forever. Eventually, they will move to take legal action against you. If you have received a summons from a creditor, it means that your creditor has filed action.

    You can talk to an attorney to defend the suit, but chances are not good that you will prevail if you actually owe the money. You will have a better outcome if you talk to a bankruptcy attorney in Gilbert. Filing for bankruptcy will trigger an automatic stay, which will put a stop to all legal action until your bankruptcy is discharged (which will also likely result in the debt in question being discharged).

    Your Wages or Accounts are being Garnished

    If your creditor wins a judgement against you, your wages may be garnished or your bank accounts seized. The best thing to do is take action before this starts. However, at any point, you can still file for bankruptcy, and the automatic stay will still put an end to the garnishment. If the debt related to the garnishment is discharged, the garnishment will end for good.

    You Have a Deficiency Balance

    If your home is foreclosed on or your vehicle is repossessed, that may not be the end of your trouble. The sale of the home or car will be put toward what you owe. However, if the sale did not bring in enough, you may still owe your creditors.

    If you didn’t have enough to save your home or car from being taken, chances are not good that you now have enough to pay this deficiency balance. Call a Gilbert bankruptcy attorney to explore your options for bankruptcy protection.

    You Have Insurmountable Medical Bills

    An illness or injury can quickly lead to excessive medical bills, even if you had insurance. Fortunately, medical bills are usually quite easy to discharge in bankruptcy. Rather than succumbing to financial turmoil after your medical ordeal, you can have these bills discharged in bankruptcy and move forward with physical and financial health.

    If you are experiencing any of these warning signs, or are struggling in some other way with debts, it’s time to call Gilbert Bankruptcy Lawyers. Our bankruptcy attorneys will help you understand how Chapter 7 bankruptcy or Chapter 13 bankruptcy could give you needed debt relief and a fresh financial start. We’ll analyze your personal finances and help you understand your best options for maximizing debt relief and protecting any assets you may have. Call us in Gilbert today to schedule a free consultation with a bankruptcy attorney and get started.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Can You Qualify For a Mortgage After Filing For Chapter 7 Bankruptcy?

    Can You Qualify For a Mortgage After Filing For Chapter 7 Bankruptcy?

    Is it right to apply for a home loan after filing chapter 7?

    Filing for Chapter 7 bankruptcy can provide the financial relief you need after years of struggle. You can have all your unsecured debts, like your mounting credit card bills, discharged, leaving you with a fresh slate. You’ll have the money you need each month to take care of the basics, plus a little extra. You’ll also start rebuilding your credit, which has likely suffered from months or years of late payments or missed payments.

    Some people worry that after they file for Chapter 7 bankruptcy, they won’t be able to move forward with other financial goals, like buying a home, because their credit will have a big black mark from which they cannot recover. While it is true that bankruptcy will be considered on your negative, it is not true that it will devastate your credit. In fact, it can help you recover more quickly, in many cases.

    Is it right to apply for a home loan after filing chapter 7 in Gilbert, AZ

    Know the Different Loan Options

    There are different options for getting a mortgage, and the type of loan you are trying to get will determine how much time needs to pass after your bankruptcy discharge. A lender will look closely at your overall financial circumstances and credit history to determine whether to award you a loan. However, general guidelines for getting a mortgage loan after a bankruptcy are:

    • Federal Housing Administration (FHA) loans – two years
    • Department of Veteran Affairs (VA) loans – two years
    • U.S. Department of Agriculture (USDA) loans – three years
    • Conventional bank loans – four years

    You will need to meet certain guidelines to qualify for one of these loans with a lower waiting period after filing for bankruptcy. For example, to qualify for a USDA loan, you have to buy a home in a rural area. Most bankers can arrange for these kinds of loans, so just talk to someone in the mortgage department at your bank to learn more about the qualifications for each.

    how to Rebuild Your Credit

    Even if the necessary amount of time has passed after your bankruptcy discharge, you won’t be able to be approved for a home loan if your credit is still bad. You need to take steps to rebuild your credit after your bankruptcy so that you can get approved for a loan and so you can get good terms, including a low interest rate.

    Start out by paying all your bills on time and in full each month. Then, when you’re ready, apply for a small credit card with a gas station, department store, or other outlet. Keep the limit low, and spend frugally. Pay the bill on time each month. You’ll see your score start to rise steadily.

    Keep a close eye on your balances for any credit cards you open or continue to maintain. The balance shouldn’t be more than 35 percent or so of the credit limit. Continue using credit responsibly and paying your bill on time, and you will see your credit score rise continually. The better your score is when you apply for a mortgage, the better your interest rates will be, which will save you significantly over time.

    Filing for bankruptcy does not have to mean the end of your financial opportunities for the next seven years (the amount of time the bankruptcy remains on your credit report). In fact, filing for bankruptcy can open up many more financial opportunities for you because it frees you from debilitating debt. You can finally get your finances under control and use them to start meeting your goals, such as buying a new home. You just need to take the right steps to rebuild your credit after your bankruptcy, and you will be well on your way to creating the life you want.

    hire a bankruptcy attorney in gilbert

    Call Gilbert Bankruptcy Lawyers today to learn more about how filing for bankruptcy might help you get the debt relief you need so you can take back your finances. We represent clients seeking relief through both Chapter 7 bankruptcy and Chapter 13 bankruptcy. A bankruptcy attorney from our team will review your finances and talk with you about what you hope to achieve through bankruptcy to help you understand which choice would give you the most benefits. Contact us today to schedule a free consultation with one of our bankruptcy attorneys and learn more.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    The Important Link Between Car Repossession & Debt Relief

    The Important Link Between Car Repossession & Debt Relief

    avoid car repossession by filing for bankruptcy in arizona

    Your car payment is probably one of the biggest expenses you have each month. You will likely prioritize the payment, even if you are having financial troubles, because you need your car to get to work and other important places, and because you know that missing payments can negatively impact your credit. However, when things get bad financially, you may struggle to make the payment, despite your best efforts.

    If you fall behind on your payments, you are at risk of having your car repossessed. Talking to a bankruptcy attorney about filing for bankruptcy may lead to some solutions, but it depends on how far behind you are, what your goals are, and what your financial circumstances are like.

    Avoid car repossession by filing for bankruptcy in Gilbert, AZ

    WHEN DOES THE Car REPOSSESsING PROCESS START?

    Your lender won’t immediately send someone out to repossess your vehicle after you miss your first payment. Instead, you’ll get some reminder calls or letters, asking you to make your payment. You can also expect to be assessed a late fee.

    Typically, a lender won’t start the process for repossessing your vehicle until you have missed two or three payments. Lenders are more likely to be forgiving if you have not missed a payment in the past or if you have been proactive in letting them know that you are having trouble. You will get plenty of notice that the repossession will take place, as well as plenty of warning about any other consequences of failure to pay, including late fees.

    Financial Hardship Programs

    Your lender may have a financial hardship program available if you have been missing payments. The program may allow you to defer payments for a specific period of time, or it may allow you to make a lower payment. The options vary depending on your financial circumstances and on what the lender will allow.

    In most cases, the lender would prefer giving you some leeway to allow you to catch up rather than going through the expense of repossession and re-selling the car.

    Filing for Bankruptcy

    Filing for bankruptcy may be able to help you get the debt relief you need if you are facing repossession or other big financial consequences, like foreclosure or a lawsuit. Filing for bankruptcy will not discharge the debt you owe for the vehicle. Auto loans are secured loans, which means they are backed by the value of the vehicle. However, filing for Chapter 7 bankruptcy can discharged unsecured debts like credit card bills, which could free up the money you need to pay what you owe on your vehicle and save it from repossession.

    Alternatively, you may file for Chapter 13 bankruptcy and put all your debt under a restructured repayment plan that you can actually afford. Your Chapter 13 debt reorganization plan can include what you owe on your vehicle, which can allow you to catch up on your late payments. At the end of your repayment plan, which is typically three to five years, you may be able to strip down anything you still owe, such as if you owe more on your vehicle than what it is currently worth. That scenario is not as likely with a car as it is with a house since auto loans are for a shorter period and vehicles generally don’t retain their value as well. However, it is a possibility and one worth exploring with a Gilbert bankruptcy attorney.

    hire a professional bankruptcy lawyer in gilbert, AZ

    If you are struggling to pay your car payments, chances are that you are having trouble paying your other bills also. Talk to a bankruptcy attorney about how filing for bankruptcy may be able to get you the debt relief that you need. Gilbert Bankruptcy Lawyers are ready to help. We represent clients seeking protection through both Chapter 7 bankruptcy and Chapter 13 bankruptcy. Our experienced attorneys will review your financial details and get a better understanding of your goals, such as whether you want to keep your home or keep your car from being repossessed, and will then recommend a course of action for you. We can help you put an end to harassing phone calls and take back control of your finances. Call us in Gilbert today to schedule a consultation with a bankruptcy attorney and learn more.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Knowing When You Have The Right Bankruptcy Lawyer On Your Side

    Knowing When You Have The Right Bankruptcy Lawyer On Your Side

    QUALITIES YOU SHOULD LOOK FOR IN An Arizona BANKRUPTCY ATTORNEY

    Filing for bankruptcy can give you enormous debt relief so that you can take back control of your finances and get back on track to meet your goals. You can legally file for bankruptcy yourself, without the assistance of a lawyer. However, bankruptcy law can be quite complex, and attempting to do this work yourself could result in you overlooking important exemptions or in you making a big mistake that could jeopardize your filing or even result in legal trouble.

    Not only is it important to hire a bankruptcy attorney to handle the filing for you, but it is also important to find the right Gilbert bankruptcy attorney to ensure that you have a good experience and you feel well-supported throughout the process. Here are a few things that you should look for when you are researching or interviewing bankruptcy attorneys in your area:

    WHAT ARE THE QUALITIES YOU SHOULD LOOK FOR IN A BANKRUPTCY ATTORNEY IN GILBERT, AZ

    Experienced bankruptcy lawyers

    It is important to work with a bankruptcy attorney who has plenty of experience. Bankruptcy law is complex, and knowing the ins and outs comes with handling those cases year in and year out. An attorney who has just started in their practice can easily overlook important elements of your case.
    Experienced bankruptcy attorneys in Gilbert also have a confidence about them that will put you at ease, knowing that they are knowledgeable and comfortable in the process. Filing for bankruptcy can be a nerve-wracking process, so it is important that you have a knowledgeable attorney by your side, guiding you through it and putting you at ease.

    Communication: a must-have characteristic

    You will go through a lot of steps over the course of your bankruptcy filing, and it will require a lot of phone calls and emails to and from your attorney. You’ll be sharing a lot of personal information, you’ll have to attend several meetings and take a couple of educational courses, and you’ll have to sign a lot of paperwork.

    You need to find a bankruptcy lawyer with good communication skills, both in person and online. Find an attorney who responds to your phone calls or emails quickly, as well as one who answers your questions thoroughly. Find someone who patiently explains the process for you and who really takes the time to be present in your conversations, rather than rushing the conversation to get to the next client.

    LOOK FOR THE BEST FEES & Costs

    Many bankruptcy costs are fixed. They include things like filing fees and court fees. However, each attorney sets their own fees, and those can vary dramatically. You are already struggling financially, so it is important that you get an understanding of all the associated fees upfront and that you find a bankruptcy attorney with reasonable fees.

    Some attorneys also offer flexible payment plans. Find out if this is a possibility for you.

    Find a bankruptcy lawyer that gives you Personal Comfort

    Think about that first consultation with a bankruptcy attorneys in Gilbert like a job interview. You are the one interviewing them and deciding if they get the job. Part of that decision will be about their experience and qualifications, but part of it should also include how comfortable you feel with that person.

    Do you have a report with this person? Do you feel comfortable asking your questions? Do you feel at ease sharing your finances and your concerns? You need to find someone with whom you are comfortable if the process is to be successful. Your attorney will be your partner in this process, and that partnership will break down if you don’t feel comfortable with them.
    Take your time researching bankruptcy attorneys in your area, and interview your top picks. The time you put in before hiring an attorney will pay off in having a good experience later and in having a smooth bankruptcy process.

    contact a professional bankruptcy Law Firm in gilbert, az

    Gilbert Bankruptcy Lawyers are ready to help you get the debt relief you need through bankruptcy protection. Our experienced and personable attorneys will help you understand your options through bankruptcy and answer all your questions thoroughly to be sure you can make the best choices for your financial goals. We represent clients in both Chapter 7 bankruptcy and Chapter 13 bankruptcy. Contact us in Gilbert today to schedule a free consultation with a bankruptcy attorney and learn which would be right for you.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Essential Tools At Your Disposal For Handling An Upside Down Mortgage

    Essential Tools At Your Disposal For Handling An Upside Down Mortgage

    Upside Down Mortgages: How Do I Get Out?

    The housing market can fluctuate wildly. What may have looked like a good investment when you moved in can now look like an unending nightmare. Your home may have lost so much value that you now owe more on the house than what it is worth – even though you may have been paying the mortgage for years.

    Such “upside down” mortgages are not uncommon. You can’t sell the house to get out of your mortgage – unless you have a stash of money you’re willing to throw at what has already become a bad investment – so what do you do? Talking to a Gilbert bankruptcy attorney may be the solution. Here are a few of your options for dealing with this situation:

    How Do I Get Out Of An Upside Down Mortgage In Gilbert?

    Abandon The MORTGAGE

    Arizona has an anti-deficiency law like many other states that protects homeowners from a deficiency judgement if they walk away from a mortgage. In other states, the lender would be able to sue the homeowner for the difference in the amount owed and the amount recovered at sale. But Arizona protects delinquent homeowners from such judgements. Therefore, if you can no longer pay your mortgage and you know you can’t recover what you owe at sale, you can choose to just abandon the home and the mortgage.

    Know that this action will cause a hit to your credit. You will also be responsible for HOA fees, property taxes, and other fees while you are still the legal owner of the house. If the lender is slow to take possession of the title, you could end up owing a lot to various agencies.

    LOAN MODIFICATION

    You may not want to abandon your home, or you may feel like the value of your home will recover, so you want to hang on to your loan. Yet you may be having a hard time making the payments. You may be able to have your loan modified so that the term is extended and you make a lower monthly payment.

    If the value of your house has dropped or you are having money problems, you may have a hard time convincing a lender to refinance. Know that you will also pay a fee for the privilege of refinancing.

    SHORT HOME SALE

    Instead of waiting for the bank to seize and sell your home, you can sell it yourself in a short sale. You would sell the house for what you can get, which will be less than what it is worth, and the bank will agree to forgive the difference that you owe.

    Surrender a Deed In Lieu Of Foreclosure

    Instead of just walking away from the mortgage, you can try to arrange to surrender the deed in lieu of going through the foreclosure process. The bank is unlikely to agree to this unless you have already tried to put the home on the market and had it there for some time. However, if you are insistent in your inability to pay, you will likely get the lender to agree so they can save money on the legal proceedings of foreclosure.

    File For Bankruptcy

    You have two strategies for dealing with your mortgage through bankruptcy. You can file for Chapter 7 bankruptcy, which will discharge all of your unsecured debts, such as credit cards. Chapter 7 bankruptcy will not discharge your home loan, as it is secured by the value of the property. However, it can clear up enough of your other debt that you have enough money to pay your mortgage each month and even catch up on what you may owe.

    If you are unable to file for Chapter 7, or if it does not meet your financial needs, you can file for Chapter 13 bankruptcy and get your debt reorganized into an affordable payment plan, including anything you are behind on your mortgage. The repayment plan is designed to last three to five years. At the end of that time, you may be able to “strip down” your mortgage and have the amount that is in excess of your home’s value discharged.

    Call a Bankruptcy Attorney In Gilbert, AZ

    Talk to a bankruptcy attorney about your options for taking control of your finances and your upside down mortgage. You may be able to get debt relief without having to go through the hassle of selling your home or having it seized. Call Gilbert Bankruptcy Lawyers today to talk with an experienced bankruptcy attorney and learn about your options. We’ll review your finances and talk about your goals for your home to help you understand the best way forward. Call us today to schedule a free consultation and learn more.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Steps To Take When You’ve Been Sued By a Debt Collector

    Steps To Take When You’ve Been Sued By a Debt Collector

    bankruptcy attorney’s guide to overcome a debt lawsuit in arizona

    Though it may not feel like it, the calls and letters from your creditors will come to an end. But when they do, it won’t be the relief that you were hoping to get. Instead, you’ll be looking at a whole new problem: A debt lawsuit. Your creditors can take action against you, and the more you owe, the more likely that is to happen.

    Instead of hiding out and hoping the problem will go away (it won’t), you’ll need to take action, including calling a Gilbert bankruptcy attorney to learn about your options. Here’s what you can expect from the debt lawsuit process, as well as some steps you can take along the way:

    Woman Recieving a debt lawsuit in Gilbert, AZ

    Summons & Complaint

    Lawsuits begin with you being served a summons and complaint. The summons is a document that outlines administrative aspects of the lawsuit, such as the court date, where the case will be heard, and what you need to do next. The summons will include a deadline for your response. If you do not respond to the lawsuit by that time, your creditor can win a default judgement against you. You’ll need to talk with an attorney as soon as possible to figure out your next moves. You will be working against the clock.

    The complaint accompanies the summons, and it outlines the case against you. It includes the argument that your creditor is making for the action being taken against you. This is valuable information for your attorney, who will advise you on your legal options. A Gilbert bankruptcy attorney is likely to be able to help you, but this information will help the bankruptcy attorney know if you need to seek another specialist for another strategy.

    Answer the Lawsuit with lawyer assistance

    In many cases, the summons and complaint will arrive with a form that you can use to file your answer. However, in most cases, it is better to answer the lawsuit with the assistance of an attorney. Your attorney can advise you of your legal rights and responsibilities and how to proceed to protect your interests.

    If you file for bankruptcy, your bankruptcy attorney can file an answer indicating that you have done so. Then the debt will be considered as part of the overall bankruptcy filing. In most cases, the debt will then be discharged. If it is not, it will likely be rolled into a repayment plan. In either scenario, the lawsuit should be put to an end. Just talk to your Gilbert bankruptcy attorney about the specifics.

    Potential Consequences of ignoring a legal summon

    If you do nothing when you receive the summons and complaint, your lender can move forward against you. If your creditor gets a judgement against you, that could mean that your wages are garnished, your bank account is seized, or your other assets are seized, such as investment accounts, your house, or your car.

    You can put a stop to wage garnishment even after it has begun if you file for bankruptcy. You won’t be able to do anything about bank accounts or other assets that have already been seized. Those cannot be returned to you by filing for bankruptcy later. The best thing to do is to take action as quickly as possible after you receive notice of the lawsuit against you – even before then if you know that such action might be coming.

    Bankruptcy protection can help you get the debt relief you need while also shielding you from some of the potential legal ramifications should your creditors choose to take action. If you are struggling with debt, consider talking to a bankruptcy attorney before things reach this point.

    The sooner you can get bankruptcy protection, the sooner you can be done with the harassing phone calls and letters, the financial stress, and the constant struggle. You can start rebuilding your financial life and start feeling better.

    Our Gilbert bankruptcy lawyers Will Assist You!

    Call Gilbert Bankruptcy Lawyers today to start talking to a bankruptcy attorney and to learn more about how filing for bankruptcy may help you. We represent clients who are seeking a total discharge of debt through Chapter 7 bankruptcy, as well as those who would better benefit from a debt restructuring under Chapter 13 bankruptcy. We’ll review your goals and your finances and help you understand which would give you the maximum benefit. Call us in Gilbert today to schedule a consultation with a bankruptcy attorney and learn more about your options.

     

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Critical Bankruptcy Filing Questions Answered

    Critical Bankruptcy Filing Questions Answered

    Our Gilbert Bankruptcy Attorneys Answer Frequently Asked Questions

    It’s not every day that you file for bankruptcy. Those who do file for bankruptcy usually only file once. So chances are good that if you are thinking of filing for bankruptcy, you haven’t done it before, and you have a lot of questions. You may even feel intimidated by the process, and that may deter you from getting the debt relief that you need.

    The best thing to do is consult with an experienced Gilbert bankruptcy attorney to learn how bankruptcy may help you and to get answers to all your questions about the process and how it will benefit you. You can do a little research ahead of time to prepare yourself for the meeting and have information that will help you ask better questions and make better choices. Here are some of the most frequently asked questions we get about bankruptcy:

    Our Gilbert Bankruptcy Attorneys Answer Frequently Asked Questions

    Can Bankruptcy Help Me Stop Calls and Letters from My Creditors?

    Yes. When you file for bankruptcy, it triggers an automatic stay. That puts a stop to all legal activity against you by your creditors, and they must stop contacting you about your debt. Sometimes, you may get a call or two after the filing simply because the notification hasn’t made its way all the way through the creditor’s system. You just need to let the representative know that you have filed for bankruptcy and refer them to your Gilbert bankruptcy attorney. You shouldn’t be contacted again.

    How Can I Stop Wage Garnishment?

    Your creditors may have already moved to take legal action against you, such as by garnishing your wages, garnishing your bank account, or seizing your vehicle or your home. In many cases, filing for bankruptcy can put an end to this. Filing for bankruptcy puts an immediate stop to the garnishment of wages or bank accounts while the bankruptcy court has time to evaluate your filing and determine whether your debts can be discharged. A bankruptcy filing may also help you avoid foreclosure or repossession by rolling what you owe into an affordable repayment plan.

    Can I Keep My Home if I File for Bankruptcy?

    A common concern for those considering bankruptcy is whether or not they can keep their homes. In most cases, the answer is yes. If you file for Chapter 7 bankruptcy, you will be able to get a discharge of your unsecured debts, but you will have to pass a means test based on your income and assets to qualify. If you own a home, you will be allowed an exemption up to a certain dollar amount. Most people are able to keep their homes under the exemption.
    If your home is worth more than the exemption, you can still file for Chapter 13 bankruptcy, which would organize your debt under a more affordable repayment plan. You could even include any back payments that you owe on the house in the repayment plan.

    How Long Will It Take To Get Debt Relief Through chapter 7 & chapter 13 bankruptcy?

    Every bankruptcy filing will be different, but you can expect to have relief in just a few months if you file for Chapter 7 bankruptcy and in three to five years if you file for Chapter 13 bankruptcy. Working with a good bankruptcy attorney can expedite the process. While you won’t be able to control some parts of the process, like how quickly the bankruptcy court can schedule your hearing, you can control the timing of the meetings with your lawyer, when you take your debt counseling course, and so on.

    You likely have many more questions about the bankruptcy process. The best thing you can do is meet with a bankruptcy attorney to discuss your concerns, get answers about the process, and review the specifics of your case. Then you can get tailored advice for your situation, rather than general guidance.

    contact an Expert gilbert bankruptcy lawyer Today

    Gilbert Bankruptcy Lawyers are ready to help you. Our experienced bankruptcy attorney can review your finances and talk with you in-depth about your goals to help you understand the best path forward with bankruptcy. Our goal is to help you get the maximum debt relief possible as quickly as possible. We offer affordable rates and flexible scheduling to make the process as easy for you as possible. Call us in Gilbert today to schedule an appointment with one of our bankruptcy attorneys and learn more.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Does Filing For Chapter 7 Bankruptcy Prevent Car Repossession?

    Does Filing For Chapter 7 Bankruptcy Prevent Car Repossession?

    Filing Chapter 7 Bankruptcy To Avoid Vehicle Repossession In Arizona

    Most people are drawn to Chapter 7 bankruptcy when seeking debt relief because it allows them to completely discharge unsecured debts, such as credit cards, medical bills, personal loans, and more. However, when people want to keep their possessions – such as their vehicle or their home – they have questions about whether Chapter 7 is right for them. Others may already be facing repossession of a vehicle or foreclosure on a home and wonder whether Chapter 7 bankruptcy can put a stop to that.

    It’s important to talk to an experienced bankruptcy attorney in Gilbert about the specifics of your finances and your goals to get concrete answers. There are many caveats and exceptions for bankruptcy law, and your attorney can help you understand the more nuanced aspects of the law. However, here are a few things you can consider:

    Filing Chapter 7 Bankruptcy To Avoid Vehicle Repossession In Gilbert, AZ

    Deciding on Your Goals Based On The Car Loan

    Chapter 7 bankruptcy will not put a stop to your car being repossessed. A car loan is a secure loan, which means that if you do not make the payments, the lender has the right to seize the vehicle to satisfy the debt. The only way to stop the car from being repossessed is to pay what you owe. But if you are considering bankruptcy, chances are good that you don’t have the money to pay.

    You need to think about what you really want. If you want to keep the car, you can reaffirm the debt and agree to keep paying it. Then the bankruptcy will discharge your other debts, which can free up the money you need to pay what you owe on the car. You’ll just need to talk with your lender about giving you the extra time to come up with that money before the repossession is executed.

    You can also file Chapter 7 and decide to surrender the vehicle. Then, not only will your other debts be discharged, but so will your car loan. The car will be repossessed, but you also won’t owe on that debt anymore.

    Consider Chapter 13 Bankruptcy

    If you want to keep your vehicle and your lender isn’t willing to give you any more time or you do not qualify for Chapter 7 bankruptcy, you should consider Chapter 13 bankruptcy. Under this chapter of bankruptcy, your debts are consolidated under a single repayment plan. Instead of paying multiple creditors each month, you make one payment to the bankruptcy trustee, and that is distributed to your creditors. Your monthly payment is determined based on your ability to pay, and the plan continues for three to five years. At the end of that time, some of your debt may be able to be discharged.

    Any payments you have missed on your car can be rolled into your Chapter 13 bankruptcy repayment plan. You may be able to catch up on what you owe over time, while saving your vehicle from being repossessed. Again, it’s a matter of whether you really want to keep the vehicle and it’s worth it to you to catch up on those payments.

    Bankruptcy can be a great tool for getting the debt relief you need, but some of the financial circumstances you are dealing with may not be so clear-cut, such as trying to continue financing a vehicle that you cannot afford to let go. It’s important to consult with an experienced bankruptcy attorney so you can review your options more in-depth and understand how bankruptcy law will influence your particular circumstances. Your attorney may recommend a combination of options to help you get the desired outcome.

    Hire Professional Bankruptcy Attorneys In Gilbert, AZ

    Call Gilbert Bankruptcy Lawyers today to learn more about your options for debt relief through bankruptcy protection. Our bankruptcy attorneys represent clients interested in both Chapter 7 bankruptcy and Chapter 13 bankruptcy. We can help you put an end to harassing phone calls, wage garnishment, and possibly even repossession or foreclosure. We offer affordable fees, and you can file for bankruptcy with zero money down. We can offer same-day appointments in most cases, and we have flexible scheduling and convenient locations. Call us today to schedule a consultation with a bankruptcy attorney and learn more about your options for debt relief.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    How To Know If Your Income Is Right For The Means Test

    How To Know If Your Income Is Right For The Means Test

    Qualifying For Chapter 7 Bankruptcy: Everything You Need To Know About The Means Test

    Filing for bankruptcy can give you the debt relief you have longed for and that you need so desperately to get your finances back on track. If you file Chapter 7 bankruptcy, you can have all your unsecured debts discharged. That means that, if you are approved, you could say goodbye to thousands of dollars in credit card debt, medical bills, personal loans, and other unsecured debts. There is no limit on how much debt can be discharged in the filing.

    However, before you can reap the benefits of the Chapter 7 bankruptcy, you have to qualify to file. One of the primary ways you do that is by passing what is known as the means test.

    Qualifying For Chapter 7 Bankruptcy: Everything You Need To Know About The Means Test In Gilbert, AZ

    Passing the Means Test & repaying your debts

    The means test is designed to measure your ability to repay your debts – or at least a portion of them. Some people do not have to take the means test to qualify for Chapter 7 bankruptcy, such as disabled veterans and reservists who accumulated their debts while on active duty. However, the vast majority of people do have to pass the test in order to qualify for Chapter 7.

    To pass the means test, you have to make less than the median income in your state. In Arizona, the median income is $55,839 for an individual. The more people that are in your household, the greater your income can be. For example, the median income for a household of four is $85,714.

    Simply making less than the median income does not mean that you are in the clear to file for Chapter 7 bankruptcy, but it is a pretty good indicator that you will qualify. You’ll still need to pass a few other requirements, which a qualified bankruptcy attorney can help you understand.

    Options if You Don’t Pass the Means Test: chapter 13 Bankruptcy

    Just because you don’t pass the means test doesn’t mean that you can’t file for bankruptcy and get the debt relief that you so desperately need. Chapter 13 bankruptcy is a viable option for those who don’t qualify for Chapter 7. Chapter 13 bankruptcy does not simply discharge your debts; rather, it restructures them into a three- to five-year repayment plan that is calculated based on your actual ability to pay. You will make one monthly payment to the bankruptcy court, which will be distributed to your creditors. You can even use Chapter 13 bankruptcy to save your home from foreclosure by putting what you owe into the repayment plan.

    In some cases, any debt you have remaining at the end of the repayment period can be discharged. For example, if you took out a second mortgage on your home and you now owe more than your home is worth, the excess debt may be able to be discharged at the completion of a Chapter 13 plan. You’ll need to talk to your bankruptcy attorney about your financial specifics to know what will be possible. But know that you will come out of Chapter 13 bankruptcy with a much lighter debt load and a greater handle on your personal finances.

    Filing for bankruptcy can help you get out from under the weight of crushing debt. Chapter 7 bankruptcy does provide a kind of instant relief if you have a lot of credit card and other unsecured debt. You can have it discharged and be done with it completely. However, you should not give up hope if you do not qualify for Chapter 7. Chapter 13 bankruptcy still provides a lot of great debt relief, and you will end up paying far less to your creditors through this court-designed repayment plan.

    contact professional bankruptcy lawyers in gilbert

    Call Gilbert Bankruptcy Lawyers today to learn more about your options for debt relief through bankruptcy protection. Our experienced attorneys represent clients in both Chapter 7 bankruptcy and Chapter 13 bankruptcy, helping them find the option that will give them maximum debt relief. An attorney from our team will talk to you about your goals and review your finances then make recommendations that will best meet your needs. We offer compassionate counsel and affordable legal help. Call us in Gilbert today to schedule a consultation with a bankruptcy attorney to learn more.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Bankruptcy & Real Estate: How The Impacts Go Hand In Hand

    Bankruptcy & Real Estate: How The Impacts Go Hand In Hand

    Gilbert bankruptcy Attorneys explain the link between real estate & bankruptcy

    There are a lot of reasons why you might not be able to afford your home anymore but aren’t able to just sell it and move on. The real estate market in your area could have dropped significantly, which means that you now owe much more on your home than it is worth. Or you could have run into financial troubles, such as an injury, illness, or job loss, and now you’re struggling to pay the mortgage and have fallen behind on the payments.

    You may be worried about the house going into foreclosure, or you may be thinking about options like a short sale or a bankruptcy. But, beyond your immediate concerns about managing the mortgage, you may be more worried about how any of these options is going to impact your credit. You’ll need to talk to a financial advisor or a Gilbert bankruptcy attorney to know how these options will impact you specifically, but here are some things to consider:

    Gilbert bankruptcy lawyers explain the link between real estate & bankruptcy when you're in serious debt

    HOUSE Short Sale

    In a short sale, you are selling the house for less than what you owe. You must get permission from the bank for a short sale, which it may grant if it thinks you are unlikely to be able to keep paying on the mortgage. If the bank agrees, it may also agree to forgive the amount that you still owe on the mortgage after the sale, or it may require you to pay the difference. But whether the amount is forgiven or you pay the difference, the impact on your credit is the same.

    Typically, you can expect your credit score to take about three years to recover after a short sale. That’s not a very long time, so the impact on your credit report shouldn’t be a big factor. Your decision is more likely to be influenced by whether the bank will forgive the deficiency (the difference between the sale and the amount you owe).

    LET THE BANK INITIATE Foreclosure ON YOUR HOME

    If you can’t pay your mortgage and you know you don’t want to keep the house, you don’t actually have to do anything. You can just stop paying and let the bank initiate foreclosure proceedings on your home. The impact on your credit will be the same. It will take about three years for your credit score to recover after a foreclosure.

    You may want to allow the bank to initiate foreclosure proceedings rather than going through a short sale to save yourself some of the hassle of selling the home, as well as to give you some more time in the home. It can take awhile for the foreclosure process to go from start to finish, and that can give you some time to get together your finances and figure out your next moves.

    file for Bankruptcy to get other debts discharged

    It can take about five years for your credit score to recover after you file for bankruptcy, though you can qualify for credit long before then. If you know that you do not want to keep your home and that you cannot sell it for a profit, you may want to consider a combination of letting the home go into foreclosure while also filing bankruptcy. When you do this, you are relinquishing the home while also getting your debt discharged. Filing for bankruptcy in Gilbert can also discharge other debts, such as credit cards, car payments, and medical bills, or it can restructure them into a payment plan that you can actually afford.

    While filing for bankruptcy can make a blow to your credit, continuing to struggle with debts that you cannot afford can be equally harmful to your credit. Rather than having month after month of unpaid or late accounts putting mark after mark on your credit, you can file for bankruptcy, discharge all that debt, and take one hit that you can begin recovering from
    now.

    Contact the most qualified bankruptcy lawyers in gilbert

    Filing for bankruptcy can give you the debt relief you need to finally get a handle on your finances and start creating some of the financial freedom you crave. Call Gilbert Bankruptcy Lawyers today to learn more about Chapter 7 bankruptcy and Chapter 13 bankruptcy and how they might be able to help you with your debts. Our attorneys are committed to helping you get the maximum debt relief possible under the law. Call us today to schedule a consultation and learn more about the right strategy to meet your goals.

     

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Moving Forward After Your Wages Are Garnished

    Moving Forward After Your Wages Are Garnished

    EXPERT BANKRUPTCY ATTORNEY’S STEP-BY-STEP GUIDE TO DEAL WITH A CREDITOR LAWSUIT

    The phone calls and letters may seem to be never-ending when you get in over your head in debt, but eventually, they do. When they end, it’s usually because your creditors have moved on to the next stage: Legal action. Creditors can seize your assets, take the money in your bank account, or garnish your wages in order to satisfy the debt you owe.

    Filing for bankruptcy can put an immediate end to that legal action by triggering an automatic stay. The earlier you can take action, the easier it will be to prevent or put a stop to such legal action. However, here are some other steps you may be able to take, depending on what stage the legal action is in:

    Moving Forward After Your Wages Are Garnished In Gilbert, AZ

    The Lawsuit & Judgement: getting sued by a creditor

    Before your creditor can do anything, they have to file a lawsuit and get a judgement in their favor. Typically, this isn’t going to come as a surprise. You would know that the account is long past due because you haven’t paid it, and you would have received multiple letters or calls from your creditor. You will likely also get notice that your creditor is going to take things to the next level and take legal action.

    Don’t ignore these warnings. You may not be able to pay, but you can take other steps. You can try to negotiate directly with your creditor, or you can visit a Gilbert bankruptcy attorney and get the debt discharged or restructured under an affordable payment plan. Filing for bankruptcy would not only help you avoid legal action, but it will help you deal with the debt that is threatening the problem in the first place.

    The Writ of Garnishment: filing for bankruptcy

    If the court rules in the creditor’s favor, a writ of garnishment will be issued that the creditor must present to your bank or your employer. The bank will then freeze your account, as well as any accounts that have your name associated with them, such as a joint account you share with your spouse or an account you oversee for your children.

    You can put a stop to a writ of garnishment by filing for bankruptcy. The automatic stay can also stop wages from being taken, even if the action is already underway. The stay may last only as long as the case can be resolved, but in most scenarios, your bankruptcy filing is going to end with a discharge.

    Filing a Claim of Exemption to protect the funds in your account

    You can file a claim of exemption to protect the funds in your account. You will have 10 days from being served the Writ of Garnishment to file this claim. You will have to show that money in the account is exempt from levy. Exempt funds can include disability payments, unemployment, Social Security, and more. You’ll need to talk to an attorney to learn more about what funds are exempt and how to properly file the paperwork to protect them.

    Filing for bankruptcy can quickly protect all the funds in the account, whether they are legally considered exempt or not. Bankruptcy can discharge your debt or restructure it under a payment plan that you can afford. When the bankruptcy is discharged, you no longer are legally responsible for the debt, which means that your creditors have no recourse available. You can avoid any kind of garnishment or asset seizure.

    Exceptions exist for foreclosure since a home loan is backed by the house itself. Chapter 13 bankruptcy may be able to help you get your house out of foreclosure by restructuring the amount you owe into your repayment plan. But the options depend upon where the process stands when you file for bankruptcy.

    Seeking debt relief? Contact the best bankruptcy lawyers in gilbert

    Call Gilbert Bankruptcy Lawyers today to learn more about how bankruptcy may be able to help you get debt relief while also putting an end to garnishment or other legal action. An experienced bankruptcy attorney from our team will review your finances and any pending legal action and help you understand your best options for getting the maximum debt relief. We’ll move quickly to file the appropriate chapter of bankruptcy to get you the most benefits. We represent clients in both Chapter 7 bankruptcy and Chapter 13 bankruptcy. Contact us in Gilbert today to schedule a consultation.

     

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    The Most Common Missteps that Threaten Your Social Security

    The Most Common Missteps that Threaten Your Social Security

    How Bankruptcy Can Help You Get Your Finances Back Under Control And Save Your Social Security Income.

    Social Security payments can provide a vital source of income for those who can no longer work, whether because they have reached the age of retirement and chosen to retire, they have become injured, or they have some other condition that keeps them out of work. But Social Security is not a huge source of income, and many people have to find ways to supplement it, or they struggle.

    It’s not uncommon for people to turn to credit to make ends meet. But when they are living on a limited income, they have fewer opportunities to pay back that credit, and the debt just compounds. Eventually, they may get in over their heads with debt they cannot repay, and they may face legal action. To start, creditors may initiate proceedings to seize assets, such as bank accounts or tax returns. Filing for bankruptcy can put a stop to such action, as well as provide the debt relief needed.

    Fortunately, Social Security income is considered exempt, so creditors cannot legally seize them. However, there are many ways that creditors can end up seizing them because the person made some missteps without realizing it. Here are a few of them:

    The Most Common Missteps that Threaten Your Social Security

    Commingling Funds

    Most people don’t set up a separate bank account for every source of income they have. So, if they get Social Security income, they just put it right into their bank account with the rest of their money. What that means when creditors come calling is that there is no real way to determine which money is the exempt Social Security income and which money is free to be taken.

    The best thing you can do to protect Social Security income from creditors is to put it into a dedicated bank account. There will be no question about the source of the funds, and they will be completely untouchable by your creditors.

    Not Depositing Your Social Security Directly

    Setting up a direct deposit for your Social Security income creates an easily verifiable trail. When your creditors file a Writ of Garnishment, officials will look at the account to be garnished, and if your Social Security has been on direct deposit, they will be able to see clearly and quickly that the funds in the account are protected.

    In contrast, getting a paper check and then deposit it will not provide the same “proof.” The account will have a record of deposits, but they will not be clearly identified as being Social Security income. Officials would have to drill down on the deposits to find the details, and they are not likely to do that. Setting up direct deposit is an easy way to create that easily identifiable trail to protect your income.

    Not Taking Action Early Enough

    Filing for bankruptcy triggers what is known as an automatic stay, which immediately puts an end to any legal action by your creditors. If you know that you are struggling with debt, filing for bankruptcy can prevent your creditors from moving against you and taking action like garnishing your wages, seizing your accounts, or taking your other assets.

    You might be able to put a stop to your bank account being taken, and you may even be able to get back money that was taken if it was considered exempt, but that will take a lot of work, and it can be a lot of time before you get that money back. Filing for bankruptcy before that action begins can save you a lot of trouble, while also getting you the debt relief you need quickly.

    Chapter 7 bankruptcy allows you to completely discharge all your unsecured debt if you qualify, including things like credit cards or medical bills. Chapter 13 bankruptcy can restructure your debt under a more affordable payment plan, and it can discharge some of your debt at the end of that plan. Talk to an experienced Gilbert bankruptcy attorney to learn more about how bankruptcy protection might be able to help you get your finances back under control and save your Social Security income and other assets.

    Gilbert Bankruptcy Lawyers are ready to help. Call us today to schedule a consultation with a bankruptcy attorney and learn more about how bankruptcy protection may help you. One of our attorneys will review your finances and help you understand the best path forward to get the maximum debt relief possible. Call us today to learn more.

     

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    How Does Filing for Bankruptcy Impact Your Credit Report?

    How Does Filing for Bankruptcy Impact Your Credit Report?

    How Bankruptcy Can Help Improve Your Credit Score In Arizona

    One of the things that people are most worried about when considering filing for bankruptcy is how it will impact their credit. They could be struggling to pay their bills, but at least they know that they have credit. They worry that if they file for bankruptcy, they won’t be able to get approved for any new credit, which could impact their ability to buy a house, buy a car, or just have a credit card to cover unexpected expenses.

    The truth is that filing for bankruptcy is not the nuclear option that many people think it is. In fact, bankruptcy can actually help your credit, as well as offering you many other benefits, including relieving you of the burden of intense debt.

    How Does Filing for Bankruptcy Impact Your Credit Report?

    How Bankruptcy Can Help Your Credit

    You don’t file for bankruptcy because you have a bit of a high balance on a credit card. You look for bankruptcy protection because you are struggling with overwhelming debt that you are unable to pay. You have gotten to the point that your balances are getting higher and higher, you can’t even afford to make the minimum payments, and you are getting calls every day from your creditors.

    When you’re in this kind of debt, your credit score is already trashed. You have high balances, lots of late payments, and probably a delinquency or two. Every month that this situation continues, your credit score gets worse. When you file for bankruptcy, you reset the clock. Chapter 7 bankruptcy can give you a “clean slate,” discharging those debts completely and putting your balance at zero. Your credit can immediately start rebuilding. Chapter 13 bankruptcy puts you on a three- to five-year repayment plan that can help you make up those lost payments, slowly restoring your credit. Filing for bankruptcy can be a net positive for your credit in most cases.

    Buying a Home or Car After Bankruptcy

    Many people worry that they won’t be able to buy a home if they file for bankruptcy – or that they won’t be able to buy a home for another 10 years. While it is true that bankruptcy can stay on your credit report for 10 years, that does not mean that you won’t be able to buy a home in all that time.

    You will need to take steps to restore your credit, or at least to stay in good financial standing after your bankruptcy is discharged. Then you will need to explore different loan programs. Some programs, like the FHA or VA programs, will approve you for a loan within two years of your bankruptcy or less. Just talk to a mortgage broker about what programs are available based on your history. You can still find good loan programs with low rates even with a bankruptcy on your record.

    Rebuilding Your Credit After Bankruptcy

    You can quickly rebuild your credit after your bankruptcy is discharged. The first thing you need to do is create a budget and stick to it. Spending only what you can afford each month will go a long way toward strengthening your finances and preventing you from getting into trouble with credit again. It will also help you to have savings in case an emergency arises so you don’t have to use credit.

    You can boost your credit a bit by taking out a small line of credit, such as with a store credit card or a gas credit card. Use it sparingly, and pay it on time each month. You’ll notice your score being boosted steadily, and you’ll soon be back in a healthy range.

    Do not let myths about bankruptcy keep you from getting the debt relief you need. Bankruptcy will not destroy your credit like many people fear. It will be a negative on your credit history, but overall, it will have positive effects on your history and your score. Just stay focused after your discharge, and you’ll soon have a healthy score that will allow you to get whatever credit you need. Plus, you’ll have the financial freedom you didn’t have before when you were overwhelmed with debt that you couldn’t afford.

    Call Gilbert Bankruptcy Lawyers today to learn more about how bankruptcy might help you. We represent clients seeking protection through both Chapter 7 bankruptcy and Chapter 13 bankruptcy. Our attorneys will review your finances and help you understand which option would give you the most benefits. Our goal is to get you the maximum debt relief possible so that you can get back on firm, financial footing. Call us in Gilbert today to schedule a consultation with a bankruptcy attorney.

     

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    A Detailed Timeline of Your Chapter 7 Bankruptcy Filing

    A Detailed Timeline of Your Chapter 7 Bankruptcy Filing

    A Detailed Timeline of Your Chapter 7 Bankruptcy Filing

    The Stages of Chapter 7 Bankruptcy

    Filing for Chapter 7 bankruptcy can provide major debt relief. If you qualify, Chapter 7 bankruptcy can discharge all of your unsecured debt. You can eliminate tens of thousands of dollars in credit card debt, in unpaid medical bills, or in personal loans.

    Once you decide to call a bankruptcy attorney in GIlbert to do something about your debt, you’re probably ready to get things taken care of as quickly as possible. But there will be more to do than just sign some paperwork and say goodbye to your bills. Here’s a detailed timeline of your Chapter 7 bankruptcy filing to give you an idea of what to expect:

    A Detailed Timeline of Your Chapter 7 Bankruptcy Filing

    Initial Bankruptcy Consultation

    The first thing you need to do is call an experienced Gilbert bankruptcy attorney to learn more about Chapter 7 bankruptcy and whether it may be right for you. During this consultation, you’ll learn more about what the process will be like, the fees, and what kind of debt relief you can expect to get.

    The Means Test

    If you decide to move forward with a Chapter 7 bankruptcy filing, you will first need to determine if you pass the Means Test. This test looks at your income in comparison to the median income in Arizona. The test will also look at what assets you own, such as the value of your home, your stocks, or your retirement accounts. You will need to pass the Means Test to qualify to file Chapter 7 bankruptcy.

    Create Your Filing

    You and your Gilbert bankruptcy attorney will work closely to complete your bankruptcy filing so that it can be submitted. You will provide plenty of documentation to your attorney, such as your pay stubs, information about your debts, and so on. Your attorney will tell you what is needed and will create the bankruptcy filing so that it is complete and accurate. Any inaccuracies could jeopardize your filing or result in penalties.

    Take a Credit Counseling Course

    You are required to complete an approved credit counseling course after your paperwork has been prepared but before it is officially filed with the court. The course takes about 90 minutes, and it can be completed online. The course is designed to help you learn how to better manage credit so you can hopefully avoid debt problems later. The course will also cover alternatives to bankruptcy.

    Submit Paperwork and Pay Fees

    Your bankruptcy attorney in Gilbert may have questions or need additional information. Your attorney will finalize your paperwork, get you to sign it, and then submit it. You will need to pay your fees at this time, as well, both your bankruptcy filing fee and your attorney’s fee.

    Have the 341 Meeting of Your Creditors

    You don’t have to appear before a judge or have a jury decide on your case. You just need to go to this meeting to answer some questions from the bankruptcy trustee. Your creditors have the right to attend this meeting, but in most cases, they won’t. In most cases, you will answer a few perfunctory questions, and the meeting will be over in about 10 minutes. Your attorney will have prepared the filing so that everything is in order by the time this meeting takes places and no substantial action needs to be taken.

    Complete a Debtor Education Course

    Before your bankruptcy can be finalized and your debts discharged, you have to take an approved debtor education course. This course also takes about 90 minutes to complete and can also be completed online.

    Your Debts are Discharged

    After your debtor education course is completed, your bankruptcy can be finalized and your debts discharged. The discharge cannot happen any sooner than 60 days after your 341 meeting. If you were required to surrender any of your debts in your bankruptcy, you will have to do so at this point. But, unless you have significant assets, you won’t have to surrender anything.

    The whole process can take as little as a few months, so long as there are no complications in your case. Call Gilbert Bankruptcy Lawyers today to learn more about how Chapter 7 bankruptcy can help you. One of our bankruptcy attorneys will examine your finances to determine if you qualify and to help you understand what kind of debt relief you can get. If you don’t qualify for Chapter 7 bankruptcy, you may be able to get debt relief through Chapter 13 bankruptcy. Call our bankruptcy law office in Gilbert today to schedule a consultation and learn more.

     

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    The Effectiveness of Different Bankruptcy Alternatives?

    The Effectiveness of Different Bankruptcy Alternatives?

    The Effectiveness of Different Bankruptcy Alternatives?

    Gilbert Bankruptcy Attorneys Explain Some Debt Relief Alternatives To Bankruptcy

    Bankruptcy is the most effective way to get debt relief for most people. Chapter 7 bankruptcy can completely discharge your unsecured debt, such as credit cards, medical bills, and personal loans. Chapter 13 bankruptcy can reorganize your debt under a more affordable monthly payment, and it can discharge some of your debt at the end of your repayment period. Both allow you to rehabilitate your credit and your finances more quickly than if you had continued to struggle with paying your debts and falling behind on payments or missing them.

    Yet, despite the many benefits of bankruptcy, many people try to avoid it if they can. Some people think of it as the “nuclear” option when they don’t have any other choices and they don’t mind the fallout from their credit. But learning about the truths behind the myths can help you to understand that bankruptcy should be one of the first options you consider for maximum debt relief and faster financial recovery. Learning why alternatives to bankruptcy don’t typically work is one way to dispel those myths. Here’s what you need to know:

    Woman reviewing different bankruptcy alternatives

    Negotiating with Creditors

    You can attempt to negotiate with your creditors directly to get a better handle on your debt. You may attempt to negotiate by asking for a lower interest rate, asking for your account to be canceled and put on a payment plan so you can stop interest charges altogether, or offering a lump sum payment for your debt.

    Chances are low that your credit card company is going to accept. The company’s goal is to get as much money from you as possible. It wants to collect on that interest, and it wants to get the full amount you owe. It knows that if it says no, you have few options other than to pay. Filing for bankruptcy is your option for getting free of that debt without having to pay any more and without having to worry about additional penalties.

    Working with a Credit Counseling Agency

    Credit counseling agencies essentially do the same work that you could do, trying to negotiate with your creditors. Sometimes, companies are a little more willing to work with them because they know that if you have taken the step of working with a credit counselor, things are getting dire. So they may be willing to negotiate since they know you may just default.

    But again, greed is powerful. Many creditors will even reject attempts from credit counseling agencies because they may think that they can threaten you with legal action and get you to pay. Their goal is always to get as much money from you as they can.

    Working with a credit counseling agency may help you learn how to better handle your finances so you don’t get into trouble with debt again, but that won’t help you with your current debt. Also, taking a credit counseling course is a requirement of filing for bankruptcy, so you can get this education while also getting guaranteed debt relief without bothering with the credit counseling agency.

    Attempting a Debt Settlement

    There are two types of debt settlement: One where you offer a lump sum to pay off your debt (usually a sum that’s lower than what you owe) and one where you offer to make payments on your debt over time but have some of it discharged at the end. The problem with this is that if you are struggling with debt, you likely don’t have a huge amount of money to offer a lump sum payment. The other problem is that your debtors are unlikely to accept these terms. Sometimes, if your debt has already been turned over to a debt collection agency, you may have success. That’s because these companies purchase your debt for pennies on the dollar, so even if you are offering to pay a lower amount, that company is likely still making money. Your original creditor will likely lose money, so they aren’t as likely to agree.

    Chapter 13 bankruptcy allows you to get a debt settlement without the permission. The bankruptcy court looks at what you owe and determines what you can afford to pay. You get a monthly payment plan that you can afford, and at the end of the three- to five-year plan, some of your debt can be discharged.

    Bankruptcy allows you to get the debt relief you need without having to ask your creditors for permission. You can get rid of some of your debt or get it down to a level you can more easily manage. Don’t waste your time with these so-called “alternatives.” Just talk to a bankruptcy attorney in Gilbert about fast and effective debt relief through bankruptcy.

    Call Gilbert Bankruptcy Lawyers today to talk with a bankruptcy attorney about your options. We represent clients in Chapter 7 bankruptcy and Chapter 13 bankruptcy, and we can help you determine which will be right for you. We’ll help you understand how each can affect your assets or maximize your debt relief. Call us today to schedule a consultation with a Gilbert bankruptcy attorney to learn more.

     

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Student Loan Discharge vs. Forgiveness: How Do They Differ?

    Student Loan Discharge vs. Forgiveness: How Do They Differ?

    Student Loan Discharge vs. Forgiveness: How Do They Differ?

    Arizona Bankruptcy Attorneys Explain The Difference Between Loan Discharge & Forgiveness

    Student loans remain some of the biggest debts for people across the country. Many people are carrying tens of thousands in debt after graduating, and some are even carrying hundreds of thousands. Even with great paying jobs after graduation, many people end up paying on these loans for decades.

    But what happens if you run into financial trouble along the way? What happens if you lose your job, and you go months or even years without finding another one or without finding one that pays what you need? What happens if you become seriously ill or injured? What are your options for getting rid of that student loan?

    As any bankruptcy attorney will tell you, there aren’t many options for getting rid of your student loans, but it’s not entirely impossible either. Here’s a look at what circumstances might lead to having your student loans discharged or forgiven:

    Student Loan Discharge vs. Forgiveness: How Do They Differ?

    Student Loan Forgiveness

    Depending on what field you are working in, you may be able to have your student loans forgiven after a certain amount of time. The federal government sponsors two programs that forgive student loans for people working in certain professions.

    Public Service Loan Forgiveness

    Under this program, you can have your student loans forgiven if you have worked in a public service position for 10 years and you have made your student loan payments on time for the last 120 months (also 10 years). Professions in the public service sector can include police officer, firefighter, teacher, social worker, doctor, nurse, public interest attorney, and others.

    Teacher Loan Forgiveness

    Teachers have an additional option for having their student loans forgiven. Under this program, you can get some of your loans forgiven if you have worked at a teacher in a qualifying school – usually in an underserved area – for five years and have fulfilled other requirements. The program will forgive up to $17,500 in student debt.

    Student loan forgiveness is not widely available, and it does not forgive all your debt. You will either get only a portion of the debt forgiven, or you will have to pay a significant portion of it before you qualify for loan forgiveness.

    Student Loan Discharge

    There are a number of scenarios in which the federal government will discharge your student loans, but none of them are easy. You may have your student loans discharged if:

    You die. Hopefully, you can find debt relief through less extreme circumstances, however. But it may offer you comfort to know that at least your family won’t be saddled with your debt if you pass unexpectedly.

    You are totally and permanently disabled. Again, hopefully, you won’t have to meet with such extreme circumstances to find debt relief. However, if you can no longer work because you are disabled, you may qualify to have your student loans discharged.

    You are the victim of identity theft. If you can prove that someone used your name and personal details to open a student loan, you can have it discharged.

    You have been fraudulently misled. You may be able to get your student loans discharged if you can prove that your educational institution misled you about the benefits of attending the school or your career eligibility after graduating. You can also claim fraudulent misrepresentation if the school did not notify you about reimbursement money owed to you or signed your name to a loan.

    You may also be able to have your student loans discharged through bankruptcy. However, any bankruptcy attorney will tell you that it is extremely difficult to do so. Showing routine financial distress will typically not be enough because the government will just offer to defer your loans or to lower your payments to what you can afford. You will need to prove dire financial circumstances to discharge your student loans through bankruptcy.

    But that doesn’t mean that bankruptcy can’t help. You can file for Chapter 7 bankruptcy to have most or all of your unsecured debt discharged, such as credit card or medical debt. Doing so would free up a lot of money each month to help you get a better financial handle on your student loans – maybe even paying extra on them to pay them off faster. You can also file for Chapter 13 bankruptcy to reorganize your debt under a more affordable repayment plan, and that can include your student loans. You may pay a lower interest rate and a lower monthly payment under your Chapter 13 repayment plan, which can help you get a better handle on your finances so that you can pay your student loans and other debts more easily when you emerge from bankruptcy protection.

    Contact a Professional Bankruptcy Law Firm In Gilbert

    Call Gilbert Bankruptcy Lawyers today to learn more about how bankruptcy might be able to help you with your student loans. A bankruptcy lawyer will review your financial details to determine if you may be able to get your student loans discharged under bankruptcy or if you can use bankruptcy to get other debt relief to better handle your student loan burden. We represent clients in both Chapter 7 bankruptcy and Chapter 13 bankruptcy. Our goal is to help relieve you of as much debt as possible. Call us today to schedule a consultation with an experienced bankruptcy lawyer and learn more about your options.

     

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Lawsuit Protection: Is Bankruptcy The Right Solution

    Lawsuit Protection: Is Bankruptcy The Right Solution?

    Lawsuit Protection: Is Bankruptcy The Right Solution?

    How Filing For Bankruptcy Can Help You Stop Lawsuits In Arizona

    If you fall behind on your payments to your credit card, your loan, your mortgage, or your car loan, the first thing that’s going to happen is you’ll start getting a lot of emails, calls, and letters telling you that your payment is late and asking you to pay immediately. You’ll see late fees being added to your bills, and they’ll only compound the longer it takes for you to pay what you owe.

    Over time, those calls and letters will intensify. You may even start getting threats about possible legal action. You start thinking about your options, and you wonder if you should call a Gilbert bankruptcy attorney. But you may wonder if bankruptcy will actually help you if you are facing the threat of legal action. Here’s what you need to know:

    Professional Gilbert Bankruptcy Attorney Explaining How Filing For Bankruptcy Can Help Stop Lawsuits In Arizona

    The Automatic Stay

    When you file for bankruptcy in Gilbert, an automatic stay is issued. What that does is put an automatic stop to any action by your creditors. Legally, your creditors are not allowed to contact you about your debt until your bankruptcy filing is resolved. They cannot send you letters or call you to try to collect on your debt. They cannot initiate any legal action against you. If any legal action was initiated against you, it will be put on pause.

    Creditors can seek permission from the bankruptcy court to take action against you. That’s why working with an experienced bankruptcy attorney is so important. Your bankruptcy lawyer will work to block attempts by creditors to have the automatic stay lifted or to pursue action against you.

    Bankruptcy Discharge

    If you file for Chapter 7 bankruptcy, you can have all of your unsecured debt discharged. If you have accumulated a lot of credit card debt, medical debt, or other unsecured debt, Chapter 7 bankruptcy can be a great option for not only eliminating your enormous debt, but also evading a lawsuit or other legal action by your creditors.

    When your bankruptcy case is discharged, you will no longer legally owe these debts. That means that your creditors can no longer bring action against you, and if they have a lawsuit pending, it will be dismissed. Chapter 7 bankruptcy can unburden you of your debt while also helping you to avoid legal consequences.

    Debt Reorganization

    Chapter 7 bankruptcy cannot discharge all your debts. If you are struggling mostly with secured debts, such as a mortgage, then Chapter 13 bankruptcy might be right for you. Chapter 7 bankruptcy also can’t help you stop foreclosure proceedings. So, if you have fallen significantly behind on your mortgage and you want to save your home, you should consider talking to a bankruptcy attorney about how Chapter 13 bankruptcy may be able to help you.

    Under Chapter 13 bankruptcy, your debt is reorganized into a new payment plan that you can afford. Your delinquent mortgage payments can be rolled into this plan, helping you to catch up and save your house from foreclosure proceedings. If you have a second mortgage, you may even be able to “strip it off” through bankruptcy. If the value of what you owe is more than the value of your property, you may be able to have that amount discharged with your bankruptcy. You’ll need to talk to a Gilbert bankruptcy attorney about the specifics of your case to determine what will be possible.

    By the time your debt problems have gotten so severe that you are facing a lawsuit or foreclosure, you may feel desperate, as if you don’t have any options. But filing for bankruptcy may help you to get out from under your debt while also protecting you from legal action.

    Contact Gilbert’s Leading Bankruptcy Attorneys

    Call Gilbert Bankruptcy Lawyers to learn more about how filing for bankruptcy may help you with your debt and your legal troubles. An experienced bankruptcy lawyer from our team will examine your finances and help you understand the best options through bankruptcy. Our goal is to help you get the maximum debt relief possible while also protecting your assets wherever possible. Don’t give in to despair, and don’t listen to threats from your creditors. Call our bankruptcy law office in Gilbert today to schedule a consultation with a bankruptcy lawyer and learn more about your legal rights for debt relief.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Understanding Each Stage of Filing for Bankruptcy

    Understanding Each Stage of Filing for Bankruptcy

    Understanding Each Stage of Filing for Bankruptcy

    Gilbert Bankruptcy Lawyers Explain About The 6 Steps in a Bankruptcy Process

    A lot of stigma and misinformation persists about bankruptcy that keeps many people from getting the debt relief they sorely need. Part of the reason for the misinformation is that most people don’t have personal experience with bankruptcy. Most people file once, and they don’t tend to talk about the details. So, if you haven’t filed for bankruptcy yourself, or you don’t have a close friend who filed and was willing to talk about it with you, you are unlikely to know what the process is like and you might have unreliable information filling in the gaps.

    The best thing you can do to learn about bankruptcy and its benefits is to talk with a bankruptcy attorney in Gilbert. However, learning a little about the process can help you better understand its benefits, as well as help you have a more informed conversation with your Gilbert bankruptcy lawyer. Here’s a quick look at the stages of bankruptcy to help you understand it better:

    Married couple trying to understand the stages of filing for bankruptcy with tips from Gilbert Bankruptcy Lawyers blog

    Pre-Filing Counseling

    Before you can file for bankruptcy, you have to meet with an approved credit counselor. The meeting will last for an hour or two, and in it, the counselor will talk to you about your finances, help you create a personal budget, and review your options through bankruptcy.

    You must have this counseling meeting within six months of filing for bankruptcy. Your Gilbert bankruptcy attorney can recommend a counselor to complete this step.

    Filing the Petition

    After you complete this counseling, you are ready to file your bankruptcy petition. Your bankruptcy attorney serving Gilbert will create and file the petition after meeting with you and reviewing all your personal finances. You will need to provide many documents and answer many questions so your attorney will have all the information needed to create a complete petition.

    The Automatic Stay

    Once your bankruptcy attorney files the bankruptcy petition, an automatic stay is issued that prevents your creditors from contacting you or taking any other actions to collect on your debts. If your creditors have begun any legal action against you, such as collections or a lawsuit, these proceedings will be halted until a resolution can be reached with your bankruptcy.

    If your creditors contact you after the automatic stay is issued, direct them to contact your Gilbert bankruptcy attorney.

    Meeting of the Creditors

    Generally about a month or two after your bankruptcy petition is filed, a meeting of your creditors will be scheduled. The meeting is scheduled to give creditors an opportunity to lodge a complaint or make a case against you, but this is rare. Usually, the only people who attend the meeting of the creditors are you, your bankruptcy attorney, and the bankruptcy trustee.

    The meeting will last less than an hour. The bankruptcy trustee may ask you a few questions, but typically, the trustee will just confer with the bankruptcy lawyer to confirm details and finalize the filing. At the end of the meeting, the trustee will approve your Chapter 7 bankruptcy or will set up a payment plan for your Chapter 13 bankruptcy.

    Debtor Education Course

    The final step before your bankruptcy can be discharged is for you to complete an approved debtor education course. The course will cover financial basics like creating a budget, using credit appropriately, and managing your money. You may be able to complete this course online. If that’s not possible, the in-person course only takes about two hours.

    Again, your bankruptcy attorney will be able to recommend approved courses for you to complete this step.

    Discharge

    In a Chapter 7 bankruptcy, once all these steps are finished, the bankruptcy trustee will review the filing and, barring any problems, will officially discharge the bankruptcy (and your debt). In a Chapter 13 bankruptcy, you will need to complete your repayment plan, which can take three to five years. Once you make your final payment, you will receive a notice of your discharge, which will finalize your bankruptcy.

    The bankruptcy process is pretty straightforward, and it is made easier by working with a knowledgeable bankruptcy attorney in Gilbert. Your attorney will walk you through each step, answering any questions you have and ensuring that you are meeting all requirements. Your attorney will offer guidance to help you complete steps quickly and easily. With the right attorney on your side, you will get through the bankruptcy process quickly and with the debt relief you greatly need.

    Call Gilbert Bankruptcy Lawyers today to learn more about bankruptcy and determine whether it’s right for you. You may be able to discharge your unsecured debts, such as credit cards and medical bills, through Chapter 7 bankruptcy, or you may be able to save your home from foreclosure and put your debts into an affordable repayment plan through Chapter 13 bankruptcy. We’ll review your finances and discuss your goals to help you determine the best bankruptcy strategy for maximum benefit. Call us in Gilbert today to schedule a consultation with a Gilbert bankruptcy lawyer.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Debt Collector Harassment: How to Stop Calls after Bankruptcy

    Debt Collector Harassment: How to Stop Calls after Bankruptcy

    Debt Collector Harassment: How to Stop Calls after Bankruptcy

    Things You Can Do To Avoid Debt Collection Calls In Arizona

    When you start to fall behind on your payments, the calls will start. Your creditors will start calling as soon as your payment is late, reminding you that your payment is due and asking you when you’ll be able to pay. Simply ignoring this call will not make it stop. The calls will come multiple times per day, every day, until you pay.

    If you are having financial problems, you’re likely getting a lot of these calls. You may get multiple calls a day from multiple creditors. You may get calls at home and at work, as well as letters and emails. Finally, you get tired of the calls and become overwhelmed trying to keep up with the bills, so you talk to a Gilbert bankruptcy attorney and you file for bankruptcy. An automatic stay is issued, and the calls and letters come to a complete stop. Or, at least, they should.

    Man receiving a debt collector call

    What happens if you keep getting harassed by creditors after you have filed for bankruptcy or even after your bankruptcy has been discharged and you no longer legally owe the debt? Here are a few things you can do:

    Reiterate Bankruptcy Status To Stop Bill Collection Harassment

    Sometimes, you are still getting calls and letters from creditors because some wires have been crossed. The creditor may not have received notice about your bankruptcy filing, or it may have sent the letter before it received notice. It may just be a simple mistake that the creditor contacted you.

    You can clear this up by simply reiterating your bankruptcy status. Let the creditor know that you have filed for bankruptcy, and direct them to your bankruptcy attorney in Gilbert if more information is needed.

    Call Your Bankruptcy Attorney

    Most creditors will stop calling once they get the reminder, but not all take the hint. If you still get calls or letters after you tell the creditors that you have filed for bankruptcy, call your bankruptcy attorney. Your attorney can contact the creditors directly or send them notice through the mail. Usually, that contact will be enough to get the creditors to stop.

    Take notes during any call you have with a creditor, such as the time of the call, who you spoke with, and what they said. These notes can be used as evidence should the harassment continue and you have to take legal action.

    Take Creditors to Court

    It’s rare, but some creditors will still continue to harass you, even after you’ve told them about your bankruptcy filing and even after your bankruptcy attorney has contacted them. If they do this, they are breaking the law, and they are subject to criminal repercussions. You can take them to court to put an end to the behavior and to seek restitution.

    Your bankruptcy attorney can guide you on how to proceed if you need to sue your creditors. Your Gilbert bankruptcy lawyer will be able to represent you in court, so you won’t have to search for additional legal representation.

    When you are first struggling with debt and dealing with harassing calls and letters from your creditors, you may feel overwhelmed and powerless. You know you owe the money, and you know you can’t pay it. But that’s why bankruptcy protection exists. Not only does bankruptcy give you debt relief under the law, but it also provides protection against continued harassment from your creditors. If you have filed for bankruptcy and continue to be harassed by your creditors, know that you have options. Contact your bankruptcy lawyer to address the harassment and put an end to it.

    Contact Our Bankruptcy Experts in Gilbert

    If you are currently struggling with your debt, call Gilbert Bankruptcy Lawyers to learn if bankruptcy is right for you. Bankruptcy can put an end to the harassment you are facing, and it can give you debt relief to help you get back on firm financial footing. Chapter 7 bankruptcy can discharge all your unsecured debts, like credit card and medical bills, and Chapter 13 bankruptcy can restructure all your debts into a more affordable repayment plan. We represent individuals in both Chapter 7 bankruptcy and Chapter 13 bankruptcy. Call us in Gilbert today to talk with a bankruptcy lawyer about which chapter of bankruptcy would offer you the most benefit.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    How Crippling Medical Debt Contributes to The Growing Bankruptcy Problem in Arizona

    How Crippling Medical Debt Contributes to the Growing Bankruptcy Problem In Arizona

    How Crippling Medical Debt Contributes to the Growing Bankruptcy Problem In Arizona

    Why Medical Debt Can Cause People To Turn To a Bankruptcy Attorney For Debt Relief

    Medical debt is one of the leading causes of bankruptcy. Statistics vary about the number of bankruptcy cases tied to medical debt, and concrete stats are hard to get since filing for bankruptcy does not require you to provide a narrative of what led to your debt problems. However, different studies have been done that have returned some big numbers. One study published in The American Journal of Medicine in 2007, with Sen. Elizabeth Warren as one of the researchers, found that 62.1 percent of personal bankruptcy filings were caused by medical debt.

    Here’s why medical debt can cause many people to turn to a Gilbert bankruptcy attorney looking for debt relief:

    Man Struggling With Debt Due To Medical Bills in Arizona

    Serious Illness or Injury

    Most people don’t take on crippling medical debt from a case of pneumonia or a broken leg. What usually causes this kind of medical debt is a major illness or injury. For example, someone who gets cancer will need to have ongoing, intensive medical treatment, such as chemotherapy or multiple surgeries. If you are in a serious accident, you might have multiple serious injuries that require ongoing medical treatment, surgeries, and rehabilitation.

    These are the kinds of illnesses and injuries that incur ongoing, high medical costs. You have to see specialists and get intensive treatment, and that all adds up very quickly. Most people do not have the savings to cover these kinds of costs, and they end up losing it all.

    Loss of Income

    If you become seriously ill or are seriously injured in an accident, you aren’t going to be able to work. You can’t expect to go to chemotherapy and then head into the office. Some people have insurance to cover them from short- or long-term medical leave, but most people don’t. Even those who have the insurance are not always covered for the duration.

    If you cannot bring in an income and you are looking at rising expenses, it won’t be long before you lose the means to pay for your basic needs, let alone your debts. It’s no wonder that many people in this situation end up seeking relief through Chapter 7 bankruptcy or Chapter 13 bankruptcy.

    Rising Healthcare Costs

    Medical costs are already overwhelming for many people, but the situation is primed to only get worse. Medical costs are constantly rising, and many people are not able to keep up. Insurance is not always a solution because premiums are getting higher, as are deductibles and co-pays. Many people are also underinsured, meaning that they end up with huge medical costs even after their insurance pays out.

    If there are a lot of people filing for bankruptcy because of medical expenses now, we can expect there to only be more in the coming years unless something changes. You can protect yourself by getting the best insurance policies you can, saving as much as you can, and being proactive about your health care.

    If you do find yourself over your head in medical debt, like so many others, you should contact a bankruptcy attorney to learn how filing for bankruptcy may help you. Chapter 7 bankruptcy can completely discharge unsecured debt, like medical debt, helping you to wipe the financial slate clean. If you can’t qualify for Chapter 7 because you make too much money, you can file for Chapter 13 bankruptcy to get your debts reorganized under a repayment plan that you can actually afford. You may also choose Chapter 13 bankruptcy over Chapter 7 because you have other debts, such as a second mortgage that you took out in an attempt to pay some of your medical expenses. Chapter 13 bankruptcy can help you catch up on those payments and save your home. Talk to a bankruptcy attorney about the best strategy to maximize your debt relief through bankruptcy.

    Contact Professional Gilbert Bankruptcy Lawyers

    Call Gilbert Bankruptcy Lawyers to learn more about how bankruptcy can help you, whether you are struggling with medical bills or other overwhelming debt. Our experienced and compassionate bankruptcy attorneys represent clients seeking protection under Chapter 7 bankruptcy or Chapter 13 bankruptcy. We’ll review your finances and help you understand which option will give you the most debt relief while also helping you to meet other goals, such as keeping your home. Call us in Gilbert to schedule a consultation with a bankruptcy attorney and learn more.

     

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Life After Chapter 13 Bankruptcy: Can You Buy A House Featured Image

    Life After Chapter 13 Bankruptcy: Can You Buy a House?

    Life After Chapter 13 Bankruptcy: Can You Buy A House?

    Gilbert Bankruptcy Lawyer’s Guide On Home Loans After Filing Chapter 13 Bankruptcy

    One of the things that many people are most concerned about when considering whether to file for bankruptcy is whether they will be able to keep the house they have or to buy a house in the future. Chapter 13 bankruptcy is a popular choice for helping people to save their homes from foreclosure, but it can also help people restructure their debt when they make too much to qualify for Chapter 7 bankruptcy. Chapter 13 puts people on a more affordable debt repayment plan and helps them get back on firm financial footing over a three- to five-year period.

    With time, your credit history and score will improve so that you can take on new lines of credit, including a mortgage for a new home. Here’s what you need to know about Chapter 13 bankruptcy and buying a new home:

    Expert Bankruptcy Attorneys Give Advice On Buying A House While In Chapter 13 Bankruptcy In Mesa

    Can You Buy A House While In Chapter 13?

    Your Chapter 13 bankruptcy plan will last three to five years. After you have paid down some of your debt during that time, you may find that your finances are better and you are ready to buy a house. The trouble is that you can’t take on any new lines of credit without getting approval from the bankruptcy trustee first.

    You may get approved if you have been making payments on time with your Chapter 13 bankruptcy plan and you have no past due accounts since your bankruptcy filing. However, you’ll need to talk with your bankruptcy attorney to know what to expect.

    Getting A Loan To Buy A House

    You may be ready to buy a home, but the banks may not be ready to lend you the money. You may be on steady financial footing, but the banks are still going to consider you a risk. Your bankruptcy filing shows that you have had some financial trouble in the past, and the banks want to put a long time between then and lending you money.

    But don’t worry! You aren’t going to have to wait years and years. In some cases, you can get a loan a year after a bankruptcy discharge. Most lenders are willing to give you a loan after two years. However, if you are still in the middle of your bankruptcy plan, it may be a little while longer.

    Seek Down Payment Assistance

    The tricky bit about buying a house while you are still in the middle of a Chapter 13 bankruptcy repayment plan is the down payment. If you have managed to save enough for a down payment, the bankruptcy court is likely to believe that you have enough money to pay a bigger payment to your creditors. Your plan may be adjusted.

    One option may be to borrow the down payment from a family member. However, even if the money comes from a family member, that’s still considered a loan, and the bankruptcy trustee still has to approve new lines of credit.

    You will have a better time getting approved for a loan and moving through the process of buying a new home if you can wait until after your Chapter 13 bankruptcy plan is resolved. However, if you need to move before the end of your repayment plan, just talk to your bankruptcy attorney and your bankruptcy trustee about your options. You may have to go through a few extra steps, but it may still be possible to purchase a new home. Always work within your financial means to ensure your success, both for your short-term goal of buying the house but also for your long-term goal of ensuring that your debt remains manageable.

    Looking For Debt Relief? Contact Experienced Bankruptcy Lawyers In Gilbert

    Call Gilbert Bankruptcy Lawyers to learn about how bankruptcy can help you get the debt relief you need. We represent clients seeking debt relief through both Chapter 7 bankruptcy and Chapter 13 bankruptcy. A bankruptcy attorney from our team will help you understand how these options affect your ability to own or to purchase real estate, a vehicle, or other assets. Our goal is to help you get the maximum debt relief possible while protecting what you own. Call us in Gilbert to schedule a consultation with a bankruptcy lawyer today.

     

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    A Step-by-Step Guide to Understanding a Means Test

    A Step-by-Step Guide to Understanding a Means Test

    A Step-by-Step Guide to Understanding a Means Test

    How To Pass The Chapter 7 Means test In Arizona

    Most people are thinking of Chapter 7 bankruptcy when they think of bankruptcy. This is the chapter of bankruptcy that allows you to discharge all of your unsecured debt, such as credit cards, medical bills, and personal loans. It also provides an exemption for personal property, such as your home or vehicle, and the amount often lets most people keep these assets after filing for bankruptcy.

    Unfortunately, simply deciding that it’s time to file for bankruptcy won’t be enough to do so. If you want to file for Chapter 7 bankruptcy in Gilbert, you must qualify to do so by passing what is know as the “means test.” You can look at charts online, but the best way to know if you pass the means test is to talk with a Gilbert bankruptcy attorney who can analyze your finances.

    Married couple trying to understand a means test with tips from Gilbert Bankruptcy Lawyers

    What Does the Means Test Measure?

    Essentially, the means test is trying to determine your ability to pay back your debts. It does so by comparing your income to your expenses and calculating your total disposable income each month. If the court decides that you have enough disposable income to pay your debts, you will not be allowed to file for Chapter 7 bankruptcy.

    You may feel that you do not have enough money left over each month to pay your debts, but the courts may not agree. The means test is meant to provide a fair measurement for making the determination.

    Median Income

    One of the most important criteria in the means test is how much money you make. Your income will then be compared to the median income in Arizona. If your income falls below the state median for a household of your size, you automatically qualify to file for Chapter 7 bankruptcy.
    In 2020, median income in Arizona was as follows:

    • 1 person in household – $4,359.92 monthly income, or $52,319 annually
    • 2 people in household – $5,476.08 monthly income, or $65,713 annually
    • 3 people in household – $5,975.33 monthly income, or $71,704 annually
    • 4 people in household – $7,245.83 monthly income, or $86,950 annually
    • 5 people in household – $7,995.83 monthly income, or $95,950 annually
    • 6 people in household – $8,745.83 monthly income, or $104,950 annually
    • 7 people in household – $9,495.83 monthly income, or $113,950 annually
    • 8 people in household – $10,245.83 monthly income, or $122,950 annually
    • 9 people in household – $10,995.83 monthly income, or $131,950 annually
    • 10 people in household – $11,745.83 monthly income, or $140,950 annually

    This part of the means test is the most straight-forward, so if you can pass on income alone, that will make this a much simpler process.
    Disposable Income

    If you do not pass the means test on income alone, all is not lost. The next step is to look at your disposable income to see if you qualify for Chapter 7 bankruptcy.

    For this part of the means test, you will need to list all your expenses, including your housing, utilities, food, child care, medical expenses, and more. For some categories, you will only be allowed to enter a standard deduction. For others, such as child care, you will need to list the actual expense. This is a more complicated part of the means test, and your bankruptcy attorney will help you through it so you understand how to record expenses and how to interpret the test.

    Your Gilbert bankruptcy attorney will help you learn right away if you are able to pass the means test for Chapter 7 bankruptcy. If you do not qualify for Chapter 7, that does not mean that you cannot get the debt relief you need through bankruptcy protection. You can most likely still file for Chapter 13 bankruptcy, which will restructure your debt into a limited repayment plan that you can afford.

    Call Gilbert Bankruptcy Lawyers to determine whether you can file for Chapter 7 bankruptcy or to learn about your debt relief options through Chapter 13 bankruptcy. Our attorneys will analyze your finances to see if you pass the means test and to recommend the best course of action for maximum debt relief through bankruptcy. Our goal is to help you get the fresh start you need quickly. Call us in Gilbert today to schedule a consultation with an experienced bankruptcy lawyer and learn more.

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Self-Employed Bankruptcy Filing Manual Featured Image

    Self-Employed Bankruptcy Filing Manual

    Self-Employed Bankruptcy Filing Manual

    Guide On Filing For Bankruptcy While Self-Employed In Arizona

    Working for yourself gives you great freedom, but also great responsibility. You have the ability to set your own schedule, make your own rules, and make your own profits. There’s no middle man – you see the direct results of your own effort.

    But working for yourself also comes with a lot of risk. You are solely responsible for your losses (just as you are solely to benefit from your gains). After an extended period of losses, you might start to struggle with debt. You may be using your personal credit or assets to keep your business afloat, or just to support yourself while you are not pulling in the income you need. After a certain point, you may decide that you need to seek the advice of a bankruptcy attorney and look into debt relief through bankruptcy protection.

    Professional Gilbert Bankruptcy Attorney Giving Advice On Self-Employed Bankruptcy Filing

    Chapter 7 Bankruptcy

    Chapter 7 bankruptcy is known as “total liquidation” bankruptcy because it allows you to completely discharge any unsecured debt. In order to file for Chapter 7 bankruptcy, you have to pass the means test. This test looks at your income compared to the median income in Arizona. You must fall under a certain income threshold to qualify.

    The means test also looks at your disposable income each month by averaging your income for the last six months and subtracting your monthly debts, such as your rent or mortgage, your car payment, your credit card payments, and more. If you have too much disposable income – what’s left after expenses – you are unlikely to qualify for Chapter 7 bankruptcy.

    Taking the Means Test When Self-Employed

    In order to pass the means test, you have to provide documentation proving your income. In most cases, this is not a problem. Most people just show the required number of pay stubs, and that’s it. But if you are self-employed, you don’t have pay stubs. You likely don’t even have a stable income. Your income may fluctuate wildly from month to month.

    To pass the means test, you will need to use what you can to show your income over time. Many submit their tax returns, and some also use their bank deposits. You’ll need to talk with a bankruptcy attorney to figure out the best way to show your income, depending on your personal circumstances.

    Choosing the Right Type of Bankruptcy for You

    You have two options for debt relief through bankruptcy: Chapter 7 bankruptcy and Chapter 13 bankruptcy.

    If you do not have a lot of assets, such as a home that you are paying for or a business property, then Chapter 7 bankruptcy is likely going to give you the most debt relief. As a sole proprietor, your business debts are likely mingled with your personal debts and can, therefore, be discharged with Chapter 7 bankruptcy also.

    If there are assets that you want to keep that would not be exempt under Chapter 7, then Chapter 13 bankruptcy might be the better choice for you. Under Chapter 13 bankruptcy, your debts are restructured into a payment plan that lasts three to five years. You make one monthly payment, and debts that are remaining at the end of the repayment term may be discharged. If you are behind on your mortgage or other accounts, you can include those payments in the restructured plan to avoid foreclosure or repossession.

    Bankruptcy offers many benefits for those who are self-employed and who have fallen on hard times. You can file for bankruptcy protection if your business has been flagging and you have run up a lot of credit card or other debt. You can protect yourself from further losses and position yourself for a fresh start.

    Contact Experienced Bankruptcy Lawyers In Gilbert

    Call Gilbert Bankruptcy Lawyers today to learn more about how bankruptcy might be able to help you. An experienced bankruptcy attorney from our team will review your personal and business finances and talk to you about your goals through bankruptcy and then recommend the best course of action. We represent individuals in both Chapter 7 bankruptcy and Chapter 13 bankruptcy, and we can help you get fast debt relief. Call our bankruptcy law office in Gilbert today to schedule an appointment with a bankruptcy lawyer and learn more about your options for debt relief.

     

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Keeping Your Holiday Credit Card Debt In Check

    Keeping Your Holiday Credit Card Debt in Check

    Keeping Your Holiday Credit Card Debt in Check

     

    Gilbert Bankruptcy Lawyers Share Tips on how To avoid holiday credit card debt

    Everyone gets into the spirit of gift-giving around the holidays – some of us a little more so than others. It can be easy to spend a lot of money on family and friends with the intention of showing them how much you care and how special they are to you. However, if you’re not careful, you can spend your way into debt and even bankruptcy in your efforts to express your affection.

    We’re sure that your friends and family would much rather have the gift of your presence than to see you run up serious debt that could lead to your need for a bankruptcy attorney. Here are a few other things you can do to keep your holiday credit card debt in check so that you don’t run into serious financial troubles: 

    Stressed Out Woman Trying To Pay Credit Card Debt In Gilbert

    Budget: Don’t Overspend With Credit

    Make a complete list of everyone you want to give a gift. Include not just your immediate family members and close friends, but also anyone else you might want to give even a small gift, such as your children’s teachers, your mail carrier, or your trash pickup. You will then need to set a budget for each person – and stick to that budget.

    It can be easy to overspend at the holidays because you shop on impulse and spend more than you intended for each person. You can also overspend because you forget to include people in your list, such as those teachers and professionals, and you nickel and dime your way up to hundreds more dollars in spending. Create a comprehensive budget and stick to it. 

    Avoid Department Store Credit Cards

    Many stores offer their own credit cards. They offer you great introductory rates or other perks, like cash back or free gifts, to entice you to sign up for the card. But these cards encourage you to overspend (you can’t use them anywhere else, and you feel more free to shop when you know you have the credit with the store). The stores are also counting on you not to pay off the balance each month and so to incur interest.

    Just say no to these store credit cards. If you must shop with credit, use one of your other credit cards. But better still is to purchase all your gifts with cash. Credit just encourages you to buy what you can’t actually afford

    Limit Credit Purchases With A Gift Exchange

    Why do you need to purchase a gift for every person you know? You can still get into the spirit of the holidays and not spend as much money by participating in a gift exchange. Then you draw one name, give one great gift, and get one great gift in return. Everyone feels like they have been a part of giving and receiving, and everyone keeps their expenses low. 

    Suggest a gift exchange with your family and with your friend groups. You may end up buying a handful of gifts for the season instead of dozens. 

    Buy Early for Next Year

    When the holiday season is over, stores start selling everything at deeply discounted prices. If you have some foresight, you can buy gifts for a fraction of the cost, and save big next holiday season. If you get into the practice of doing this every year, you can always have nice gifts ready without overspending. 

    Just be mindful not to put these gifts on your credit card. Even discounted gifts can accrue interest on a credit card, and you can end up paying more than full price over the long term if you aren’t careful. Don’t overspend in January only to call a bankruptcy attorney in July. 

    Keep Gift Giving in Perspective

    You don’t need to keep up with the Joneses and buy Beat headphones or brand new iPhones for everyone on your list. You can give a small but meaningful gift that costs you very little and get the same enjoyment out of the holidays. 

    Keep your gift giving in perspective. Focus on gifts that are thoughtful, rather than on the labels they carry or how much they cost. You may even consider making gifts or giving the gift of your time. Know that your loved ones would rather have a gift that came from your heart instead of a designer gift that cost you so much it led to debt problems that required a call to a bankruptcy lawyer. 

    Make your holiday season truly bright. Follow these tips to keep your credit card debt under control while still being able to give your loved ones great gifts and enjoying the holiday season together. 

    If you have already run up credit card debt that has gotten out of control, call Gilbert Bankruptcy Lawyers to learn more about your options through bankruptcy protection. We represent clients in Chapter 7 bankruptcy, which offers a total liquidation of credit card and other unsecured debt, and in Chapter 13 bankruptcy, which restructures your debts into a repayment plan, allowing you to keep assets such as your home or vehicle. Call our bankruptcy law office in Gilbert today to schedule a consultation with an experienced bankruptcy lawyer and learn more. 

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    The Benefits and Downfalls of Debt Consolidation

    The Benefits and Downfalls of Debt Consolidation

    The Benefits and Downfalls of Debt Consolidation

    Understanding the Options for a Fresh Start

    Debt consolidation is one option for those who are struggling with debt. The process lumps all of the debt a person owes together, and the debtor then pays a single monthly payment. In theory, it’s very similar to the debt restructuring that takes place in a Chapter 13 bankruptcy in Gilbert. However, the process is very different, depending on what option you choose.

    Understanding your options for debt consolidation, as well as the advantages and drawbacks of each, can help you better make the right choice for your finances.

    Worried couple understanding the benefits and downfalls of debt consolidations with tips from Gilbert Bankruptcy Lawyers blog

    Types of Debt Consolidation

    Not all debt consolidation is referred to as “debt consolidation.” For example, one of the most common types of debt consolidation that people use is the credit card balance transfer. A person might transfer several smaller balances onto one credit that has a higher limit. Then they pay a monthly payment to one credit card instead of several, thereby reducing the interest they owe.

    Other types of debt consolidation include:

    • A home equity loan
    • A personal loan
    • A loan designed specifically for debt consolidation
    • Chapter 13 bankrupty

    Home equity loans are often advertised for the purposes of consolidating debt, and personal loans can be used for any purpose you choose. Banks offer debt consolidation loans for those looking to pay off debts, and they look at the debts you owe, as well as other financial circumstances, when deciding whether to award them.

    Under a Chapter 13 bankruptcy plan, a bankruptcy trustee analyzes your debts and determines what you are able to pay. You are then ordered to pay one monthly payment to the trustee for a period of three to five years. At the end of that time, your remaining debt may be discharged.

    Benefits of Debt Consolidation Plans

    The primary benefit of debt consolidation plans, when they are selected and implemented properly, is that they reduce the amount the borrower owes by reducing the interest paid. Usually, the debt consolidation vehicle is chosen for its lower interest rate – such as the credit card that offers a 0 percent rate on transferred balances.

    Another benefit of these plans is that the debtor can pay only one payment each month. Even if the amount doesn’t change, the mental relief of focusing on just one payment can be great.

    The benefits of a Gilbert Chapter 13 bankruptcy – the most efficient debt consolidation plan of all – is that the creditors have no say in what is paid, and the borrower is not at the mercy of yet another lender. The courts decide what the borrower can pay and sets the terms. An affordable plan is set in place, giving the borrower real breathing room again.

    Disadvantages of Debt Consolidation Plans

    The biggest disadvantage of a debt consolidation plan initiated by the borrower – such as a credit card balance transfer or a bank loan – is that if the person does not curb their spending habits, the debt will only compound. The person will now owe on the debt consolidation vehicle plus whatever new balances they have run up.

    Another disadvantage is that the debt consolidation plan may not actually solve their debt problem. They may miss payments to the loan or the new credit card, incurring new interest and penalties, and continuing to struggle.

    A Chapter 13 bankruptcy filing does not come with these disadvantages. Because the debt is included in the bankruptcy repayment plan, the credit cards or other accounts cannot continue to be used. New debt cannot be added. In addition, the repayment plan is based on the person’s ability to pay, so there should be no struggle to keep to the terms of the plan unless change occur, such as the loss of a job or a medical stay.

    If you are struggling with debt, we encourage you to call Gilbert Bankruptcy Lawyers to learn more about the debt relief you can achieve through bankruptcy. We may be able to help you get on a debt restructuring plan through Chapter 13 bankruptcy, or we may be able to help you have your debts discharged through a Chapter 7 bankruptcy. A bankruptcy attorney from our team will review your finances and discuss your goals and recommend the best course of action for you. Contact Gilbert Bankruptcy Lawyers today to meet with an experienced bankruptcy lawyer and learn more about your options.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Is My Rental Property Exempt from My Bankruptcy?

    Is My Rental Property Exempt from My Bankruptcy?

    Is My Rental Property Exempt from My Bankruptcy?

    You’ve finally hit your limit with your debt, and you’re ready to file for bankruptcy. You’re ready to give up all that credit card debt, those medical bills, and those personal loans. You’re ready to free up the money you need to pay your bills every month – no longer worrying about whether you’ll be able to pay the mortgage or make the car payment.

    But you may be worried about what’s going to happen to your assets. You may have a rental property that is bringing you some income, and you don’t want to lose that. You’ll need to consult with a Gilbert bankruptcy lawyer to examine your particular circumstances and understand how bankruptcy law applies to you, but here’s a general overview of what you’re likely to find out:

    Man with financial problems checking bills and trying to find if his property will be exempt from his bankruptcy

    Chapter 7 Bankruptcy

    Most people who are thinking about filing for bankruptcy want to file for Chapter 7 bankruptcy in Gilbert. That’s because it liquidates your unsecured debt and let’s you walk away with a clean slate. You can start again, financially.

    Before you can liquidate your debts though, you need to show that you are unable to pay them. That includes showing that you don’t have any assets that can be sold to pay your debts. Your assets include your home, your vehicle, your retirement accounts, and yes, your business properties.

    Chapter 7 bankruptcy includes some exemptions. If you don’t have much equity in your home, you’ll be able to keep it. Unfortunately, a rental property would not be exempt from your bankruptcy proceedings. However, you may still be able to keep it if the equity is low because it just wouldn’t be worth the cost of claiming it and selling it to your creditors.

    Chapter 13 Bankruptcy

    With a Chapter 13 bankruptcy, you don’t have to worry about exemptions. None of your assets are considered to be seized or sold in this type of bankruptcy. Instead, your debts are reorganized under a new repayment plan that lasts three to five years. The plan will include one monthly payment based on your ability to pay. At the end of the repayment terms, you may even be able to discharge some of your debt.

    Your rental property will be evaluated when determining your repayment plan. What you end up paying your creditors has to be equal to the equity you have in the property, as well as other assets you may have. Essentially, the bankruptcy court wants to make sure you are truly paying what you can to your creditors.

    If your rental property has little equity – either because you haven’t paid much on it or because the value of the property dropped – you may come out ahead with a Gilbert Chapter 13 bankruptcy. You may be able to strip down the value of the loan, meaning that you can discharge the amount of the loan that exceeds the value of the property. You can pay what’s fair for your property. If you have fallen behind on your payments, you can also use Chapter 13 bankruptcy to catch up by including your missed payments in the repayment plan.

    Filing for bankruptcy in Gilbert doesn’t have to mean losing all that you have built. There are mechanisms in place to protect your assets while giving you a chance to get the debt relief you need. If you own a business property, your bankruptcy attorney will work with you to show you how you can protect the business. You may even be able to save the business from foreclosure or get the mortgage to better reflect its value. Talk with an experienced bankruptcy lawyer serving Gilbert about your financial specifics to learn more.

    Call Gilbert Bankruptcy Lawyers today to learn how bankruptcy protection can help you get the debt relief you need. Our bankruptcy lawyers represent clients for Chapter 7 bankruptcy and Chapter 13 bankruptcy. We also represent business clients seeking bankruptcy protection. Schedule a consultation with a bankruptcy attorney, who will closely review your finances and help you better understand your options. Our goal is to help you get the maximum debt relief possible under the law while also protecting your assets. We want to help you get a new financial future.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    How Much Debt Qualifies Me for Bankruptcy in Arizona?

    How Much Debt Qualifies Me for Bankruptcy in Arizona?

    You have struggled for months or even years with overwhelming debt, and you just haven’t been able to make a dent. In fact, your debt may have just gotten worse in that time since you don’t have the money to manage your basic expenses, and you may have taken out more debt to handle that. Or you may have taken on more debt in an attempt to pay off other debt, and the interest and fees just spiraled to make the situation even worse.

    Now you are considering bankruptcy. But you may have heard that there are restrictions on who can file for bankruptcy in Gilbert. Your first question may be about your debt. Do you have enough debt to qualify to file? However, the question is not actually about how much debt you have, but about your ability to pay.

    Woman calculating how much debt qualifies her for bankrupcty in Arizona

    The Chapter 7 Means Test

    Chapter 7 bankruptcy is the “total liquidation” bankruptcy that can discharge all of your unsecured debt, including credit cards, medical bills, and personal loans. In order to file for Chapter 7 bankruptcy in Gilbert, you must be able to pass the means test.

    The means test starts by looking at how much money you make. You cannot make more than the median income in Arizona for a household your size. For example, if you have a household of four, you cannot make more than $86,950 per year and qualify for Chapter 7 bankruptcy.

    After looking at how much you make, the means test is going to look at how much you spend each month on things like housing, food, and transportation. The goal is to determine how much disposable income you have and what could be used to pay your debts. To be able to file for Chapter 7 bankruptcy, you need to show that you have negative disposable income. Therefore, you may have a small debt amount and still be able to file for bankruptcy. It just depends on your income and overall expenses.

    Filing for Chapter 13 Bankruptcy

    It is much easier to file for Chapter 13 bankruptcy in Arizona. In a Chapter 13 bankruptcy filing, you enter into a debt repayment plan that lasts three to five years. The monthly payment is based on your ability to pay, and it may have a lower interest rate or result in a lower overall payment. You may even be able to have some of your debt discharged at the end of the repayment plan.

    You do not have to meet any income requirements to file for Chapter 13 bankruptcy, but there are debt limits. You cannot file for Chapter 13 bankruptcy if you have more than $394,725 in unsecured debt or $1,184,200 in secured debt. You will also have to meet additional requirements, such as that you have filed your income tax returns, you are filing as an individual and not a business, and you have not had another bankruptcy dismissed within the last 180 days.

    It can be confusing to try to wade through the rules surrounding bankruptcy and who can file and what can be discharged. It is much better to consult with an experienced Gilbert bankruptcy attorney and to hire an attorney to create the filing for you. Your attorney will help you understand all the ins and outs of the bankruptcy filing and will ensure that every form is completed properly and every guideline met so that nothing jeopardizes your bankruptcy filing. With the right bankruptcy attorney in Gilbert, you can get the maximum debt relief available under the law, and you can get it quickly.

    Call Gilbert Bankruptcy Lawyers today to learn whether you qualify to file for Chapter 7 bankruptcy or to learn about your options with the different chapters of bankruptcy. Our team will analyze your finances and give you a comprehensive understanding of the best path forward through bankruptcy. We’ll work to help you get the maximum debt relief you can, and we’ll work to do it as quickly as possible. Call our bankruptcy law office today to schedule a consultation with a dedicated bankruptcy lawyer and learn how to get out from under your overwhelming debt. We’re ready to help you start your new financial life.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    A Strategic Guide to Bankruptcy Alternatives

    A Strategic Guide to Bankruptcy Alternatives

    A Strategic Guide to Bankruptcy Alternatives

    Even when people are struggling to pay their bills and the delinquency notices are piling up, many people would like to avoid filing for bankruptcy if they can. They worry about the stigma that often comes with bankruptcy, and they worry about what bankruptcy will do to their credit (even though struggling with debt for years will actually be more damaging to their credit).

    Misinformation is often the cause of people staying away from bankruptcy when they need it. Talking to a Gilbert bankruptcy attorney will help you get to the truth that can help you change your life and overcome your debt problems. If you still want to explore alternatives to bankruptcy, here are a few options:

    Married couple on the floor checking bills and bankrupcty alternatives

    Negotiate Directly with Creditors

    Many times, your creditors may be willing to negotiate with you on what you owe. After all, they know there is a risk they won’t get anything if you are unable to pay and just keep getting more interest and penalties. You may be able to negotiate for a lower interest rate, or you may be able to offer the creditor less than what you owe in one lump sum.

    Know that if you choose this option, you will need to contact each of your creditors individually, and not all of them will be willing to negotiate. You will also need to have a lot of cash ready to satisfy some debts. If you are struggling to pay already, chances are good that you don’t have those resources. You may be better off putting what money you have toward a bankruptcy lawyer in Gilbert.

    Talk to a Credit Counseling Agency

    Many people find themselves struggling with debt because they made some poor financial choices. In those cases, some good credit counseling and financial education can help them learn how to turn around their finances.

    If you do decide to file for bankruptcy later, know that you will be required to take a credit counseling class anyway. It’s just good education that can help you build a stronger financial future.

    Attempt a Debt Settlement

    With a debt settlement, you negotiate a payment plan for what you owe. This requires negotiating directly with your creditors, but it is more likely to be successful because you are promising to pay all of what you owe. However, you will also continue to pay interest in most cases, and that can add hundreds or thousands of dollars to what you ultimately pay.

    Under a Chapter 13 bankruptcy, you will also be on a debt repayment plan, but the amount you owe each month will be based on what you can afford, and your interest rate will be significantly lowered or eliminated. Under a Chapter 7 bankruptcy, you will have that debt discharged and won’t have to pay a thing.

    While there are alternatives to bankruptcy, you can see that they don’t offer immediate relief, and they aren’t necessarily a sure thing. Your creditors may not want to negotiate with you, and other options may take too long and cost too much to give you real relief. In contrast, if you file for bankruptcy, you may be able to get immediate debt relief. If you qualify for Chapter 7 bankruptcy, you may be able to have all of your unsecured debt discharged. Or, if you file for Chapter 13 bankruptcy, you can reorganize your debt under an affordable payment plan that will be done in just three to five years. At the end of the time, you may be able to have your remaining debt discharged. You can get long-lasting debt relief.

    Call Gilbert Bankruptcy Lawyers today to learn more about how bankruptcy may help you get the debt relief you need. We’ll examine your finances and help you understand whether Chapter 7 bankruptcy or Chapter 13 bankruptcy would provide you the maximum benefits, based on your financial goals, such as being able to keep your home or other assets. We’ll help you understand every step of the process and ensure that you have the knowledge to make the right choices for your situation. Call us in Gilbert today to meet with a bankruptcy lawyer and learn more about your options.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Foreclosure Woes: What are Your Rights?

    Foreclosure Woes: What are Your Rights?

    You know that trouble is waiting for you month after month as you fail to come up with the money for the mortgage once again. You may try to negotiate with the bank directly, to no avail. Or you may just keep hoping that things are going to turn around for you financially and you’ll be able to catch up on the payments.

    Eventually, time runs out and you are out of options. You get the notice that the bank is going to begin foreclosure proceedings against you. You may feel like you’re at the end of the line. But you’re not! In fact, you still have rights and options, and filing for bankruptcy is one of them. A Gilbert bankruptcy attorney may be able to help you save your home – or simply walk away from it with a cleaner slate than you would have if you let it fall into foreclosure. First, you need to decide what your goals are for the home.

    Worried married couple with financial problems with a foreclosure letter

    Chapter 7 Bankruptcy

    You may decide that you don’t want to stay in the home. Maybe the home has fallen below the value it once had, or maybe you just feel like maintaining it is more trouble than its worth. Maybe you just know that you aren’t going to be able to keep up with the payments in the future. So you’re ready to walk away.

    If you can qualify to file for Chapter 7 bankruptcy, you may be able to have all of your unsecured debts discharged, and you may be able to discharge any debt that you owe after the house is sold in foreclosure. Typically, you would owe what was left over after the foreclosure auction. However, since you no longer own the home, there would be no more asset for you to draw on to pay what you owe. You can walk away free and clear.

    Filing for bankruptcy in conjunction with foreclosure can help you to recover your credit more quickly after the dust settles. In addition, the foreclosure process will be much longer with a bankruptcy filing in play, and that will give you more time in the home, which will give you more time to figure out your next steps.

    Chapter 13 Bankruptcy

    If you decide that you want to keep your home, you have two options: Get caught up on the payments within a certain amount of time or come up with all the money left on the loan and pay it off. Since you are struggling to make your monthly payments, both of those options may seem impossible.

    If you file for Chapter 13 bankruptcy in Gilbert, you can put your debts into a debt repayment plan that you can afford, and that can give you the option to catch up what you owe on the mortgage. You will have more time to get caught up, and you’ll do it on a payment plan that actually fits your budget.

    At the end of your Chapter 13 repayment plan, which is usually three to five years, you may also be able to discharge any debt you have left. Chapter 13 bankruptcy also allows you to “strip off” second mortgages that may be valued more than your home. Your Gilbert bankruptcy attorney will look at your mortgage and let you know what’s possible.

    Hiring a Bankruptcy Attorney

    The specter of foreclosure can be intimidating and overwhelming. Don’t let it scare you into inaction. Call a bankruptcy attorney to learn how you might be able to save your home from foreclosure or how you might be able to exit the process cleanly with the help of bankruptcy.

    Gilbert Bankruptcy Lawyers is ready to help. A bankruptcy attorney from our team will analyze your finances and help you understand how Chapter 7 bankruptcy or Chapter 13 bankruptcy can help you, depending on your circumstances. An attorney will talk to you about your goals and will help you determine the best strategy for maximum debt relief while still meeting your goals. We want to help you get the maximum debt relief possible. Call our bankruptcy law office in Gilbert today to schedule a consultation with an experienced bankruptcy attorney and learn more about your options.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Measures to Take When You’re being Sued by a Debt Collector

    The late notices and “final warning” letters will only continue for so long. No, the debt won’t just disappear. Your creditor won’t just give up, realizing that you aren’t going to pay the bill (or that you can’t). If you don’t take steps to negotiate with your creditor or to work out a payment plan, your creditor is likely to take the next step and bring legal action against you.

    When this happens, don’t be caught unawares. You can talk to a lawyer about fighting the lawsuit, but you will spend a lot in legal fees just to learn that you have to pay the creditor. If you cannot pay, you can talk to a bankruptcy lawyer in Gilbert about your options for debt relief. You may be able to get your debt reorganized into an affordable payment plan, or you may be able to have your debt discharged completely, depending on the type of bankruptcy you file and the type of debt you have. Filing for bankruptcy in Gilbert will issue an automatic stay, which will put an end to all legal action being taken against you, at least until the bankruptcy is resolved. 

    businessman surprised reading a mail being sued by a debt collector

    Here’s what you can expect if you are sued by a debt collector or creditor:

    Getting the Summons and Complaint

    The first action of the lawsuit is for your creditor or the debt collector to send you notice of the legal action being taken against you. You will receive a summons, which will give you the basic information, such as where your case will be heard and when. The summons will also include a return date, which is the deadline for you to file a response. If you don’t take any action by this date, the creditor will automatically win a judgement against you. 

    With the summons, you will also receive a complaint, which outlines the argument against you. It will include information like how much money you owe and the party that is suing you. If a debt collector is now suing you, the complaint will also include the name of the original creditor. 

    Filing an Answer

    It is important that you file an answer when you receive notice of the lawsuit. Otherwise, the debtor will automatically win a judgement against you, which will include steep fines and penalties. Your wages may then be garnished or your bank accounts levied.

    Talk to an attorney as soon as possible to learn the best way to respond. If you are unable to pay the debt, now would be a good time to talk with a Gilbert bankruptcy attorney about how bankruptcy could get you the debt relief you need. You may be able to discharge the debt for which you are being sued, or you may be able to include it in a debt repayment plan that you can better afford. Either way, filing for bankruptcy will issue an automatic stay that will keep the lawsuit from moving forward until a judgement can be made about your filing and your debts.

    Potential Repercussions

    Allowing the lawsuit against you to proceed – or failing to get the proper legal representation – can result in serious repercussions. The creditor is likely to win a bank levy or a write of garnishment, which means that funds in your bank account can be taken, or the debt can be taken from your paycheck. If you are having trouble making ends meet now, imagine how things will go with smaller take home pay or with less money in your account. 

    Don’t allow that to happen. Call an attorney to fight the lawsuit, or call a bankruptcy attorney serving Gilbert to get needed debt relief. 

    Hiring an Attorney

    You should never attempt to handle any lawsuit without legal help. You need a legal advocate on your side, helping you understand your rights and your options. Otherwise, you risk being bullied and winding up on the losing side. 

    If you are facing a debt-collection lawsuit, call Gilbert Bankruptcy Lawyers today to learn about your options through bankruptcy. We can help you understand how Chapter 7 bankruptcy or Chapter 13 bankruptcy may help you get out from under your crushing debt and avoid legal action. Our goal is to help you get the maximum debt relief possible so that you can take control of your finances once again. Call us in Gilbert today to schedule a consultation with an experienced bankruptcy attorney today. 

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Can I File for Chapter 7 Bankruptcy in Arizona and Keep My Car?

    Can I File for Chapter 7 Bankruptcy in Arizona and Keep My Car?

    Some people are hesitant to file for bankruptcy, even when they are mired in debt and are facing ongoing harassment from their creditors. They may start getting notices of repossession or even of foreclosure, yet they still don’t take action. There is a lot of stigma around bankruptcy, with many people thinking that it’s a moral failing or that it will destroy their credit. The reality is that bankruptcy is a legal right designed specifically for people like you who are struggling with debt, and filing for bankruptcy can actually save your credit from the damage that late payments, high balances, and delinquencies will inflict on it year after year.

    Another reason that some people are hesitant to call a Gilbert bankruptcy lawyer and learn about their options is they are worried about losing their home or their car. But, in many cases, you can exempt these items from your bankruptcy filing or can take other steps to protect them. Here are a few things that might be possible:

    Man filing for Chapter 7 Bankruptcy in Gilbert  to keep his car

    Exemption

    If you file for Chapter 7 bankruptcy in Gilbert, you can gain maximum debt relief. Your unsecured debts can be completely discharged, which means that you will not have to pay them. There is no limit on how much debt can be discharged, only on the type of debt. Secured debts like auto loans and mortgages cannot be discharged.

    You have to pass a meant test to qualify to file for Chapter 7 bankruptcy. That test looks at not only your income, but also your assets. Bankruptcy law allows you to keep an asset up to a certain value. So, if you are still paying on your vehicle and don’t have a lot of equity in it, or if you own your vehicle outright but it is older and not worth much, you will likely be able to keep your vehicle since its value will likely be within the exemption amount.

    Restructuring the Debt

    Perhaps you have already fallen behind on the payments for your vehicle and you are facing repossession. Bankruptcy cannot discharge what you owe. Since the debt is secured, your auto lender can repossess your vehicle to satisfy the debt, even if you have filed for Gilbert Chapter 7 bankruptcy and received a discharge.

    However, if you file for Chapter 13 bankruptcy in Gilbert, you can restructure your debt and catch up on those missed payments, allowing you to keep the vehicle. Under Chapter 13, your debts are included in a structured payment plan. You make one monthly payment for all your debts that you can actually afford. At the end of the repayment plan, which can last three to five years, you may be able to discharge whatever debt is left. You would need to discuss the specifics of your case with a Gilbert bankruptcy attorney to know what’s possible.

    Forsaking the Vehicle

    You may decide that you don’t actually want to keep your vehicle. You may have fallen too far behind in your payments, and you may not want to (or be able to) pay to catch up the payments. Or maybe you want to discharge your debt, rather than restructure it. If you have more credit card debt than secured debt, you may just want to Chapter 7 bankruptcy.

    Whatever the reason, you may just decide to let the car go. You may file Chapter 7 to deal with your other debt, and you may decide to let your lender repossess the vehicle.

    You have a number of options to deal with your debt. Talk to a bankruptcy attorney serving Gilbert to find out the best strategy for using bankruptcy to get the maximum debt relief possible.

    Call Gilbert Bankruptcy Lawyers to learn more about your options through bankruptcy. A Gilbert bankruptcy attorney from our team will sit down with you to review your finances and to better understand your goals through bankruptcy. The attorney will then recommend strategies for meeting those goals through bankruptcy and relieving you of as much debt as possible. We handle both Chapter 7 bankruptcy and Chapter 13 bankruptcy cases. Call us in Gilbert today to schedule a consultation with a trusted bankruptcy attorney and learn more.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Tracking the Critical Stages of Chapter 7 Bankruptcy

    Tracking the Critical Stages of Chapter 7 Bankruptcy

    Tracking the Critical Stages of Chapter 7 Bankruptcy

    Filing for Chapter 7 bankruptcy can give you enormous debt relief. You can get all of your unsecured debt discharged if you qualify, including all your credit card debts, medical bills, personal loans, and more. Imagine how your finances would look if you suddenly didn’t have to pay for any of those things. That’s what fling for Chapter 7 bankruptcy in Gilbert can do for you.

    However, many people avoid getting the debt relief they need through bankruptcy because they are confused about the bankruptcy process. They think it will be too complicated or too expensive, or that it will destroy their credit. The truth is that bankruptcy can actually save your credit, as opposed to you struggling with delinquencies and high balances for too long.

    Talk to a Gilbert bankruptcy lawyer to demystify the process and make the whole process a lot easier for you. Here’s what you’ll learn about the critical stages of the Chapter 7 bankruptcy process:

    Man tracking the stages of chapter 7 bankruptcy with a Gilbert bankruptcy lawyer

    Consultation

    Start the bankruptcy process by scheduling a consultation with an experienced bankruptcy attorney in Gilbert. The attorney will review your financial circumstances and help you understand if Chapter 7 would be the right option for you, or if you would be better off with Chapter 13 bankruptcy or another option. The attorney will also help you learn if you are qualified to file for Chapter 7, which requires passing a means test that evaluates your income and assets.

    Retain an Attorney

    After reviewing your options, if you decide to move forward in the process, you will have to retain an attorney to get things started. You will need to sign a contract, and you may need to pay a deposit or even the full amount. Your Gilbert bankruptcy attorney will let you know what the options are for payment.

    Put Together Paperwork

    You will need to provide your attorney with a lot of paperwork that he or she will use to prepare your filing. That might include a credit report, information about old debts, information about payments, information about your assets, and so on. You will also have to sign a number of forms.

    Your bankruptcy attorney serving Gilbert will go through what is needed and work with you on putting all this paperwork together.

    Take the Counseling Course

    You are required to take a credit counseling course before you file for bankruptcy. The course takes about 90 minutes to complete, and it costs about $15. Your attorney will advise you on when and where you can take this course for your convenience and for the expediency of your case filing.

    Case Preparation

    Your attorney will then get to work on preparing your filing. Your bankruptcy attorney in Gilbert will review all your paperwork and will reach out to you if anything else is needed for your filing. Many attorneys who accept payment plans for your legal fees also require that the final payment is delivered at this stage.

    Sign and File

    You will be given a chance to review your paperwork. Then you will be asked to sign everything, and your attorney will file the paperwork.

    Meeting of Creditors

    A meeting of your creditors will be scheduled about a month after the bankruptcy paperwork is filed. The meeting is brief – maybe even just 10 minutes – and it involves a bankruptcy trustee asking some basic questions about the case. You likely won’t even need to attend this meeting. Your attorney will be able to answer questions on your behalf.

    Take the Debtor Education Course

    You will have to take a final course before your bankruptcy can be discharged. You have to take a debtor education course with 45 days of your meeting of creditors. This is another 90-minute course, and it also costs about $15. You can take it online, and it will cover good financial management tips to help you avoid running into problems with debt in the future.

    Discharge

    So long as you take your debtor education course, your bankruptcy case can be discharged 60 days after your meeting of creditors. That means that your debts can be completely wiped out. You will no longer owe anything to your credit cards, your medical providers, and other unsecured creditors. Your Gilbert bankruptcy attorney will advise you long before this stage what debts are included in the filing.

    If you are struggling with debt, call Gilbert Bankruptcy Lawyers today to learn more about how bankruptcy may be able to help you. We represent clients in both Chapter 7 bankruptcy and Chapter 13 bankruptcy, and we’re ready to help you find the option that will give you the maximum debt relief. We also help businesses who are looking for protection under bankruptcy law. Call us in Gilbert today to schedule a consultation with a bankruptcy lawyer and learn about your options.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Steps to Take When Your Bank Account is Garnished

    Steps to Take When Your Bank Account is Garnished

    Steps to Take When Your Bank Account is Garnished

    Creditors will take a number of measures to collect on what you owe. You will receive a number of notices in the mail, and you will be called repeatedly by representatives. Eventually, the creditor will start levying fines, and then it will start looking at legal ways to collect your debt. One way that your creditor might try to collect on what you owe is to seek wage garnishment. 

    Ideally, you would take steps before wage garnishment goes into effect. You may be able to negotiate a settlement with your creditor or set up a payment plan. However, if you are not able to pay at all, you may talk to a Gilbert bankruptcy attorney about your options for debt relief. You may be able to get your debt discharged through a Chapter 7 bankruptcy, or you may be able to get it restructured in a repayment plan that you can actually afford. 

    Man in a meeting with a bankruptcy Lawyer

    Lawsuit

    Before creditor starts garnishing your wages, it has to file a lawsuit against you. You will receive notice that this is happening, and you will have the opportunity to reply to the lawsuit and to participate in the process. This is not the time to bury your head in the sand and hope the whole thing goes away. It won’t. 

    Work with a lawyer to fight the process if you can afford it. If not, hire a bankruptcy lawyer in Gilbert to explore your options for debt relief. Filing for bankruptcy can put an end to any legal action being taken against you – at least until the bankruptcy is resolved. 

    Writ of Garnishment

    If a creditor wins a judgement against you, the court will issue a Writ of Garnishment. This is a legal document that the creditor will give to your bank or your employer. Your bank will freeze money in your account as soon as this is received. If you know it is coming, you can try to be quicker than your creditor and withdraw that money before the writ is filed. You should focus on accounts that you share or supervise, such as accounts for your children.

    Claim of Exemption

    If you want to stop your bank account or wages from being garnished, you will need to file a Claim of Exemption within 10 days of the Writ of Garnishment being filed. The claim tells the court that money in your account is exempt and should not be garnished. Funds that would qualify as exempt include things like social security disability income and child support. 

    Ideally, you would have a separate account for these funds so that you could easily show what funds came from what sources. However, you can get an Gilbert bankruptcy attorney to work with you on filing the Claim of Exemption to increase your chances of success. You may also consider filing for bankruptcy before the funds are transferred, which may put a stop to the transfer or help you get back money shortly after it is transferred.

    Protecting against Future Levies

    There are a few ways you can protect against additional levies or wage garnishments for this or future debts. You can hire a lawyer and fight the civil case, which you may not win if you actually owe the money. You can try to negotiate with the creditor directly to settle your debt, possibly even lowering it. 

    However, the most effective way to deal with levies and wage garnishments is to file for bankruptcy. Filing for bankruptcy will give you long-term debt relief. As soon as you file, it will trigger an automatic stay, which will put a stop to any legal action being taken against you, including wage garnishments and bank levies. 

    Contact Gilbert Bankruptcy Lawyers today to learn more about how filing for bankruptcy may help you get the debt relief you need. An experienced bankruptcy attorney from our team will review your finances and talk over your goals with you to help you understand the best strategy. We represent clients in both Chapter 7 bankruptcy and Chapter 13 bankruptcy. We also represent business clients who are seeking protection through bankruptcy. Call us in Gilbert today to talk with a bankruptcy lawyer about your options.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Foreclosures vs. Short Sale: Which One Affects Your Credit More?

    Foreclosures vs. Short Sale: Which One Affects Your Credit More?

    Your mortgage is likely your biggest expenses. If you start having trouble with debt, you are likely to continue paying your mortgage, since that is your most important expense. But over time, as your debts continue to mount, you may find it harder and harder to pay that large expense every month. Eventually, you may start falling behind on your mortgage payments. At first, you may just get notices to pay, accompanied by late fees, but after more time passes, you may start getting warnings about potential foreclosure action.

    To head off a foreclosure, you may start thinking about a short sale. But really, you might need to talk to a bankruptcy attorney in Gilbert about your long-term options for debt relief. Not only will your credit score recover more quickly, but it can also help you to save your house (if you want to save it).

    Couple reading a foreclosure notice

    Foreclosure

    More people know about a foreclosure than they do a short sale. Your mortgage lender can initiate foreclosure proceedings against you if you fall behind on your mortgage. You will get ample notice of such proceedings and given a chance to come current on your mortgage. But eventually, if you do not pay on time, your lender can have you evicted and can sell your house at auction to try to recoup what you owe on the mortgage. If the house sells for more, you will get the surplus. If it sells for less, you may still owe your lender.

    A foreclosure will be a massive hit to your credit. Exactly how many points you will lose depend on a variety of factors, including your overall credit history before that, where you live, and more. However, financial analysts report that you can experience a drop of as much as 300 points.

    Short Sale

    With a short sale, you are taking a somewhat more proactive approach to stopping a foreclosure, but the end result is the same: You lose your house. A short sale happens when you sell your house for less than it is worth. Once you have a buyer, you have to apply to have the short sale approved by your lender, which will also require you to provide evidence of hardship. If the short sale is approved, you can often walk away without owing anymore money.

    Like a foreclosure, a short sale will make a significant dent in your credit score. Analysts disagree on whether a short sale will hit your credit worse than a foreclosure, but general consensus seems to be that scores will fall about the same for both. In some cases, short sales come out slightly ahead in terms of credit score since they are seen as more proactive.

    Bankruptcy

    If you are struggling so much with debt that you are unable to pay your mortgage, it is worth talking to a Gilbert bankruptcy attorney. By filing Chapter 7 bankruptcy, you can discharge unsecured debts that are eating up your disposable income, such as credit card payments, medical bills, and personal loans. You can’t discharge any unpaid mortgage debt, but you may be able to free up enough money that you can pay back what you owe on your mortgage finally.

    Alternatively, you can file Chapter 13 bankruptcy in Gilbert to restructure your debt so that you can afford it in one monthly payment. Your unpaid mortgage debt would be included in that repayment plan, which lasts for three to five years. You may be able to save your house from foreclosure by filing for Chapter 13, while also getting your debt under control. At the end of the repayment period, you may be able to discharge remaining debt, as well as any second mortgages that may be worth more than your house is now.

    In addition to all these benefits, filing for bankruptcy will also be less of a blow to your credit than a foreclosure or short sale, and you’ll be able to start building your credit more quickly after all is said and done. Talk to a bankruptcy lawyer about how you can use bankruptcy to get the debt relief you need.

    Call Gilbert Bankruptcy Lawyers to learn more. We represent individuals who file Chapter 7 bankruptcy or Chapter 13 bankruptcy. If you own a business, we can also represent you in Chapter 11. Our goal is to maximize your debt relief in as short a time as possible. We’ll review your finances and help you understand the best strategy. Call us today to schedule a free consultation with a bankruptcy lawyer.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Divorce and Bankruptcy: Common Misconceptions about Divorce Debt

    Divorce and Bankruptcy: Common Misconceptions about Divorce Debt

    Divorce and Bankruptcy: Common Misconceptions about Divorce Debt

    Divorce and bankruptcy can both be complicated. Put them together, and you may have even more confusion. There are a lot of questions that will arise for which you’ll need the experienced counsel of your Gilbert bankruptcy attorney and your divorce attorney.

    It’s important that you talk through some issues with your attorneys ahead of time so you know what to expect and you can plan appropriately. Here are a few common misconceptions that come up about divorce and bankruptcy:

    Divorced couple with bankruptcy lawyer

    The Debt Wasn’t in My Name, So I Don’t Have to Pay

    You may not feel like you have anything to worry about if the debt was in your spouse’s name, such as a credit card or a car loan. However, if the debt was incurred during the marriage, the courts may look at it as community property. That is especially true if the debt was incurred for things used by the family, like an automobile.

    When you divorce, you will need to specify the division of both assets and debts, including those that are in a singular name. Then, if you file for bankruptcy, you know which debts are your responsibility.

    My Ex Took the Debt, So I Don’t Have to Pay

    When you separate, you may decide for yourself who is taking which debts with them. Often, that will mean taking whatever debt was in your name and writing a check for those that were joint accounts. Or you will get the divorce, make a formal arrangement of who pays what debts and who keeps what assets. However, the divorce settlement is only between you and your ex – it doesn’t actually offer legal protection against creditors.

    Your ex agrees to “indemnify” you against debts that he or she assumes in a divorce settlement. What that really means is they agree to pay it. But if they stop paying it, the creditors can still pursue you for the debt. You can take them to court for violating the divorce order, but if they don’t have the money to pay, there’s not much the court can do.

    The best thing to do is take steps after your divorce to protect yourself, such as refinancing your debt into your name alone and encouraging your ex to do the same. You may also be able to give up your interest in the debt, such as by signing a quit claim deed for a property.

    I Included the Debt in My Bankruptcy after the Divorce, So I Don’t Have to Pay

    You may be the one who has to protect your ex from your creditors. When you divide your debts in the divorce, you are also responsible for paying them. Just because you file for bankruptcy in Gilbert and relieve your own obligation to the creditor to pay does not mean that your ex is off the hook. Bankruptcy doesn’t make the debt go away completely – it just makes it go away for you. But you still have your divorce agreement in which you agreed to satisfy the debt and keep your ex from having to pay it, and filing for bankruptcy won’t ensure that.

    You will need to encourage your ex to take steps to dissociate from the loan, such as by signing a quit claim deed, refinancing accounts into their name, and so on.

    There are a lot of scenarios that can arise concerning debts that you shared with your ex or that you incurred during your marriage. Right after divorce is a time that a lot of people look at bankruptcy because their incomes have been reduced and their living expenses have increased. Make sure you are working closely with a Gilbert bankruptcy attorney and divorce attorney to cover all your bases during this time.

    Call Gilbert Bankruptcy Lawyers if you are thinking of filing bankruptcy and are in the middle of a divorce or have recently finished a divorce. We’ll help you understand the steps you need to take to get debt relief and protect yourself against liability. We can counsel you on what steps to take to protect yourself against future debt claims because of your ex. Call us today to schedule a free consultation to learn more about Chapter 7 bankruptcy and Chapter 13 bankruptcy and how they might help you get the debt relief you need.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Bankruptcies and Debt Settlements: Know the Difference

    Bankruptcies and Debt Settlements: Know the Difference

    Bankruptcies and Debt Settlements: Know the Difference

    Credit card debt can get away from the best of us. Once those balances creep up, they become harder and harder to pay down. You start to have higher monthly payments that you can’t meet, and you struggle to make the numbers drop since interest rates tack on so much every month. You may get to a point where simply paying the monthly minimum is no longer a viable solution for managing your debt.

    You may start thinking about negotiating a debt settlement with your lenders, or you may be wondering if filing for bankruptcy is right for you. It’s worth taking a look at both to understand which option would likely help you the most:

    Man worried seeing his credit card

    Debt Settlements

    To get a debt settlement, you would contact your credit card company and ask them for the settlement. You would offer an amount to satisfy the debt and close the account. For example, if you owe $15,000, you might make a settlement offer of $12,000. If the lender accepts, you arrange to pay that money, and the account will be closed.

    You may have to make a lump payment to satisfy your debt, but if you owe a large amount, your lender may agree to let you make payments. Know that if you default on your payments, the lender can (and likely will) sue you for the entire amount, plus penalties. Also know that your creditor may not agree to a debt settlement if you are able to make a large lump sum amount. If you have $12,000 readily available to pay your $15,000 debt, for example, the bank may think you are more than capable of paying the full amount.

    Of course, your creditor may not agree at all to a debt settlement. If you have multiple creditors, they may reject your settlement offer thinking that you can ask another lender to settle, while that bank can collect its full amount. Or, if you have assets like a home or a car, the bank may demand that you liquidate your assets to pay the debt.

    Even if the bank does agree to your settlement offer, know that you may still take a hit. You may have to pay taxes on the amount that is forgiven, since it may seen as a benefit or “net income” to you.

    Bankruptcy

    In many cases, filing for bankruptcy may be the better option to manage your debt. If you qualify for Gilbert Chapter 7 bankruptcy, you can discharge all of your unsecured debt – credit card debt, medical bills, personal loans, and so on – without any negotiation with your creditors. Your Gilbert bankruptcy attorney will submit your bankruptcy filing to the court, which will review it and make the determination. Then you’ll be free of that debt completely, without having to pay any of it.

    Chapter 7 bankruptcy also includes provisions for you protecting our assets, depending on their value. You may be able to safeguard your home, vehicle, and other personal assets so that you don’t have to sell any of them to pay your creditors.

    If you can’t qualify for Chapter 7 bankruptcy based on your income, you can file for Gilbert Chapter 13 bankruptcy instead. With Chapter 13, your bankruptcy attorney will create a debt repayment plan for you that lasts between three and five years. You will make a single monthly payment to the bankruptcy court that will then be dispersed to your creditors. At the end of the repayment plan, any debt that remains may be discharged by the court.

    Bankruptcy offers a lot of advantages over a debt settlement offer, and it may help you be free of your debt much more quickly. It’s worth talking to a bankruptcy attorney about your options if you find yourself struggling with debt.

    Gilbert Bankruptcy Lawyers are ready to help. We help individual and business clients get free of their debt through bankruptcy protection. We will review your finances thoroughly and help you determine the best strategy to get maximum debt relief. You can start taking control of your finances and get a second start. Call us in Gilbert today to schedule a free consultation with an experienced bankruptcy attorney and learn about your options.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Avoid These Disastrous Mistakes to Keep Your Social Security Safe

    Avoid These Disastrous Mistakes to Keep Your Social Security Safe

    Avoid These Disastrous Mistakes To Keep Your Social Security Safe

    Your Social Security is owed to you after you have worked and paid into the system. It provides a safeguard so that you have some financial support after you retire or are no longer able to work. You should be able to count on it.

    However, if you file for bankruptcy or if you are simply in over your head in debt, your creditors may have a right to seize your assets to satisfy your debts, and your Social Security may be in the crosshairs. Even though federal law exempts your Social Security from being claimed by creditors, there is a chance that this income can get mixed up with your other assets and still get taken. Here are a couple of mistakes you should avoid in order to keep your Social Security safe: 

    couple viewing their social security deposit online

    Commingling Your Funds

    One of the most common reasons that it can be so hard to protect your Social Security funds is that you may not be able to prove which of your funds comes from Social Security. If you are depositing that money into the same bank account where you deposit other income, alimony, unemployment benefits, gifts, or other money, you have no way to show which money is Social Security and which isn’t. You are depositing and spending money from that account, so you can’t just show Social Security deposits as proof. How can you say how much you spent was from your Social Security and how much you spent came from other sources?

    The best way to protect your Social Security money is to deposit it into an account designated solely for those funds. Open up a new account, and only put your Social Security money into that account. Then be careful not to open up any lines of credit with that bank. 

    Failing to Use Direct Deposit

    Set up direct deposit for your Social Security checks. Doing so will ensure that these deposits are protected for up to two months. If you don’t take this step, a creditor can send a Writ of Garnishment to your bank and those funds can be taken. Sure, you can file a Claim of Exemption later, but that process can take a while, and in the meantime, you can lose a lot of money.

    When your Social Security is direct deposited into your bank, your bank automatically knows what it is and that it is protected. Any Writ of Garnishment would be denied. Without that direct deposit, the bank only knows where the money is coming from because you tell it – and, again, that process can case you to lose a lot of money. You may eventually get your money back, but it can take weeks or months, and you can spend a lot of time and money in the process. Save yourself a lo of grief and set up the direct deposit to protect your money. 

    Social Security benefits are something we all work to get, and you should not fear that your creditors will take that hard-earned money from you because you are having problems with debt. Make sure you take the proper steps to protect this and any other exempt money that you receive, such as veteran’s benefits, military annuities, Social Security Disability Income, student assistance, and more. If you are struggling with debt and are facing Writs of Garnishment, consider talking to a Gilber bankruptcy attorney about long-lasting debt relief. If you have filed for bankruptcy already, talk to your bankruptcy lawyer in Gilbert about steps you can take to protect your exempt income or other assets. 

    Call Gilbert Bankruptcy Lawyers if you are struggling with debt and want to put a stop to wage garnishments, harassing phone calls, and other debt collection measures. Our experienced bankruptcy attorneys will carefully review your finances and help you understand whether bankruptcy may be the right choice for you for long-lasting debt relief. We represent clients in both Chapter 7 bankruptcy and Chapter 13 bankruptcy. During a free consultation, we will thoroughly analyze your debts and finances to help you understand how to get maximum debt relief while also meeting your goals, such as keeping your personal property. Call us in Gilbert today to schedule a consultation with one of our experienced bankruptcy attorneys. 

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    A Guide to Managing Your Credit Report after Filing for Bankruptcy

    A Guide to Managing Your Credit Report after Filing for Bankruptcy

    A Guide to Managing Your Credit Report after Filing for Bankruptcy

    Filing for bankruptcy can be one of the best things for dealing with your debt. You could struggle for years to pay off your debt, bit by bit, just chipping away at it like trying to carve a sculpture into a glacier with an icepick. Or you can get a power sander and some dynamic and get the same job done much faster. That’s what bankruptcy is for your debt. You can dismiss your debt completely or get it reorganized under a more affordable payment plan, depending on your circumstances. 

    You may be worried that filing for bankruptcy will destroy your credit. While bankruptcy will be a blow to your credit initially, it will not cause as much damage as would continuing to have high debts that you cannot pay. By working with a Gilbert bankruptcy attorney and filing the right chapter of bankruptcy, you give yourself the opportunity to restore your credit and your finances much more quickly. 

    The actions you take after filing for bankruptcy also make a difference. Here are a few things you can do to restore your credit after your bankruptcy discharge: 

    A Guide to Managing Your Credit Report after Filing for Bankruptcy

    Get a Secured Credit Card

    It may take awhile for you to get approved for a typical credit card after your bankruptcy. Most credit cards are unsecured, meaning that the company is relying on nothing more than your perceived ability to pay when deciding to lend you money. You aren’t likely to get one of these if you have a history of not paying.

    However, there are secured credit cards, which are backed by a cash deposit. The lender allows you to borrow up to the amount you have. If you default on your payments, the lender knows it can seize that deposit and satisfy your debt. You are much more likely to be approved for such a card. Apply for and use your secured credit card regularly to start building a positive credit history.

    Pay Everything on Time

    There are other things you may continue to pay after your bankruptcy that report to your credit, such as your car insurance, your phone bill, or other utilities. Be sure that you pay all of these bills on time, every month. Over time, your credit score will slowly improve with your consistency. 

    You won’t see dramatic improvements with this strategy alone, but when you combine it with other strategies, you will see big gains with time. 

    Keep Applications to a Minimum

    Every time you apply for new credit, an inquiry shows up on your credit report. The more inquiries you have, whether they resulted in approved applications or not, the more damage will be done to your credit score. The reason is that a lot of inquiries makes it look like you are having money problems and are looking to rely on credit to solve them. 

    Keep your applications to a minimum. If you apply a couple of times and are denied, wait a few months before you apply again. Continuing to apply will only damage your credit more. 

    Review Your Report Regularly

    You need to keep tabs on your credit report to make sure that everything reported there is accurate. You don’t want your score to suffer needlessly because there’s an inaccuracy on your report. 

    You can get a free credit report once a year. You should consider paying or a report every three to six months in addition to that. If you spot any errors on your report, file a correction with the credit bureau immediately. 

    Rebuilding your credit after a bankruptcy filing will take a bit of time, but it likely won’t take as long as you think. You just need to stick to a budget and follow these steps, and you’ll see your score rebuild slowly. You’ll be free of debt, you’ll have the money to meet your needs, and you’ll soon have a credit score that will allow you to get approved for loans you might need as time goes on, such as to buy a new car or a home. 

    Contact Gilbert Bankruptcy Lawyers today to learn more about the different types of bankruptcy and how they might help you get the debt relief you need and start rebuilding your financial future. We represent individuals on both Chapter 7 bankruptcy and Chapter 13 bankruptcy, and we represent businesses who need bankruptcy relief. We’ll help you understand how each of the options might benefit you the best. Call our bankruptcy law office today to schedule a consultation.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Tips about handle your COVID-19 debt

    How to Handle Your COVID-19 Debt

    How to Handle Your COVID-19 Debt

    The COVID-19 pandemic has changed our lives in dramatic ways in a very short period of time. Within weeks after the first stay-at-home orders were issued, millions of people had been laid off from their jobs. Millions more had to take a pay cut, were furloughed, or were temporarily suspended from their jobs. All of that has led to a surge in unemployment claims and calls to bankruptcy attorneys in Gilbert. 

    Tips about handle your COVID-19 debt

    Many people are now struggling to make ends meet and are using credit cards or taking out loans to get there. Unfortunately, that is going to lead to overwhelming debt later. Instead of relying on credit cards, here are a few things you can do to manage your COVID-19 debt so you don’t come out the other side with a bankruptcy filing: 

    Get Whatever Income You Can

    You may have been laid off, or you may be in a job that you can’t work until things open back up, but you need an income to live. The first thing you can do is file for unemployment benefits to get whatever income you can coming in as soon as you can. 

    In the meantime, apply for all the jobs you can. Consider working jobs you might not otherwise while you are trying to find a better-paying job that you would enjoy. Whatever income you can bring in will help you to pay your bills and minimize your debts. 

    Prioritize Your Finances

    You may not be able to pay everything you owe right now, but you need to think through the consequences of paying or not paying so you can prioritize your payments and suffer the least amount of long-term consequences. For example, if you don’t pay your Internet bill, you’re just going to have a bad record with that company, but none of your assets are going to be seized, and you aren’t going to hurt your credit score. However, if you don’t pay your credit card bill, you’re going to thrash your credit, and you’re going to wrack up more debt through interest and penalty fees. 

    Your rent or mortgage payment should be your top priority each month, followed by your car payment and any other debts secured by your property or assets. Don’t worry about medical debts or non-essential services. 

    Defer What You Can

    You don’t necessarily have to keep making payments on all your accounts. For example, if you have a student loan, you can easily defer your payments for six months or more just by calling your provider and asking for it. It is quite common to defer student loans, so you shouldn’t have any trouble. The loans cannot be discharged in a Gilbert Chapter 7 bankruptcy , so use whatever option you can to satisfy your debt, even if it means not paying it for a while. 

    You may find that other creditors are willing to let you defer or lower payments for a set time also. Reach out to creditors to find out what’s possible. 

    Negotiate with Creditors

    Don’t be afraid to call your creditors and negotiate a lower payment or a lower interest rate. Your creditors know that if you can’t pay, they won’t end up getting anything, and that will be worse for them ultimately than lowering your payments. 

    If your request isn’t approved initially, push to speak to a supervisor. Keep going up as far as you need to on the ladder until you get the results you want. 

    File for Bankruptcy

    You may already have accumulated debts before the pandemic started, and now that you have suffered a loss of income, your financial problems are compounding. You can get debt relief by filing for bankruptcy in Gilbert. A Chapter 7 bankruptcy filing will discharge all unsecured debts, such as credit card debt. Depending on how much you owe, that could clear up a significant amount of money each month. A Gilbert Chapter 13 bankruptcy filing will reorganize your debts under a monthly payment you can actually afford. 

    Do not be intimidated by myths you might have heard about bankruptcy or about the perceived stigma. Bankruptcy is a legal right that can give you enormous debt relief so that you can make ends meet and can move forward financially. Call Gilbert Bankruptcy Lawyers today to talk with a bankruptcy attorney  and learn more about your options. We handle individual and corporate bankruptcy, and we are committed to helping you get the maximum debt relief possible. Contact our Gilbert bankruptcy law office today to talk through your options with an experienced bankruptcy lawyer. 

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Woman Worried about Debt Collector Lawsuits and thinking about Actions to Take with Gilbert Bankruptcy Lawyers

    Debt Collector Lawsuits Actions to Take When Youre Being Sued

    Debt Collector Lawsuits Actions to Take When Youre Being Sued

    Most people never have to go through the process of being sued, so they are shocked and confused about what to do when it happens with one of their creditors. But that’s exactly what can happen when you fall well behind on your debt payments. Your creditors may bring a lawsuit against you in order to get court-ordered relief for what they are owed, including the seizure of your assets or the garnishment of your wages.

    You can stop all that by talking to a bankruptcy attorney in Gilbert and seeking relief through a bankruptcy filing. However, it is important that you understand what the process is like when you are sued by your creditors so that you know what steps you might take. Here’s what you can expect: 

    Woman Worried about Debt Collector Lawsuits and thinking about Actions to Take with Gilbert Bankruptcy Lawyers

    The Initial Complaint

    No one can bring a lawsuit against you and you not know it. In order for the lawsuit to move forward, you must be officially notified of the action against you. So, you can expect to be officially served – likely by a sheriff’s deputy or other law enforcement professional – with a summons and complaint with the details of the action being taken. 

    In that initial complaint, you will learn the basic aspects of the case, such as when and where it will be heard in court, a deadline for receiving a response from you, and the argument against you (including how much the creditor says you owe). You’ll know who is suing you, for how much, and what you need to do next. 

    With the initial complaint, you may also receive some blank forms to fill out. These forms are likely asking for your financial information, such as where you work and where you bank. Some of these are required, but some of these are only optional and just make it easier for the creditor to garnish your wages if it comes to that. You don’t need to do anything to make that easier for them. However, you should talk to an bankrupcty attorney near Gilbert to ensure that you are filling out the right forms and ignoring the right forms. 

    The Answer

    You have the right to file an answer to the initial complaint from your creditor. There may be a form attached to the complaint that you can fill out, or you may need to draw up the paperwork yourself. You can dispute the charge, dispute how much you owe, or provide other information.

    Never file an answer without consulting with an bankruptcy attorney in GIlbert first . You could jeopardize your case by providing information that could incriminate you, or you could undermine your case by filing the paperwork improperly. 

    The Judgement

    After hearing the case, a court can grant relief to your creditor in the form of seized assets or garnished wages. You may be able to appeal this decision, but chances are good that action will move forward before you get a chance to appeal and to stop anything. 

    You can also hire a bankruptcy lawyer and file for bankruptcy, which will put an immediate end to action taken against you. If you file for Chapter 7 bankruptcy in Gilbert, you may get your debt dismissed completely while also ending any asset seizure or wage garnishment. If you file for Chapter 13 bankruptcy, you will have your debt reorganized into an affordable payment plan – including what you owe the suing creditor – but the garnishment or seizure will be put to an end. 

    If your creditor sues you over unpaid debt, you can certainly fight the charge. However, if you do owe the money, there’s not much way to argue out of that. You can fight the garnishment or asset seizure by filing for bankruptcy, or you can take proactive action and file for bankruptcy before the creditor ever has the chance to bring suit against you. You may be able to free yourself of the debt and your association with that debtor completely, or you may be able to satisfy the creditor with a reorganized debt-repayment plan. Either way, the bankruptcy will put an automatic stay into effect that will prevent any legal action from being taken against you. 

    If you are struggling with debt and are worried about what might come next, call Gilbert Bankruptcy Lawyers to learn more about your options. We’ll help you understand the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy and how each can benefit you. We’ll help you understand the path to maximum debt relief so that you can start rebuilding your finances and leading the life you want – free of debt. Call us in Gilbert today to schedule a consultation with an experienced and committed bankruptcy lawyer.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Steps to Take When Your Wages Have Been Garnished

    Steps to Take When Your Wages Have Been Garnished

    Steps to Take When Your Wages Have Been Garnished

    Your creditors have a number of legal options available to them if you do not pay what you owe. One of those options is wage garnishment, which automatically takes money out of your paycheck (your employer would send the money to the creditor instead) or takes money out of your bank account.

    If your debt problems get to the point where your wages are being garnished, you should consider talking to a Gilbert bankruptcy attorney about the debt relief possible through bankruptcy. Filing for bankruptcy will put an immediate stop to the wage garnishment and will help you get a better handle on your finances.

    Steps to Take When Your Wages Have Been Garnished

    There are other steps you can take to deal with wage garnishment other than filing for bankruptcy, but those options won’t deal with the underlying financial problems that have led to the garnishment. It’s important that you better understand the garnishment process before you can understand the best options to take to stop it. Here’s what you need to know:

    Judgement

    Before a creditor can garnish your wages, they have to file a lawsuit against you and get a ruling in their favor. You will be notified about the lawsuit, and you will likely show up in court for it. This isn’t a process that’s going to happen without your knowledge.

    If the court decides that you are responsible for the debt, it may order you to do so on your own, or it may allow for action to be taken, such as property to be seized or wages to be garnished. Again, this is something that you will know has happened. You aren’t going to be taken by surprised when money starts being taken out of your paycheck or your bank account.

    Writ of Garnishment

    After your creditor receives the judgement in their favor, they must present your bank or employer with an official document known as a Writ of Garnishment. Once the bank receives this document, it will freeze the funds in your account to prepare for paying your creditors. It won’t matter if you have more money in your account than what you owe your creditor.

    Know that the bank is likely to freeze the funds in any account in which your name is attached – including accounts you hold with your spouse or accounts you opened on behalf of your children. You may want to make changes to your account ownership if you want to protect those funds that are meant for others.

    Claim of Exemption

    You may be able to put a stop to your funds being garnished if you file a Claim of Exemption and it is approved. You should file this claim within 10 days of the Writ of Garnishment being issued.

    Some part of your wages may be exempt – you need some money to live on, after all. Other finances, such as Social Security disability payments, child support, and so on, may be completely exempt from garnishment. Unfortunately, your bank may not distinguish these sources of income, so you will need to either keep separate accounts for them or seek protection from the courts. You will need to work with an Gilbert Bankruptcy attorney to determine what money is exempt and how to protect it.

    File for Bankruptcy

    If you are facing a Writ of Garnishment, chances are good that you are struggling with debts and the ability to make ends meet. Filing for bankruptcy can put an immediate end to the wage garnishment while also giving you a way to manage your debt. If you file for Chapter 7 bankruptcy in Gilbert, you can discharge of your unsecured debt, such as credit card debt. If you file for Chapter 13 bankruptcy, you can put your debts under a reorganized repayment plan that lasts three to five years. Either way, you can free yourself of your debt or get it under a repayment plan that you can afford.

    If you are struggling with debt, call Gilbert Bankruptcy Lawyers to learn more about your options for debt relief. A Gilbert bankruptcy attorney from our team can help you understand how each of the bankruptcy types can benefit you best. Our goal is to help you get the maximum debt relief possible. Call us in Gilbert today to talk with a bankruptcy attorney about how you can finally get your finances under control and free yourself of debt.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    6 Ways You Can Help Your Credit after Filing for Bankruptcy

    6 Ways You Can Help Your Credit after Filing for Bankruptcy

    6 Ways You Can Help Your Credit after Filing for Bankruptcy

    By the time you decide to file for bankruptcy, your credit has likely been on a downward spiral for some time. Your credit report is probably littered with delinquencies, excessive credit inquiries, and credit accounts that are maxed out. Your score is probably in the toilet.

    You may worry that filing for bankruptcy will make your credit even worse. While it’s true that bankruptcy is a black mark on your credit report, it can also help your credit score by getting rid of those maxed-out accounts. Plus, you can take steps after you file for bankruptcy in Gilbert to get your finances back on track fast. Here are six things you can do to help your credit after filing for bankruptcy in Gilbert:

    6 Ways You Can Help Your Credit after Filing for Bankruptcy

    1. Identify the Source of the Problem

    Before you can figure out how to fix your credit, you need to figure out how it got ruined in the first place. Did you truly get off track because you lost your job? Then you need to create a significant savings fund to tide you over in case of a future emergency. Or did you get a little too spendy with your credit cards? Now you can put yourself on a strict budget and stick to it.

    Be honest with yourself to identify the source of your problem so you can implement a solution.

    2. Set a Budget

    Whether you got into trouble with debt because of spendthrift habits or because of circumstances that you couldn’t control, you definitely need to be strict about your budget after bankruptcy if you want to rebuild your credit. Any late payment will be further evidence of you being a credit risk.

    Make an honest assessment of your income and your expenses, and create a modest spending plan. Be sure to leave a little room for savings, in case you end up with unexpected expenses one month.

    3. Pay Everything on Time

    Creating a history of on-time payments is one of the best and easiest ways for you to rebuild your credit after a bankruptcy. You are showing that you are responsible with your money and that you are meeting your obligations.

    Make sure that you pay everything on time. Pay your bills a bit ahead of time if you must. Just make sure the money gets there on time, every time.

    4. Take Out a Small Line of Credit

    You can start getting credit a few months after you file for bankruptcy in Gilbert, depending on how good you are with your finances. You should stick to credit cards like gas or retail cards that have a limit of a few hundred dollars. Charge a little on it each month and pay it off each month.

    5. Keep Your Credit Inquiries Low

    You may not get accepted for lines of credit when you first start applying. Don’t keep applying! Give it a little time before you apply again. Having too many credit inquiries in too short a time can also bring down your score. Spread out your inquiries to protect your score.

    6. Don’t Overspend

    Filing for bankruptcy frees up a lot of money in your budget by discharging your debt or helping you pay down your debt. You may feel invigorated by the excess cash in your budget, and you may feel motivated to spend. Resist that urge.

    Keep your spending under control to keep your finances on track and to help your credit improve. Otherwise, you’ll be looking at another setback.

    Bankruptcy can significantly help your finances by offering you relief from overwhelming debt. Bankruptcy may be a black mark on your credit, but if you use it properly and implement the right strategy after your discharge, you can quickly rebuild your credit. In fact, you can restore your credit faster than you would if you tried to just pay off the debt yourself.

    Call Gilbert Bankruptcy Lawyers to learn how bankruptcy might help you to reclaim your life. Bankruptcy can give you debt relief that allows you to take control of your finances again, so that you can breathe a sigh of relief and start making your money work for you. Call us in Gilbert to talk with a bankruptcy attorney about your options. We help clients with Chapter 7 bankruptcy and Chapter 13 bankruptcy, and we represent both individual and business clients.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Ascena Retail Group bankruptcy blog

    Four Arizona Lane Bryant Stores to Close in Ascena Retail Group Bankruptcy

    Ascena Retail Group, the parent company of clothing stores like Lane Bryant, Catherine’s, and Justice, has joined a long list of large companies to file bankruptcy in the wake of the coronavirus pandemic. Brick and mortar retail was already struggling, and months of stay at home restrictions have been the final straw. Ascena has chosen Chapter 11 so that some of its subsidiaries can continue operating. However, a significant amount of Arizona clothing stores will be closing as part of this bankruptcy. 

    Ascena Retail Store Closures in Arizona

    There are 688 Lane Bryant locations, Ascena has announced that four Arizona Lane Bryant stores would be closing as part of the bankruptcy.

    The Lane Bryant stores Closing are located at:

    • Gilbert- 3855 South Gilbert Road

    • Gilbert- Baseline Road and N. Cooper Road

    • Mesa- 6555 E. Southern Ave.

    Tucson- 5351 S. Calle Santa Cruz

    Ascena Retail Group bankruptcy blogAscena also owns Catherine’s, a plus size women’s store. Ascena plans to focus attention for this brand on online retail, as opposed to brick and mortar. All of its locations are closing in the bankruptcy.

    The 6 Catherine’s Stores Closing in Arizona:

    • Chandler- 2986 N. Alma School Road

    Glendale- 5350 W. Bell Road

    Mesa- 5052 S. Power Road

    Mesa- 833 N. Dobson Road

    Peoria- 9282 W. Northern Ave.

    Tucson- 4730 E. Broadway Blvd. 

    Justice, a girls’ clothing store formerly known as Limited Too, is also owned by Ascena Retail Group. Justice has 826 locations, approximately 600 of which are closing in the bankruptcy. As with Catherine’s, Ascena plans to focus more on the online side of this brand.

    The Justice clothing locations Closing in Arizona include:

    • Avondale- 9945 W. McDowell Road
    • Gilbert- 1073 W. Baseline Road
    • Glendale- 5350 W. Bell Road
    • Glendale- 6800 N. 95th Ave. 
    • Mesa- 6555 E. Southern Ave. 
    • Peoria- 25546 N. Lake Pleasant Highway
    • Phoenix- 21001 W. Tatum Road
    • Phoenix- 2501 W. Happy Valley Road
    • Scottsdale- 16451 N. Scottsdale Road
    • Tempe- 5000 S. Arizona Mills Circle
    • Tucson- 4500 N. Oracle Road
    • Tucson- 5870 E. Broadway Road

    Ascena also owns Ann Taylor and LOFT, but only one Ann Taylor Factory Store is closing in Arizona. It is located in Glendale at 6800 N. 95th Ave. Stores that have begun to reopen as stay at home orders are lifted have realized it’s too little too late, and it’s time to file bankruptcy. Ascena Retail Group will be joining Neiman Marcus, JC Penney, J. Crew, True Religion, Lucky Brand, and more on the list of fashion retailers to fall victim to COVID-19. Many of the Ascena locations that are closing are even at the same shopping malls. The pandemic has made it clear that online shopping has officially won the battle over fashion retail. 

    Arizona’s Unemployment Rate

    Ascena Retail Group bankruptcy blogArizona saw a spike of unemployment claims in April 2020, with an unemployment rate of approximately 13.4 percent. Conditions improved and the unemployment rate was down to around 9% in May, but has crept back up to 10% for June. The extra $600 weekly federal unemployment benefit is ending soon, as well as Arizona’s eviction moratorium. With at least 20 Ascena-owned stores closing in the bankruptcy, Arizona will hopefully at least be able to keep the unemployment rate static for July. 

    What is Chapter 11 Bankruptcy?

    Ascena has chosen Chapter 11 Bankruptcy because it allows the company to keep some store locations running and also continue operating online sales. Chapter 11 is also known as a Business Bankruptcy. It is the Chapter that a lot of businesses have to use when considering a bankruptcy for their business that they intend on still operating the business. When a company files Chapter 11, its top creditors will form a bankruptcy panel. This will give them control over business decisions like entering new contracts and selling assets, while leaving day to day operations in the hands of ordinary management. Debts will be restructured with the approval of the panel, with the filing company usually securing funding to emerge from the bankruptcy with a well-defined plan to return to profitability. Businesses also have the option of filing Chapter 7, which would discharge the liabilities for all of the company’s debts. However, the business would have to shut down entirely and surrender all of its assets and inventory. Both Chapter 7 and Chapter 11 are available to businesses as well as individual filers. Individual filers also have the option of Chapter 13, which is a debt reorganization payment plan not available to businesses. 

    The Types of Debt You Can Discharge with Bankruptcy

    The Types of Debt You Can Discharge with Bankruptcy

    The Types of Debt You Can Discharge with Bankruptcy

    Who wouldn’t want to be told that their debt can just go away? That what they owe has been forgiven, just like that? That’s what bankruptcy can offer for some. It can relieve you of your responsibility to pay those debts that you cannot pay, and it can make your creditors stop harassing you finally.
    But bankruptcy can’t always discharge all the debts you owe. You need to talk to a Gilbert bankruptcy lawyer to understand how bankruptcy will benefit you, specifically, and what your rights and responsibilities are.

    The Types of Debt You Can Discharge with Bankruptcy

    Debts that Can be Discharged under Chapter 7

    Chapter 7 bankruptcy is the type of bankruptcy that people often have in mind when they think of bankruptcy. It is the “total liquidation” bankruptcy that discharges your debts when the filing is closed. Debts that can be discharged under a Chapter 7 bankruptcy include:

    • Credit card debt
    • Medical bills
    • Personal loans, including those from banks and from family and friends
    • Any other debts that are not backed by personal property

    There is no limit on the amount of debt that can be discharged under Chapter 7 bankruptcy. So, if you have $100,000 in credit card debt, you can discharge $100,000.

    Debts that Cannot be Discharged under Chapter 7

    Unfortunately, Chapter 7 bankruptcy cannot discharge all of your debts, even if they are unsecured debts (not backed by property). Specifically, Chapter 7 bankruptcy will not discharge:

    • Tax debts
    • Any fines or penalties levied by the government (local, state, or federal)
    • Unpaid child support
    • Unpaid alimony
    • Student loans
    • Damages to personal property
    • Money you owe for another’s injuries

    You cannot get around paying the government, or anything that the government orders you to pay (such as criminal restitution or child support). There are some instances in which you can get your student loans discharged, but those instances are so uncommon that it is better to just move forward under the assumption that you will be paying back your student loans. Depending on your employment type and your degree, you may be able to get your student loans forgiven under certain programs.

    Discharging Debts under Chapter 13

    The rules are different for Chapter 13 bankruptcy. Instead of discharging your debt, this type of bankruptcy puts you on a debt repayment plan that you can actually afford. The bankruptcy court looks at what you owe, compares that to what you earn, and determines a monthly payment that won’t cause you financial distress.

    Though the goal of a Chapter 13 bankruptcy is to get you to pay back what you owe, that may not be possible while also keeping you on an affordable monthly payment. Therefore, you may have some debt left over at the end of your repayment plan, and that debt may then be discharged. Those debts will be considered on a case-by-case basis. Your bankruptcy lawyer can give you a better idea of what to expect at the end of your Chapter 13 bankruptcy and what debts may be discharged.

    Filing for bankruptcy can help you gain control of your finances by relieving you of your debt burden. Which type of bankruptcy will give you the most benefits depends on what type of debts you owe. If you have a lot of unsecured debts, a Chapter 7 bankruptcy filing will likely be the best choice for you. If you have a lot of debts that cannot be discharged, you should consider a Gilbert Chapter 13 bankruptcy filing to get your debts reorganized into a more affordable payment plan.

    Call Gilbert Bankruptcy Lawyers if you are struggling with debt and are considering bankruptcy. A bankruptcy attorney from our team can help you better understand the ins and outs of Chapter 7 and Chapter 13 bankruptcy so you can determine which would be best for your financial circumstances. Our goal is to help you get the maximum debt relief possible so that you can start building a better financial future. Call our Gilbert bankruptcy law office today to schedule a consultation with an experienced bankruptcy attorney. We work with individuals and businesses who are interested in bankruptcy protection, and we handle all types of bankruptcy filings.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    How to Know When it’s Time to File for Bankruptcy

    How to Know When it’s Time to File for Bankruptcy

    How to Know When it’s Time to File for Bankruptcy

    A lot of people try to avoid filing for bankruptcy by any means necessary. They think that others will think poorly of them for filing for bankruptcy, and they think that they’ll destroy their credit, as well. But while they put off filing for bankruptcy, their debts continue to mount, along with accrued interest and penalties, and their financial problems get worse – and their options diminish.

    The decision to file for bankruptcy is a personal one, and there is no singular answer to help you know that you should file or to know when to file. Here are a few things you should think about – and discuss with a bankruptcy attorney serving Gilbert:

    How to Know When it’s Time to File for Bankruptcy

    How Much Do You Owe?

    How much you owe will have a big impact on your decision to file for bankruptcy. Obviously, $100,000 in debt will seem a lot more desperate than $10,000 in debt. However, even $10,000 in debt can be completely overwhelming for some people.

    You need to take an honest accounting of all the debt you owe, and you need to note the interest rate for each (which will determine how quickly your debt grows). Once you have a good understanding of what you’re up against, you can determine if you have the ability to pay or if you need to consider bankruptcy.

    What Options Do You Have to Pay?

    You need to look beyond your income to determine if you can pay off your debt on your own. Start by determining if you can increase your income. Can you ask your boss for a raise? Can you get a second job? Can you rent out a room in your home? Can you start a side business, like freelancing?

    If you can’t increase your income, you’ll need to think of ways to reduce your expenses. Can you downsize your home? Can you cut out expenses, such as turning off services, canceling your gym membership, or cutting back on mindless spending?

    Your last option is to consider selling things. Do you have an extra vehicle you could sell? Is it a good time to sell your house? Do you have belongings that you could do without?

    You need to find as much money in your budget as you can. The more you can come up with to pay your debts, the faster you’ll be able to pay them off or get them to a more manageable level.

    What are the Stakes?

    If you have fallen behind on your payments or racked up a lot of debt, you are certainly facing consequences. At a minimum, you’ll be looking at paying a lot in fines and interest. Those late fees add up fast, making your debt problem much worse. If you have multiple delinquent accounts, those fines and interest will have even more devastating effect.

    However, if your debt problems are worse, you may be facing bigger stakes: Your car might be ready to be repossessed or the bank may have begun foreclosure proceedings against your home. If you are facing severe repercussions, bankruptcy may be the only choice you have left – assuming you act fast enough.

    Meet with a bankruptcy attorney in Gilbert to learn about your options for debt relief. The attorney will walk through these and other considerations with you to help you determine if bankruptcy is the right choice for you. In most cases, you will experience far more benefits with bankruptcy – and more quickly – than if you tried to pay off the debts on your own or to negotiate with your creditors. Bankruptcy allows you to discharge your debt or to put it on an affordable payment plan, making instantaneous and positive changes in your life.

    Gilbert Bankruptcy Lawyer is ready to help you learn how bankruptcy can help you put an end to your debt problems and create a stronger financial future. Our bankruptcy law office helps individuals and businesses seeking bankruptcy protection, including both Chapter 7 bankruptcy and Chapter 13 bankruptcy. We’ll help you understand the best strategy for getting the maximum debt relief through bankruptcy protection. Contact us in Gilbert today to speak with a bankruptcy attorney about your options for debt relief.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    How Foreclosures and Chapter 13 Bankruptcy Go Hand in Hand

    How Foreclosures and Chapter 13 Bankruptcy Go Hand in Hand

    How Foreclosures and Chapter 13 Bankruptcy Go Hand in Hand

    Typically, people pay their mortgage before anything else. They might let their credit card or other bills fall behind, but they pay for their house. That makes sense – after all, your house is your most important investment, and it provides essential shelter.

    However, when your financial situation gets really bad, eventually, you stop paying the mortgage also. Or maybe you don’t intend to stop paying it; you just fall behind. You want to catch up, but you just can’t do it because the money’s just not there.

    Instead of giving up to the idea that your house will be foreclosed, you need to hire a Gilbert bankruptcy attorney.

    How Foreclosures and Chapter 13 Bankruptcy Go Hand in Hand

    Automatic Stay

    The first step toward savings your house from foreclosure through a bankruptcy filing is the automatic stay. When the bank has decided to move forward with foreclosure proceedings, you may feel like you don’t have any options. In fact, you may have tried to call the bank to work out an arrangement and were denied.

    When you file for bankruptcy, an automatic stay is issued that puts an immediate stop to all debt collection action, including foreclosure. So long as your bankruptcy case is active, the bank cannot move forward with foreclosing on your home.

    Debt Reorganization Plan

    The second part of a Chapter 13 bankruptcy filing is to create a debt reorganization plan that is actually affordable for you. The bankruptcy court will look at your income, your personal expenses, and your debt, and it will create a repayment plan that lasts three to five years. You will have a monthly payment that is considered affordable for your budget.

    Any back payments you owe to your mortgage lender will be included in that repayment plan. You will be paying your regular mortgage each month, plus a little bit extra through your bankruptcy repayment plan.
    Hiring a bankruptcy attorney in Gilbert is a smarter choice than trying to negotiate with the bank directly. Typically, the bank will deny your request. If it agrees, it will typically want you to pay off what you owe much more quickly than the bankruptcy repayment plan allows.

    Discharging Debt

    You might think that you have to pay everything you owe on your home since your debt is backed by the value of your home. In other words, if you don’t pay, the bank has the right to sell the property to cover what you owe. That’s how you got into foreclosure trouble in the first place.

    However, that’s not always true. The bankruptcy court will determine what you can afford to pay. If you haven’t paid off your full debt at the end of the repayment plan designed for you, the debt may be discharged. The debt could be for principal on the property, or it may be for the interest and penalties that the bank charged you. Either way, you get free of the debt you can’t afford to pay, and you get back to a budget that actually fits your income.

    Filing for Chapter 13 bankruptcy in Gilbert is a smart strategy for dealing with foreclosure proceedings against your home. You can use it if you are worried about foreclosure action being taken, or you can use it to put an end to current proceedings. Chapter 7 bankruptcy will not stop foreclosure proceedings. However, it could help you avoid foreclosure by discharging debts and freeing up money for you to pay your mortgage so you don’t fall behind (or to pay what you already have fallen behind). Talk to a bankruptcy attorney near Gilbert about the best strategy for your financial circumstances.

    Call Gilbert Bankruptcy Lawyer to learn about your options for debt relief through bankruptcy. Talk with a bankruptcy attorney about Chapter 7 bankruptcy and Chapter 13 bankruptcy to learn what benefits each has to offer and how they might help you meet your particular goals. A bankruptcy lawyer will review your financial circumstances and make tailored recommendations to get maximum debt relief and protection. We serve clients in Gilbert and the surrounding areas, including both individuals and businesses interested in bankruptcy. Call us in Gilbert today to talk with a bankruptcy attorney about your options for debt relief.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Creditor Harassment: Can Filing for Bankruptcy Help?

    Creditor Harassment: Can Filing for Bankruptcy Help? 

    Creditor Harassment: Can Filing for Bankruptcy Help?

    Once you are even a few days late with a payment to a creditor, you are going to start getting phone calls and emails reminding you to pay. You may get daily calls – or you may even be called several times a day (particularly if you don’t answer the phone). The longer the debt is past due, the more frequently you will be contacted, and the more aggressive the creditors will be.

    Filing for bankruptcy can put an immediate end to creditor harassment. Here’s how:

    Creditor Harassment: Can Filing for Bankruptcy Help?

    The Automatic Stay

    As soon as you file for bankruptcy, whether it’s Chapter 7 bankruptcy or Chapter 13 bankruptcy, an automatic stay goes into effect. The automatic stay puts a stop to any collection efforts while your bankruptcy is being processed. That means that creditors cannot call or email about your debt, nor can they send you anything in the mail. They also cannot continue with any legal action, including a lawsuit, foreclosure, eviction, or repossession.

    You should not face any harassment from creditors after you file, nor should you be contacted by them at all.

    Length of the Automatic Stay

    The automatic stay remains in effect until the bankruptcy is resolved, whether it is rejected or finalized. Typically, a Chapter 7 bankruptcy will take a few months to resolve, and a Chapter 13 bankruptcy will take three to five years, or the length of the repayment plan.

    Creditors cannot continue to try to collect on a debt after the bankruptcy is finalized if the debt was discharged. Creditors with a secured debt, like mortgage lenders, will continue to collect on what you owe after your bankruptcy is resolved.

    Notice of the Automatic Stay

    You do not need to do anything after you file for bankruptcy to let your creditors know that an automatic stay has gone into effect. The bankruptcy court will notify all of your debtors that you have filed for bankruptcy, so you don’t need to do anything at all.

    If you are contacted by any of your creditors during the first few days after filing, it’s possible that they just didn’t get the notice or they haven’t updated their call records. Just let the creditor know that you have filed for bankruptcy and refer them to your bankruptcy attorney. If you continue to be contacted by creditors, let your Gilbert bankruptcy attorney know. You can take action against these creditors.

    Limitations to the Automatic Stay

    There are some exceptions to the automatic stay. The stay cannot put a stop to child support payments (or collection on back child support), alimony, or anything involving a criminal prosecution. Other creditors may petition the bankruptcy court to be exempt from the automatic stay. Creditors must show that the stay interferes with their interest in the property.

    Your Gilbert bankruptcy attorney can help you understand a creditor’s case if they file for an exception. Your attorney can also argue for your interests and help to block the exception, depending on the circumstances.

    Consult with a bankruptcy attorney in Gilbert to learn more about how bankruptcy will help you get debt relief and how the automatic stay can help you get relief from creditor harassment. Your lawyer will help you know what actions creditors cannot engage in and what you should do if creditors violate these rules. Your attorney is your advocate and your guide through the bankruptcy process, and they can answer all your questions about creditor behavior or other aspects of bankruptcy, as well as help you know what actions to take if you are the victim of harassment.

    Gilbert Bankruptcy Lawyers are ready to help you get the debt relief you need through bankruptcy. We will review your finances and help you understand the benefits you can get from either Chapter 7 bankruptcy or Chapter 13 bankruptcy. Or, if you own a business, we can help you understand your options for business bankruptcy. Our goal is to help you be free of as much debt as possible so that you can start rebuilding your finances and your life quickly. Call our bankruptcy law office in Gilbert today to meet with a bankruptcy lawyer and to review your debt relief options.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Illegal Debt Collection Practices Your Bankruptcy Lawyer Can Help With

    Illegal Debt Collection Practices Your Bankruptcy Lawyer Can Help With

    Filing for bankruptcy can put an end to a lot of debt collection tactics that can cause you a lot of grief. As soon as you file for bankruptcy, an automatic stay is issued that puts an end to all debt collection practices. That will let you take a sigh of relief, and you can focus on moving forward and dealing with your debt once and for all.

    Illegal Debt Collection Practices Your Bankruptcy Lawyer Can Help With

    Despite the automatic stay, and even despite a final bankruptcy discharge, some creditors will still illegally pursue you. If that happens, your Gilbert bankruptcy attorney can deal with those creditors or even help you take action against them. Here are just some of the illegal debt collection practices that your bankruptcy lawyer can help with:

    Calling at Unreasonable Hours

    Not only should creditors not be calling you at all after you have discharged your bankruptcy (or just filed for it), but they should not be calling at unreasonable hours. The Fair Debt Collection Practices Act prohibits creditors from calling you at unreasonable hours, such as very early in the morning or very late at night.

    If you are getting these calls, talk to a bankruptcy lawyer serving Gilbert about how to make them stop and about what other steps you can take.

    Harassing Phone Calls

    Creditors may do more than call you at bad hours. They may also call you over and over again, or they may say rude or aggressive things when they call. It is illegal for creditors to do any of these things. They cannot harass you by calling you constantly or by being aggressive.

    If creditors harass you like this, you should notify them that you know your rights and that you intend to report them. Then you should work with an attorney to put an end to the calls.

    Threats

    Creditors are not allowed to threaten you. They can’t threaten to send someone to your house, to take your belongings, to tell your friends about your debt, to send you to jail, or anything else. They can notify you about the legal action they can take, but they cannot threaten you with the intention to bully or intimidate you.

    The automatic stay that goes into effect when you file for bankruptcy should put an end to any contact from creditors. If it continues, or if creditors threaten you at any time, call an bankruptcy attorney in Gilbert and learn how you can take action against the offending creditors.

    Sharing Information about Your Debt with Others

    Your creditors are not allowed to share information about your debt with others. Creditors are not allowed to call your workplace, for example, and tell your boss or your co-workers that you owe money or that they are trying to contact you to collect on a debt. Nor are they allowed to threaten to do so.

    If you find out that your creditors have been talking to your family, friends, co-workers or others about you or your debt, contact an attorney. This is illegal.

    Trying to Collect on Discharged Debts

    Once your bankruptcy is discharged, your debts are discharged with it. Creditors can no longer try to collect on those debts. The only time you will continue to pay on your debt after bankruptcy is if you filed for Chapter 13 bankruptcy and you have a secured debt, such as a mortgage or an auto loan. Other unsecured debts will be discharged with the bankruptcy.

    If a creditor is continuing to collect on a debt that has been discharged in bankruptcy, they are doing so illegally. Contact your bankruptcy attorney right away to pursue your legal options for putting an end to this behavior.

    Creditors do not have the right to act however they like when trying to collect a debt. Bankruptcy law has particular guidelines for how creditors can behave after you have filed for bankruptcy and after the bankruptcy has been discharged. If you believe that creditors are violating these rules, talk to your bankruptcy lawyer about it and about what you can do about it.

    Gilbert Bankruptcy Lawyers are committed to protecting your legal rights while also helping you get the maximum debt relief possible through bankruptcy law. We guide our clients through the bankruptcy process, giving them thorough information so that they understand all of their rights and options. We can help you file for bankruptcy, usher the case through the legal process as quickly as possible, and then protect you from creditor harassment. Call us in Gilbert today to learn more about how bankruptcy may be able to help you.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Emergency Bankruptcy Filings: What are They and Can They Help?

    Emergency Bankruptcy Filings: What are They and Can They Help?

    Emergency Bankruptcy Filings: What are They and Can They Help?

    Filing for bankruptcy can help you get out from under debt that is weighing you down. With bankruptcy, you can either free yourself of having to pay those debts, or you can get yourself on a repayment plan that actually fits your finances and allows you to take care of your needs.

    But before you can file for bankruptcy, you have to meet many criteria. You have to put together a lot of paperwork, and you have to complete a credit counseling course, among other requirements. Even with a great Gilbert bankruptcy attorney on your side, the process can take longer than you would like.

    An emergency bankruptcy filing may help you get the debt relief you need much faster.

    Emergency Bankruptcy Filings: What are They and Can They Help?

    Reasons for an Emergency Bankruptcy Filing

    There are a lot of reasons why you might want to put together an emergency bankruptcy filing, rather than following the typical route. Here are some of the most common reasons that people opt for an emergency bankruptcy filing:

    To avoid foreclosure. You might not have a lot of time until the bank is ready to foreclose on your home. An emergency bankruptcy filing may give you the time you need to put together a payment plan to save your home from foreclosure.

    To avoid repossession. The same may be true for the repossession of your automobile. You may be on the verge of losing it because you have fallen behind on payments. An emergency bankruptcy filing may put a stop to that action and let you get caught up on your payments.

    To stop eviction. You may not own your home, but you may be at risk of losing it because you have fallen behind on rent payments and are about to be evicted. Filing for bankruptcy can put a stop to that action, and an emergency filing can help you do that quickly.

    To stop a creditor lawsuit. Filing for bankruptcy enacts an automatic stay, which puts an immediate stop to any creditor actions. If you know that creditors are about to take drastic action against you, such as a lawsuit, an emergency bankruptcy petition can preempt that quickly.

    If you are facing another situation that you think needs fast action, talk to a bankruptcy lawyer serving Gilbert about whether an emergency bankruptcy filing might be the best choice.

    What’s Required for an Emergency Bankruptcy Filing?

    Typically, when you file for bankruptcy, you have to put together numerous forms and reports that itemize your finances, including your income, debts, and assets. You also have to complete a credit counseling course and provide evidence of having done so.

    An emergency filing is more “bare bones.” It provides the essentials, so it is easier to put together, helping you to streamline the process. An emergency bankruptcy filing requires identifying information, the chapter of bankruptcy you want to file, the names and addresses of all creditors you owe, and a certificate showing completion of a credit counseling course. If you are in a big hurry to get the bankruptcy filed, you may be able to be exempted from having the credit counseling course completed at this stage. Talk to a Gilbert bankruptcy attorney to find out how to qualify for such an exemption.

    You will provide the additional information to the bankruptcy court after that initial emergency filing. The emergency filing just allows you to speed up the process – not to avoid requirements of the bankruptcy process.

    An emergency bankruptcy filing may not only help you get the debt relief you need, but may also help you address an emerging threat quickly. If you feel that you need to file a bankruptcy quickly, talk to a bankruptcy attorney in Gilbert about whether you qualify for an emergency filing.

    Gilbert Bankruptcy Lawyers can help you prepare an emergency bankruptcy filing in Gilbert and the surrounding area. Even if you don’t want to file an emergency order, or you just don’t qualify, we can help you put together a traditional bankruptcy filing and see it through the court process as quickly as possible. Our goal is to help you get the maximum debt relief possible, as quickly as possible. We help both individuals and businesses. Call us in Gilbert today to schedule a consultation with an experienced Gilbert bankruptcy attorney.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    5 Precautions to Take before Filing for Bankruptcy

    5 Precautions to Take before Filing for Bankruptcy

    After you file for bankruptcy, the courts look at your income, your debts, and your assets to determine if you have the ability to pay what you owe. However, the courts look beyond just your current circumstances – they also look at the months leading up to your filing to make sure there is no evidence of impropriety. Bankruptcy is designed to help those who cannot pay their debt – it is not designed as a way to spend a lot of money and avoid responsibility.

    If you are thinking of filing for bankruptcy, you need to talk with a local Gilbert bankruptcy attorney, and you need to take these precautions leading up to your filing:

    5 Precautions to Take before Filing for Bankruptcy

    Don’t Take on New Debt

    You may putting all the money you have into paying your debts. If something else comes up, you may have to take out a new credit card or loan to pay for it. Or you may try to pay down some of your debt by taking out a loan and having just one payment.

    The problem with these things is that the bankruptcy court might interpret any new debt as an attempt to commit bankruptcy fraud. It might think that you took out new debt with the intention of just filing for bankruptcy and not paying for the debt. Therefore, you should avoid taking out any new debt within 12 weeks of filing for bankruptcy.

    Don’t Use Retirement Funds to Pay Expenses

    Instead of taking out a loan or other credit, you may decide to take money out of your retirement account to pay off some debts or to pay for your living expenses. This might seem like a better alternative to taking out more debt, but it is really only creating another problem. You’ll be using money that you need to live later in life, and you’ll be paying more in taxes and penalties on top of that.

    Leave your retirement money where it is and talk to a bankruptcy attorney near Gilbert. Filing for bankruptcy can put an end to your debt problems so that you have the money for your living expenses without draining your retirement account and creating more problems for yourself.

    Don’t Move or Transfer Assets

    You might be worried that filing for bankruptcy will mean that certain assets are seized, like your house, car, or savings. So, in order to protect them, you might move them out of your name or give them to someone else. The courts are likely to see these actions as an attempt to commit bankruptcy fraud.

    If you are worried about how bankruptcy will affect your assets, talk to a bankruptcy attorney. Some assets are exempted from the bankruptcy, depending on their value. You can also protect assets by filing for Chapter 13 bankruptcy in Gilbert, which is a debt reorganization plan rather than a liquidation.

    Pay Your Income Taxes

    You must be current on your income taxes to be allowed to file for bankruptcy. You may owe back taxes, but you should have an approved plan with the IRS to pay it back. Filing for bankruptcy will not relieve you of your obligation to pay those taxes. You cannot discharge taxes in bankruptcy.

    If you owe taxes and want to file for bankruptcy, talk to a Gilbert bankruptcy attorney about your options. Your attorney can help you work out a plan to get where you need to be to file for bankruptcy so that you can get debt relief and start rebuilding your finances.

    Provide Accurate Information

    You will be asked to provide a full accounting of your finances, including all your income, all your assets, and all your debts when you file for bankruptcy. You cannot leave anything out because you think that it’s not relevant to the bankruptcy case.

    If any inaccuracies are found in your bankruptcy filing, you could be charged with fraud and you could face fines and penalties. Work closely with a bankruptcy attorney to put together your petition so that there are no mistakes or inaccuracies.
    Filing for bankruptcy can provide you tremendous debt relief so that you can start rebuilding your life and gaining control of your finances. But if you make any of these mistakes, you can derail your filing and maybe even create more problems for yourself. Work with an experienced Gilbert bankruptcy attorney to put together a strong bankruptcy filing so that you can be free of your debt quickly.

    Gilbert Bankruptcy Lawyers help both individuals and businesses get the maximum debt relief possible under bankruptcy law. We handle both Chapter 7 bankruptcy and Chapter 13 bankruptcy for individuals, as well as business bankruptcy options. Call us in Gilbert today to schedule a consultation with a bankruptcy lawyer and learn how bankruptcy can help you.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Negative Affects of Debt on Your Health and How a Bankruptcy Lawyer in Gilbert Can Help

    Negative Affects of Debt on Your Health and How a Bankruptcy Lawyer in Gilbert Can Help

    Talks about debt usually focus on the financial aspects of it – how much you owe, how much you can pay, the negative impact on your credit, the strain it puts on your finances, and so on. But debt can impact many other areas of your life. In particular, debt can affect your mental health, which can then affect your physical health.
    It’s important that you find ways to manage your debt to not only protect your finances, but also your family’s health (and your own). Talk to a Gilbert bankruptcy attorney to learn about your options for debt relief. In the meantime, keep in mind these potential negative impacts of debt on your health:

    How to Meet Your Debt Head On and Steer Clear of a Bankruptcy

    Anxiety

    Debt can cause you to become anxious. You may worry all the time about how you are going to pay your bills – not just bills for the debts you owe, but also bills for your necessities since all your money seems to be going to demanding creditors. As your debt grows, so your anxiety may grow. You may worry about whether you’ll be able to pay what you need, and you may worried that your car or other possessions will be taken.

    Chronic anxiety is related to a number of health problems, including digestive and heart issues. It can also disrupt your sleep, which can compound health problems.

    Stress

    Stress and anxiety are closely linked. Often, stress is the precursor to anxiety. Most people feel stressed about their debt, since they feel intense pressure to pay it off while also meeting their other needs. Stress is compounded when you are getting calls from creditors and being pressured by them.

    Stress causes an array of responses in your body, including the release of hormones like cortisol and adrenaline. Regular exposure to these hormones can cause negative health outcomes over time.

    Depression

    Chronic anxiety and stress can cause you to become depressed. You may lose the urge to fight and to try to manage your debt. You may become overwhelmed and give in to despair or to hopelessness.

    The thing about depression is that it’s not isolated. You aren’t just going to feel depressed when you think about your debt – you are going to feel a general sense of depression about your life. You may start to feel like a failure, and you may experience symptoms like fatigue, headaches, insomnia, digestive distress, and more. Depression can impact many different areas of your life, and if left untreated, it can have a serious impact on your health.

    Don’t take these symptoms for granted. You may feel that anxiety, stress, and depression are just a part of dealing with life’s hardships, but here is help for them. You should seek counseling from a mental health professional to manage these tough times while you are grappling with financial problems. Then you should talk to a financial counselor to learn about your options for getting your debt under control. You may qualify for some debt consolidation options, or you may be able to make tweaks to your budget that help you pay down your debt.

    You should also talk to a bankruptcy attorney serving Gilbert about your options through bankruptcy. In many cases, bankruptcy can provide near immediate relief. If you file for Chapter 7 bankruptcy,, you may have all of your unsecured debts, like credit cards and medical bills, discharged in just a couple of months. If you file for Chapter 13 bankruptcy in Gilbert, you will be put on a debt repayment plan that you can actually afford, helping you to have greater peace of mind. With Chapter 13 bankruptcy, you also know that you’ll be done with your debt when the repayment plan is over in three to five years, putting an end to your worries about what may happen.

    Call Gilbert Bankruptcy Lawyers if you are struggling with debt and it is impacting your mental or physical health. Our bankruptcy lawyers can help you get debt relief quickly. We’ll review your finances and your goals with you and make tailored recommendations to get the best outcome for your personal circumstances. Our end goal is to help you get the maximum debt relief possible as quickly as possible. Call us in Gilbert today to schedule a consultation with a bankruptcy lawyer.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    How to Meet Your Debt Head On and Steer Clear of a Bankruptcy

    How to Meet Your Debt Head On and Steer Clear of a Bankruptcy

    How to Meet Your Debt Head On and Steer Clear of a Bankruptcy

    If you are struggling with debt, you may be thinking about bankruptcy. But you may worry what people will think if they know you filed for bankruptcy, or you may worry about what bankruptcy will do to your credit. So, you may be looking at alternatives to bankruptcy and trying to figure out how you can pay your debt off on your own.

    To start, you need to get honest with yourself about your debts and your ability to pay, and then you need to create an actionable plan for paying down that debt. While you are assessing your options, you should also meet with a bankruptcy attorney in Gilbert to make sure you know the facts about bankruptcy and have a proper understanding of how it can help you. You need all the tools at your disposal for managing your debt.

    Here’s how you can meet your debt head on if you want to try to steer clear of a bankruptcy in Gilbert:

    How to Meet Your Debt Head On and Steer Clear of a Bankruptcy

    Assess Your Debt

    By the time that bankruptcy enters your mind, you probably have a significant amount of debt, and you probably have fallen behind on payments. You may not know all the accounts you have, since many may have fallen into delinquency. Or you may not realize how much you owe, since you may have stopped looking at the penalties that have racked up.

    You can’t keep burying your head in the sand when it comes to your debt. You need to assess your debt by creating a comprehensive list of what you owe. List accounts, balances, interest rates, and expiration dates, if any, such as for promotional periods. You will need all this information to develop a plan to move forward.

    Review Your Budget

    Now that you know what you owe, figure out what you can pay. Make a comprehensive budget that includes all the necessities, such as your rent or mortgage payment, car payment, grocery bill, and child care. Then make a list of the things you pay that you may be able to cut, such as online streaming subscriptions or gym memberships.

    You need to know everything that you spend money on each month, and you need to know which of those expenses are necessary and which are dispensable. Keep in mind that if you have to cut a service, it may be only temporary. You can always restart the service once your debt is more under control.

    Look for Ways to Increase Payments

    The next step is to figure out how you can increase payments so that you can reduce your debt. Can you increase your income by working extra hours or by taking on a second job? Again, this doesn’t have to be forever. You can do this for a few months to help you get a greater handle on your finances. Can you lower the amount you pay on other things? For example, you might find ways to save on groceries, or you might refinance your car loan to get a lower monthly payment.

    Look for every way that you can get more out of your budget so that you can pay more toward your debts. Every day you maintain a balance on the account, you are accruing interest and your debt is getting bigger. The more you pay, the faster that debt will go away.

    Decide On a Repayment Method

    Do you want to pay off the accounts that have the lowest balance first? Or do you want to focus on those that have the lowest interest rates? You may have accounts that are ready to go into collections or even repossession, and you may need to focus on those first.

    You need a repayment plan so that you know how to focus your financial resources each month. With a plan, you can also better track your successes and feel a sense of accomplishment so that you can stay on track to meet your goals.

    Going through these steps will give you a realistic understanding of your debts and your ability to pay so that you can either develop an actionable plan to get out of it or you can come to the realization that bankruptcy is the best choice to deal with your debt. In many cases, bankruptcy will give you the fastest route to becoming debt free. If you file for Chapter 7 bankruptcy, your unsecured debt could be completely discharged in as little as a few months. If you file for Chapter 13 bankruptcy in Gilbert, you could get on an affordable repayment plan that would be finished in just three to five years.

    Call Gilbert Bankruptcy Lawyers today to learn more about how bankruptcy can give you the debt relief you need. You don’t need to toil away for years struggling to pay debts that you can’t afford. You can get relief now and begin the work of rebuilding your finances. Call us in Gilbert today to schedule a consultation with a bankruptcy attorney.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Debt Consolidation: Can it Help You Avoid a Gilbert Bankruptcy?

    Debt Consolidation: Can It Help You Avoid a Gilbert Bankruptcy?

    Debt Consolidation: Can It Help You Avoid a Gilbert Bankruptcy?

    We all get a little too much debt at one time or another. But sometimes, the debt gets away from us and we have more than we can handle. If that happens to you, you might be finding it hard to pay your bills. Or you might be able to pay every month, but you feel like you aren’t making a dent in your debt and you don’t have money left over for anything else.

    Debt consolidation is an option to help you get a handle on your finances. With it, you would get a loan or have your debt be assumed by a program, and you would pay a single payment to one debtor. Bankruptcy is also available to free you from debt, though many people try to avoid bankruptcy because of the stigma that is sometimes attached it. Many people try to use debt consolidation instead. But is it really more effective? Can debt consolidation help you avoid a Gilbert bankruptcy? Here’s what you need to consider:

    Debt Consolidation: Can it Help You Avoid a Gilbert Bankruptcy?

    What Kind of Debt Do You Have?

    Your options for managing your debt depend on what kind of debt you have. For example, if you have credit cards, you may be paying interest rates of up to 30 percent. You can consolidate those debts into a loan that has a lower interest rate and save money. Or you could file for Chapter 7 bankruptcy in Gilbert and get all of that debt discharged and pay nothing on it.

    If you have secured debt that is burdening you, you have fewer options. That would include things like your mortgage or car payment. You may be able to get a loan large enough to consolidate the debt, but that’s unlikely if you are already struggling. Your credit is likely to be hurt. You can file for Chapter 13 bankruptcy and consolidate your debt under its three- to five-year repayment plan. You can include missed payments on those secured debts in the plan.

    How Much Debt Do You Have?

    Whether you can consolidate your debt or need to file for bankruptcy may depend on how much debt you have. Say you have $50,000 in credit card debt. Chances are very slim that you’re going to get a loan for $50,000 to pay off that debt and consolidate your payment. However, depending on your income, you can file for Chapter 7 bankruptcy in Gilbert and discharge all of that debt.

    You’ll need to assess your debt and figure out how much you owe and how much of it you can actually consolidate. In many cases, filing for bankruptcy is going to be the better option.

    What is Your Ability to Pay?

    Debt-consolidation options exist, but they can also be costly. You may get a lower interest payment and a smaller monthly payment, but it may still be beyond your ability to pay. Debt-consolidation options are based on how much you owe, not on what you are able to pay.

    A Gilbert Chapter 13 bankruptcy repayment plan is designed around your ability to pay. The trustee looks at how much money you make, the assets you have available, and the debts you owe to determine your monthly payment. Some of the debt may even be discharged once the plan is complete.

    What Are Your Goals?

    You may be thinking that you’d like to buy a house next year. If you file for bankruptcy in Gilbert, you are going to have a black mark on your credit that will make that impossible for several more years. However, if you have so much debt that you are going to struggle to pay it off even under a consolidation plan, you aren’t going to be able to meet that goal anyway.

    You have to think through your financial circumstances and your goals to determine what the right solution is going to be. An experienced Gilbert bankruptcy attorney can help you understand the options through bankruptcy and how you might best be helped.

    Call Gilbert Bankruptcy Lawyers today to schedule a consultation with a bankruptcy attorney. We’ll carefully review your finances and talk with you about your goals to make the recommendation that’s going to give you the maximum debt relief while also keeping you on track to meet your goals. Call us in Gilbert today to schedule a consultation with a bankruptcy attorney and to learn more about your options.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Email: info@myazlawyers.com
    Website: https://gilbertbankruptcylawyers.com

    Gilbert Chapter 7 Bankruptcy Aftermath: What Happens Next?

    Gilbert Chapter 7 Bankruptcy Aftermath: What Happens Next?

    Gilbert Chapter 7 Bankruptcy Aftermath: What Happens Next?

    Bankruptcy has a lot of myth and mystery surrounding it since it can be such a complex process and since there is a stigma around it that makes people less likely to talk about it. Changes in the rules have also caused some confusion and the spread of misinformation. Therefore, you may be thinking about filing for bankruptcy but unclear about what will happen after you do.

    Chapter 7 bankruptcy is what’s known as a “total liquidation” bankruptcy. With it, you will be able to discharge most unsecured debts. Here’s what you need to know about what will happen after you file for Chapter 7 bankruptcy in Gilbert:

    Gilbert Chapter 7 Bankruptcy Aftermath: What Happens Next?

    An Automatic Stay will be Issued

    As soon as you file for Chapter 7 bankruptcy in Gilbert, an automatic stay is issued that prohibits your creditors from contacting you or from continuing to try to collect on a debt. You will immediately attain relief from harassing phone calls at your home and work, and you won’t get any more mailings asking for you to pay.

    If you are contacted by any of your creditors after filing for bankruptcy, you should refer them to your Gilbert bankruptcy attorney for questions. In most cases, this contact is a simple mistake, and you won’t get another call after that.

    Liquidate Most Debt

    Chapter 7 bankruptcy in Gilbert allows you to liquidate most unsecured debt if you qualify to file, including credit cards, medical bills, and personal loans (except those that are backed by collateral). There is no limit on the amount of debt you can discharge.

    You can expect your bankruptcy attorney to go through all of your debts with you to help you understand which debts will be discharged in the bankruptcy and which will be exempt. Your attorney will create a comprehensive report for the bankruptcy trustee.

    Potentially Liquidate Assets

    You can’t just declare that you can’t pay and then be freed of your obligations to your creditors. The bankruptcy trustee must first determine if you are able to pay your creditors, even in part. To do so, the trustee looks at not just your income but also your assets. Sure, you may have lost your job and have zero income to report, but you may own a $5 million house, so absolving you of debt just wouldn’t be fair to your creditors.

    However, the bankruptcy court also recognizes that you need a home to live in and a car to drive to get to work and furniture to fill your house, and so on. You are not expected to be left completely penniless and deprived in order to declare bankruptcy. Bankruptcy law allows exemptions for personal assets. You get a certain amount of equity for your house, your car, and your personal possessions. So long as they do not exceed this threshold, you will be allowed to keep them.

    Resolution in Just a Few Months

    By working with a Gilbert bankruptcy attorney, you can get your Chapter 7 bankruptcy filing resolved in a matter of months. That means that you’ll be able to work on rebuilding your finances quickly to get your life back to where you want it.

    A dedicated attorney can put together your filing quickly and ensure that it is completed properly so that it makes it through all the stages of the bankruptcy process quickly. Your attorney will see to it that you don’t hit any roadblocks along the way, if at all possible.

    Chapter 7 bankruptcy in Gilbert offers an effective way to rid yourself of crushing debt and to start putting back together the pieces of your crumbling finances quickly. You are legally allowed to file for bankruptcy on your own, but you should always work with a bankruptcy attorney to ensure that you aren’t making any mistakes that could threaten your petition or even lead to legal consequences.

    Gilbert Bankruptcy Lawyers are ready to help you if you are thinking of filing for bankruptcy in the Gilbert area. Our attorneys will closely review your financial situation to help you understand how bankruptcy might help you, and if so, whether Chapter 7 bankruptcy or Chapter 13 bankruptcy in Gilbert would be the better choice for you. Our bankruptcy attorneys are patient and compassionate, and they will walk you through every step of the process so that you are informed and able to make the best decisions to meet your goals. Call us in Gilbert today to schedule a consultation with a bankruptcy attorney.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Website: https://gilbertbankruptcylawyers.com

    Unmarried Gilbert Bankruptcy Filings: Can We Still File Together?

    Unmarried Gilbert Bankruptcy Filings: Can We Still File Together?

    Unmarried Gilbert Bankruptcy Filings: Can We Still File Together?

    When you are struggling with debt, bankruptcy is one of the most powerful tools to get the relief you need and the opportunity to start rebuilding and strengthening your finances. It can completely liquidate your unsecured debts, like the thousands of dollars in credit card and medical bills that you have accumulated, or it can restructure your debt so that you are paying what you can afford.

    When you live with someone, you are likely sharing your expenses, and that typically means that you are both struggling with debt equally. You may have opened some accounts in your name, and you may have opened some other accounts in your partner’s name. You may have become delinquent on accounts in both names, and you may be struggling to pay equally.

    Unmarried Gilbert Bankruptcy Filings: Can We Still File Together?

    Unfortunately, if you are not married, you will not be able to file for bankruptcy jointly. Though you may have lived together for years, may share expenses and may have incurred debts together, and may share your lives together in every way that a married couple does, the law does not recognize your rights as a couple unless you are legally married.

    Still, that doesn’t mean that you can’t use bankruptcy as a tool for debt relief. You just need to talk to a Gilbert bankruptcy attorney about what strategies you can use to get the maximum debt relief.

    Chapter 7 Bankruptcy

    If you and your partner have a lot of unsecured debt, such as huge credit card balances, high medical bills, or big personal loans, filing for Chapter 7 bankruptcy may be your best choice. You will either need to decide which partner has the most debt in their name and should file for bankruptcy, or you should decide that both of you should file for Chapter 7.

    You must meet a means test to qualify for Chapter 7 bankruptcy. The test looks at how much money you make in context of certain factors, such as where you live and whether you are married or single. Though you will not get the same “credit” for expenses for being married, you will have to report your household income, which will include your partner’s income.

    Work with a bankruptcy attorney to look closely at your finances to determine how filing individually or both of you filing at the same time can benefit you the most.

    Chapter 13 Bankruptcy

    If your additional household income disqualifies you from filing for Chapter 7 bankruptcy, you might want to consider filing for Chapter 13 bankruptcy. The requirements are a bit more relaxed with Chapter 13 because you don’t get the liquidation that Chapter 7 offers. Instead, your debt is restructured into a more manageable payment plan based on what the court deems you can afford.

    Again, you can apply for Chapter 13 on your own, or you may decide that you will get more benefit if both you and your partner apply (separately, of course). Talk with your bankruptcy attorney to get a better understanding of how your monthly finances will look if you or both you and your partner are on a debt restructuring plan under a Chapter 13 filing.

    Just because you cannot file for bankruptcy together if you are an unmarried couple does not mean that you cannot take advantage of the many benefits that bankruptcy offers. You’ll just need to think of a different strategy to get the maximum debt relief you can, and your bankruptcy lawyer will help you decide what the best strategy is.

    Gilbert Bankruptcy Lawyers helps both individual and business clients get debt relief through bankruptcy. We work with married and unmarried clients, and we can help you find the right strategy even with the most complex of financial scenarios. We’ll help you decide whether to file for bankruptcy as an individual or whether you should both file separately as a couple. The goal is to help you take control of your finances by getting the relief the law offers. Contact our bankruptcy law office to learn more about your rights and options under the law. Our compassionate and dedicated bankruptcy attorneys are ready to help you through every step of the process.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Website: https://gilbertbankruptcylawyers.com

    Eviction

    Can Filing for a Gilbert Bankruptcy Protect Me from Eviction?

    Can Filing for a Gilbert Bankruptcy Protect Me from Eviction?

    By the time you are facing eviction, you have likely struggled for months with being able to pay your bills. Most people prioritize their rent payment, which means that you have also likely accumulated a lot of debt and let many other accounts go into delinquency before you had to deal with your rent problem. Now you’re facing eviction on top of collections from numerous lenders.

    Bankruptcy can give you the debt relief you so desperately need. But can it save you from eviction? That all depends on your circumstances. Here’s what a Gilbert bankruptcy attorney will tell you:

    Eviction

    Chapter 7 Bankruptcy

    Before a landlord can evict you, they must file a lawsuit against you. The court has to decide in favor of the eviction, and then proceedings can begin. If your landlord has threatened to bring such action against you or has just filed the lawsuit, you still have time to put a stop to it.

    When you file for Chapter 7 bankruptcy in Gilbert, what is known as an “automatic stay” will be issued. The automatic stay puts an immediate stop to any collections activities or other action being taken against you. The purpose is to give the court time to review your case and to make a judgement on your behalf.

    The automatic stay can put a stop to the lawsuit your landlord brings against you. You will still need to come up with the money to pay your landlord to avoid those proceedings beginning again when your bankruptcy case is settled. But since Chapter 7 bankruptcy liquidates your unsecured debts, it can free up the money you need to pay what you owe – or at least to pay enough to keep your landlord happy.

    Chapter 13 Bankruptcy

    Chapter 13 bankruptcy in Gilbert is designed to restructure debt for those who still have a good source of income and have some ability to repay their debts. If you started to fall behind on your rent payments, and you know that eviction may be a (near) future possibility), you may consider filing for Chapter 13 bankruptcy to have what you owe your landlord included in your repayment plan.

    This type of bankruptcy allows you to pay what you owe at a slower pace. You can use it to pay what you can to your landlord over time and avoid eviction.

    Limitations to the Automatic Stay

    The automatic stay can’t prevent action from being taken against you in all cases. For example, your landlord can petition the court for relief from the automatic stay. If your landlord has good cause and can prove it to the court, that relief could be granted, and eviction proceedings could continue.

    If your landlord brought a lawsuit against you and won before you filed for Gilbert bankruptcy, the automatic stay will not stop those eviction proceedings. Likewise, if you are being evicted because you damaged the property or committed some illegal action, that automatic stay isn’t going to help you.

    Working with a Bankruptcy Attorney

    Getting debt relief through bankruptcy in Gilbert can be a complex process, but if you are successful, you can obtain enormous debt relief and get the opportunity to start over financially. You just need to work with an experienced bankruptcy attorney to learn how the different types of bankruptcy can help you. If you are trying to stop an eviction, the most recommended course of action will be much different than if you are trying to get rid of credit card debt. Your Gilbert bankruptcy attorney can help you understand how the intricacies of bankruptcy affect what you are trying to accomplish, and how your individual financial circumstances will best be helped.

    Call Gilbert Bankruptcy Lawyers today to learn more about your options through bankruptcy. We’ll review your financial circumstances and talk through your special circumstances, such as if you are facing eviction or foreclosure. We’ll then make tailored recommendations on the best course of action through bankruptcy will be to attain maximum debt relief. Contact our office today to talk through Chapter 7 bankruptcy, Chapter 13 bankruptcy, and other options. We’re ready to help you find a way out from your struggles and to start rebuilding your life.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Website: https://gilbertbankruptcylawyers.com

    Bankruptcy

    Gilbert Bankruptcy and Child Support: Do I Still Have to Pay?

    Gilbert Bankruptcy and Child Support: Do I Still Have to Pay?

    Bankruptcy is a powerful tool for getting the debt relief that you need. It can discharge thousands of dollars in credit card and medical debt, or it can restructure your debt to pull your house back from the brink of foreclosure.

    Bankruptcy can be so transformative to your personal finances and your life that you may feel like it can do anything. Unfortunately, when it comes to certain debts or financial obligations, such as child support, it has limited power. Bankruptcy can’t do anything to put an end to your current child support obligation. However, if you under such financial duress that you are considering filing for bankruptcy, you probably have good cause to take your case before the courts again to have your child support order adjusted.

    If you owe old child support, filing for bankruptcy may help, depending on your personal circumstances. Here are a few options to explore with your bankruptcy attorney in GIlbert:

    Bankruptcy

    Chapter 7 Bankruptcy

    Chapter 7 bankruptcy cannot discharge child support debt, nor can it discharge other government-mandated debts such as criminal penalties or old taxes. But that doesn’t mean that Chapter 7 bankruptcy is totally useless in helping you get a better handle on your old child support.

    Filing for Chapter 7 can clear out many of the debt payments that are weighing down your budget, freeing up the ability to pay back that old child support and to stay current with your current payments. Put together all the money you pay now toward credit cards, medical bills, and other unsecured debts, and you can get an idea of how much a Chapter 7 bankruptcy would free up to pay your old child support.

    Chapter 13 Bankruptcy

    Chapter 13 bankruptcy may be somewhat more helpful if you are trying to manage back child support. Chapter 7 bankruptcy has strict eligibility requirements, so you may not be able to file. Or you may meet the criteria, but you may not have much in the way of credit card or other debts. In that case, it may be better for you to file for Chapter 13 bankruptcy, which is known as a debt restructuring plan.

    Under a Chapter 13 bankruptcy, your debts, including back child support, can be organized into a debt repayment plan that lasts for three to five years. Some of your debts will be reduced based on your ability to pay, and some will even be discharged at the end of the repayment period. However, you can expect to pay the full amount you owe for child support.

    Chapter 13 bankruptcy is helpful because it puts you on the path to pay back your child support without fear of penalty, such as fines or even jail time. The courts will see that you have a plan for payment, and so long as you remain consistent with your payments, you should keep yourself out of trouble.

    Talk with a Bankruptcy Attorney

    Before you make any decisions about whether or not to file for bankruptcy and which type, you should sit down with an experienced bankruptcy attorney to go over your financial circumstances in detail and to talk about what you hope to accomplish. An experienced bankruptcy lawyer can help you understand what will be possible with each type of bankruptcy. Your attorney can also explain your other debt relief options to you so that you can make the best choice for your circumstances to get the maximum debt relief.

    Gilbert Bankruptcy Lawyers helps individual and business clients who are seeking debt relief and a way to gain control of their finances once again. Our bankruptcy law office handles Chapter 7 bankruptcy, Chapter 13 bankruptcy, and many other types of bankruptcy for businesses. Our goal is to help you get the maximum debt relief so that you can feel in charge of your finances and our life once more. We can help you explore options for managing debts that cannot be liquidated under bankruptcy, as well, such as old child support, tax debts, and student loans. Contact us in Gilbert today to talk with an experienced and dedicated bankruptcy attorney about your options. We’re passionate about helping people get the help they need to get their finances back on track.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Website: https://gilbertbankruptcylawyers.com

    Bankruptcy

    How Can You Keep Your House if You Declare Bankruptcy in Gilbert

    How Can You Keep Your House if You Declare Bankruptcy in Gilbert

    One of the biggest concerns people have when they consider filing for bankruptcy is whether they will lose their home. In many cases, it is this fear that holds people back from filing for bankruptcy – even though the fear is unfounded and they could be getting relief from their overwhelming debt.

    How your personal property is affected depends on the type of bankruptcy you choose. One type will actually help you save your home if it’s on the brink of foreclosure, and another type may let you keep your home while liquidating many of your debts. It’s important to talk with your bankruptcy attorney to know what your options are and how they will affect your home.

    Here’s what you are likely to learn:

    Bankruptcy

    Chapter 13 Bankruptcy

    Chapter 13 bankruptcy is usually referred to as a “debt restructuring plan” or a “wage earner’s plan.” This type of bankruptcy looks at what you owe and what you are able to pay, and it creates a 3- to 5-year repayment plan. You end up paying less in interest and penalties, and some of your debt may be discharged at the end.

    If you’re home is on the brink of foreclosure, filing for Chapter 13 bankruptcy may save it. Your missed mortgage payments can be added to your bankruptcy repayment plan, helping you to catch up on your mortgage and save your home from potential action. Bankruptcy cannot save your home if foreclosure proceedings have already begun.

    Chapter 7 Bankruptcy

    Chapter 7 bankruptcy allows you to liquidate unsecured debts like credit cards and medical bills. However, you have to meet a series of requirements to be allowed to file for Chapter 7 bankruptcy, so it’s not for everyone.

    Filing for Chapter 7 bankruptcy won’t save your home from foreclosure, nor will it discharge your late house payments. However, you may not be worried about discharging debt on your home; instead, you may be worried about whether your home will be seized to satisfy your debtors if you file for bankruptcy. Fortunately, Chapter 7 bankruptcy allows you to exempt a certain amount of equity in your home. Unless you own your home outright or have significantly paid down on the mortgage, chances are good that the equity in your home will fall within the exemption.

    The amount will vary, depending on whether you are single or married and other criteria. Talk to your bankruptcy attorney about the exemptions and whether you meet them.

    Filing for Bankruptcy

    It’s important for you to identify your goals when you are considering whether to file for bankruptcy and what type to choose. If you are trying to get rid of unsecured debt but own a home and are worried about losing it, you may want to talk to a Chapter 7 bankruptcy lawyer about how you fit within the income guidelines and property exemptions. It may be that you can get maximum debt relief without having to worry about losing your home.

    However, if you own a home and have fallen behind on the payments, you may want to talk to a Chapter 13 bankruptcy attorney about how a debt restructuring plan may benefit you. You can save your home from foreclosure and get a better handle on your debts in the process.

    Each bankruptcy type offers benefits that can give you great relief from debt. You need to balance those benefits with the assets you have to determine the right plan of action.

    Gilbert Bankruptcy Lawyers can help you explore your bankruptcy options and decide which one would give you the best results. A bankruptcy attorney from our Gilbert team will thoroughly review your finances, including a complete list of your debts and assets, all your sources of income, and your credit history, and will make tailored recommendations to help you get maximum debt relief with the least negative side effects. We can help you put a stop to wage garnishments, harassing phone calls, and other debt collection measures now. Call us now to schedule an appointment with an experienced Gilbert bankruptcy lawyer to learn more about your options. Our attorneys also represent businesses who are interested in Chapter 13 bankruptcy.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Website: https://gilbertbankruptcylawyers.com

    Bankruptcy

    The Advantages and Disadvantages of Debt Consolidation to Avoid a Gilbert Bankruptcy

    The Advantages and Disadvantages of Debt Consolidation to Avoid a Gilbert Bankruptcy

    Having a lot of payments each month can make your debt feel even more overwhelming. Instead of making one payment, you may have to manage 5 or even 10. Not only can that become confusing and stressful, which can cause you to miss payments, but it can also compound your debt with the individual interest rates and fees attached to each account.

    Consolidating your debt can help you get a handle on your finances and pay down your debt faster. Depending on the option you choose, you could have one debt payment for far less than what you were previously paying collectively, and you could have a lower interest rate, which will save you money and help you pay off debt faster. But all of that is dependent on the type of debt consolidation method you choose. In some cases, simply filing for bankruptcy is a much better option.

    It’s important that you talk with a bankruptcy attorney about the pros and cons of debt consolidation compared to filing for a Gilbert bankruptcy to help you make the right decision.

    Bankruptcy

    Types of Debt Consolidation

    You have a few options for debt consolidation. One of the easiest things you can do is request a balance transfer on one of your credit cards. You simply move the balance from one credit card that charges high interest to another credit card that charges lower interest. You can keep doing this as often as you need to while you pay down your debt.

    If you own your home and have some equity built up, you can borrow against the equity in your home. You can use that money to pay off the credit cards or other debts, changing out those high-interest debts for a much lower-interest loan.

    If you don’t own a home, you may be able to get a personal loan or a debt consolidation loan with a reasonable interest rate. Know that you will either need to have a good credit score (which you likely don’t have with so much debt) to get these loans, or you’ll have to have collateral (such as a car or another item of high value).

    Advantages

    The primary advantage of choosing debt consolidation over bankruptcy is that you get to pay down your debts without putting a black mark on your credit. A bankruptcy discharge will stay on your credit report for 10 years, and it will bring down your credit score – unless you already have multiple late payments and revolving accounts; then bankruptcy can actually improve your score.

    Each of these debt consolidation options can lower the amount you pay toward your credit cards and other accounts by giving you a better interest rate, as well. Of course, when you file for Chapter 7 bankruptcy, you can lower the amount you pay to unsecured debts to zero.

    Disadvantages

    There are a number of disadvantages to debt consolidation options. If you look at a credit card balance transfer, you have to be very careful about the fine print. You may get a zero percent interest rate, but that rate may reset to something outrageous after the introductory period. You may also have to pay a big fee to make the transfer. You need to watch it closely to make sure you don’t end up spending a lot of money to save money.

    If you take out a home equity loan, you instantly lose that equity (since you now have debt against it) and you set yourself up for great loss. What happens if you can’t pay back the equity loan? Or if you get into even more trouble with debt? You can lose your house. Filing for bankruptcy can’t stop that from happening.

    If you take out a personal loan or debt consolidation loan, you run the same risk of losing your collateral or of getting more into trouble with debt. Maybe now that you have the loan and free credit card balances, you’ll just charge more instead of paying down debt.

    In many cases, the best option for dealing with overwhelming debt is to file for bankruptcy. Chapter 7 bankruptcy allows you to discharge your unsecured debt so long as you meet the means test, which looks at your income and assets. Chapter 13 bankruptcy is a reorganization plan similar to other debt consolidation strategies, except it’s based on your ability to pay and not the overall amount you owe. You may be able to discharge some of your debt, and you’ll have a limit to how long you’ll be paying (just three to five years).

    It’s important that you talk to a bankruptcy lawyer about how your situation can be helped, specifically, by filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy. Gilbert Bankruptcy Lawyers is ready to help if you are struggling with debt. A bankruptcy attorney from our team can review your finances with you and help you understand how bankruptcy could help you. Call us in Gilbert today to talk to a bankruptcy attorney about your options.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Website: https://gilbertbankruptcylawyers.com

    Bankruptcy

    If Im Unemployed Can I File for Bankruptcy in Gilbert

    If Im Unemployed Can I File for Bankruptcy in Gilbert

    Losing a job is one of the top reasons that people have to file for bankruptcy. Without a consistent source of income, people are often unable to pay their bills or to pay them on time. The late fees start to add up, making it even harder for them to pay what they owe. Many people also turn to credit cards or personal loans to pay for what they need, and that creates a negative cycle that causes even more financial problems.

    It can seem like you are in a losing battle when you are unemployed and are struggling with debt. You may turn to a bankruptcy attorney in Gilbert and start thinking about your options for debt relief through Chapter 7 bankruptcy or Chapter 13 bankruptcy. But you may be worried that if you don’t even have a job, you might not be able to file. And then what are your options? Fortunately, you do have some choices, and your bankruptcy lawyer will help you understand how the law applies to your circumstances.

    Bankruptcy

    Chapter 7 Bankruptcy

    In order to qualify to even file for Gilbert Chapter 7 bankruptcy, you have to meet what is known as the “means test.” This is a complicated test that looks at your income in comparison to local standards, as well as your assets and your debts. If you make too much money, you won’t qualify to file for Chapter 7 bankruptcy, which is designed to liquidate most of your unsecured debts, such as credit cards. If you have too many assets, such as a lot of equity in your personal home or a vacation property, you won’t qualify to file for Chapter 7.

    If you are unemployed, this can actually be a bonus in terms of qualifying for Chapter 7 bankruptcy. You can’t exceed the income limits if you don’t have any income. Unless you have other sources of money coming in, you are almost certain to qualify for Chapter 7 if you are unemployed. That means that you’ll be able to get your unsecured credit cards, medical bills, and personal loans discharged within a few months.

    Chapter 13 Bankruptcy

    Chapter 13 bankruptcy is what is known as a “reorganization” plan. Instead of discharging debts, it combines them and puts you on a three- to five-year repayment plan to make it more affordable for you to pay off your debts. Some debts may be discharged at the end of the term, but the goal is to get you to pay what you can during that time.
    If you are unemployed and have no money to pay your debts according a proposed repayment schedule, it’s not likely that you will be approved to file for Gilbert Chapter 13 bankruptcy. However, your bankruptcy attorney may still be able to get you approved if you have other sources of financial support, such as disability income, alimony, or Social Security.

    If you aren’t able to file for Chapter 13, your bankruptcy lawyer may suggest you file for Chapter 7 instead. The decision may get complicated if you are trying to save your house from foreclosure, which can’t be handled with Chapter 7, or have some other special considerations. It’s important that you talk through your finances thoroughly with an experienced bankruptcy attorney so that you can understand how bankruptcy will impact your options and the choices you have. Your bankruptcy attorney can help you come up with a plan that will get you the most debt relief while also protecting certain assets or future goals. Your attorney will try to find the right balance for your needs.

    Contact Gilbert Bankruptcy Lawyers if you are struggling with debt and want to learn more about your options. We are an established bankruptcy law office with lawyers specializing in individual and corporate bankruptcy. A bankruptcy lawyer from our team can help you understand the ins and outs of Chapter 7 and Chapter 13 bankruptcy to determine how they might help you get back control of your finances and get your life back on track. We’ll explore all your options, whether you’re unemployed, have a house in foreclosure, are getting divorced, or are facing any other circumstances. Call us in Gilbert to talk to a bankruptcy lawyer today!

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Website: https://gilbertbankruptcylawyers.com

     

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    Bankruptcy

    How Many Times Can I File for a Gilbert Bankruptcy

    How Many Times Can I File for a Gilbert Bankruptcy

    Bankruptcy in Gilbert provides an essential tool for those who need debt relief. If you qualify, you can declare bankruptcy and have all your unsecured debt discharged, including those credit cards that have soared past $10,000 each (or more), medical bills that have hit six figures, personal loans you took out to try to get a handle on the problem, and more. You can also file for bankruptcy that lets you restructure your debt so that you end up paying much less.

    Hopefully, all of us would only get into the kind of financial trouble that would lead to bankruptcy once in our lives – when we lost our jobs unexpectedly, we struggled with rebounding after divorce, we became seriously ill, and so on. But life doesn’t always work like that. We can become sick more than once. We can get divorced and then become widowed. We can lose a job multiple times. Financial circumstances can fall quickly, and we can find ourselves struggling with debt many times in our lives.

    Fortunately, you can file for Gilbert bankruptcy more than once. However, in Gilbert – and in other cities in other states across the country – there are rules about when you can file bankruptcy. Here’s what you need to know:

    Bankruptcy

    Chapter 7 Bankruptcy

    Chapter 7 bankruptcy in Gilbert is what most people think of when they start thinking they might want to file for bankruptcy. That’s because this type of bankruptcy discharges – or completely clears out – many of the debts that most people struggle with, including credit card balances, unsecured loans (like payday loans), and medical bills. Chapter 7 bankruptcy does not clear out secured loans like mortgages or car loans, nor does it discharge government debts, such as student loans, back taxes, or criminal restitution.

    You have to meet certain conditions to qualify to file for Chapter 7 bankruptcy, including meeting income limitations. You can have some assets, including a house and a car, but the value of these must fall under a certain amount or they will need to be sold to satisfy creditors.

    Because Chapter 7 bankruptcy discharges debts rather than refinances them, the rules surrounding it are more stringent than for Chapter 13 bankruptcy. Even if you meet the criteria for filing for Chapter 7 bankruptcy, you won’t be able to file again any time you want. In Arizona, if you have filed for Chapter 7, you will not be able to file again until six years after your discharge.

    Keep in mind that even if six years have passed, the courts are going to look on your filing more skeptically if you have requested debt relief through Chapter 7 bankruptcy multiple times. Work with a bankruptcy attorney to explore all your options and make sure you are making the right choice for your circumstances.

    Chapter 13 Bankruptcy

    A Chapter 13 bankruptcy in Gilbert is often referred to as a debt reorganization plan. Under this bankruptcy filing, a debt repayment plan is established over a three- to five-year period. The payments are determined by what the person owes and what the person is able to pay. Therefore, the person may end up paying much less over the course of the repayment plan. The person will only make one monthly payment, and will certainly pay less in interest.

    Many people choose to file for Chapter 13 bankruptcy when they owe a lot on their mortgage or are facing foreclosure. The debt reorganization plan can help them catch up with what they owe so they can save their house and get a better handle on their finances.

    The requirements for filing Chapter 13 bankruptcy are less strict than for Chapter 7 since you are paying back some or all of your debt. There are no prohibitions against continuing to file Chapter 13 bankruptcy back to back to back. Of course, you can’t file while your repayment plan is still under way (which lasts a period of three to five years), but you can file again as soon as it is over. Just like with a Chapter 7 bankruptcy, a judge may not too favorably on your filing if you have sought bankruptcy relief in the past (or many times in the past).

    Always work with a bankruptcy attorney if you are in over your head in debt and want to explore how bankruptcy can help you. An experienced attorney can help you understand how to get the maximum debt relief so you can get your finances back on track and reduce the number of times you need to file for bankruptcy.

    Gilbert Bankruptcy Lawyers can help. Our experienced bankruptcy attorneys can review your finances and help you understand if Chapter 7 bankruptcy or Chapter 13 bankruptcy is right for you. We’ll help you understand your rights and the benefits you can enjoy under bankruptcy protection. Call us in Gilbert today to learn how bankruptcy can help you get your finances back on track!

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Website: https://gilbertbankruptcylawyers.com

    Bankruptcy

    Recovering after a Gilbert Bankruptcy When Can I Buy a House

    Recovering after a Gilbert Bankruptcy When Can I Buy a House

    One of the biggest things that people worry about when they are considering filing for bankruptcy is whether they will be able to buy a house. Some may want to buy a house soon, so the prospect of having to wait years and years seems daunting. Others just don’t understand bankruptcy fully, and they think that they’ll never be able to buy a house again and that their credit will be permanently ruined.

    It’s important that you understand the truth about how bankruptcy will influence your ability to buy a home so that you can make the appropriate decision for your finances. A bankruptcy attorney can help you understand the ins and outs of bankruptcy and how filing may help or hurt your finances and your credit, so it’s important that you schedule a consultation at a bankruptcy law office in Gilbert before you make any decisions.

    Bankruptcy

    Federal Housing Authority Loans

    The Federal Housing Authority, or FHA, provides many of the home loans that offer the best interest rates and terms. Most people usually have FHA loans in mind when they are thinking about how bankruptcy will affect their ability to get a home loan.

    Whatever type of loan you apply for, your ability to be approved will depend on your specific circumstances. However, most people who file for Chapter 7 bankruptcy will have to wait two to three years after their discharge to be approved for an FHA home loan. Those who file for Gilbert Chapter 13 bankruptcy will typically have to wait less time to get approved. That’s because Chapter 13 bankruptcy reorganizes debt rather than discharging it, so those who file earn a bit of goodwill by continuing to pay down their debt. However, the bankruptcy trustee will have to weigh in on your ability to take on more debt if you apply for a home loan during the repayment period.

    Veterans Administration Loans

    The Veterans Administration, or VA, offers home loans for those who are military veterans or who are eligible family members. Typically, the requirements to get a VA loan are less stringent than for other types of home loans, which is an intentional benefit for service members.

    Those who filed for Gilbert Chapter 7 bankruptcy can expect to be approved for a VA loan two years after discharge. They will still have to explain why they had to file bankruptcy and explain how they have rebuilt their credit since the discharge. Those who filed for Chapter 13 bankruptcy can get approved for a VA loan after just one year of making timely debt payments. Just like with other loans, the bankruptcy court will play a role in determining whether you can get a new loan.

    Conventional Loans

    Many other agencies provide home loans with reasonable interest rates and terms, including Fannie Mae and Freddie Mac. These loans are also insured.

    Because conventional loans offer such good terms, they can be harder for those who have filed for bankruptcy to get. The typical waiting period after a Chapter 7 filing is four years. However, you could reduce the time if you show that your bankruptcy was caused by extenuating circumstances, such as unexpected medical bills. The typical waiting period after a Chapter 13 filing is two years.

    You have a lot of options for qualifying for a reasonable home loan after filing for bankruptcy, so you need not fret about your ability to buy a house and rebuild your life after seeking debt relief. The best thing you can do after your bankruptcy is discharged is to make smart financial choices, including paying all your bills on time and keeping your credit low. Live within your means, and save as much as you can to deal with emergencies when they arise. You’ll restore your credit more quickly, which means that you’ll also qualify for a home loan more quickly.

    If you are struggling with debt and aren’t sure what to do, call Gilbert Bankruptcy Lawyers to learn about the benefits that bankruptcy can offer you. A bankruptcy attorney from our team will review your finances and help you understand the pros and cons of Chapter 7 and Chapter 13 bankruptcy for your circumstances. Our goal is to help you get debt relief quickly so that you can start getting your finances back on track. https://gilbertbankruptcylawyers.com/schedule-an-appointment/ today to talk to a bankruptcy lawyer about your options!

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Website: https://gilbertbankruptcylawyers.com

    Gavel And Books.

    How a Gilbert Bankruptcy Lawyer Can Help You Avoid Debt Collection Calls

    How a Gilbert Bankruptcy Lawyer Can Help You Avoid Debt Collection Calls

    By the time you start thinking about filing for bankruptcy, you are probably used to getting a lot of calls from bill collectors. You likely owe a lot of people a lot of money, and you may feel like they won’t stop calling. You may feel like you get calls at all hours of the day, every day, both at work and at home.

    Filing for bankruptcy can put an end to those calls. When you file for bankruptcy, you list out all your debts, and the courts issues an automatic stay, which stipulates that your creditors cannot continue to contact you about your debts. The bankruptcy court will determine what you can pay and which debts will be discharged.

    Gavel And Books.

    You may find that you continue to get calls even after you file for bankruptcy and the stay has been put in place. This often happens because the creditor sold your debt to a collection agency before you filed for bankruptcy, and you did not know about the exchange. You have to list your debts in your bankruptcy filing for them to be included in your bankruptcy ruling. If you don’t know that your debt has been sold, you can’t list it in the filing, and you will continue to get those calls.

    Handling Debts Sold before Your Filing

    Hopefully, when a creditor is notified that you have filed bankruptcy, they would forward that notice to the collection agency if they already sold your debt. Unfortunately, many creditors won’t do that. They may just dismiss the notice because they have no obligation for it anymore. They may just shrug it off with the attitude that it’s not their problem anymore, and if you want the notice to get to the proper agency, you’ll do what needs to be done. If that happens, you’ll still be on the hook for the debt.

    If your creditor does the right thing and passes on the notice to the collection agency, you may still not find relief. The new agency may claim to have never received the notice – or the notice may have actually gotten lost in the mail. Even if the collection agency does receive the notice, it may be delayed. That delay can cause major problems in your bankruptcy filing. A Gilbert bankruptcy attorney can help you straighten out the situation if this occurs.

    Handling Debts Sold after Your Filing

    You shouldn’t have to worry about creditors selling off your debt after you file for bankruptcy. The debt is discharged or consolidated in the bankruptcy, so they don’t have a legal right to sell it. However, many creditors have been known to break the rules. Some do it by harassing you in ways they shouldn’t when you owe the debt. Some do it by trying to get whatever money they can by selling off your debt after you file for bankruptcy.

    If you get contacted by a collections agency after your bankruptcy filing, your Gilbert bankruptcy attorney can talk to the agency and can file an amended schedule to reflect the new creditor.

    Adding Creditors after Your Bankruptcy Filing

    You may learn that one of your creditors sold a debt after you have already filed bankruptcy (either they sold it after your filing, or you found out about it after your filing). Or you may have forgotten old debts that are still on your record, and you have already filed for bankruptcy. All is not lost. Your Gilbert bankruptcy attorney can likely file an amended schedule to your filing that includes these other debts.

    Filing the amended schedule can cost a little extra money, both in terms of an extra filing fee and additional attorney time. You may be able to get around filing the amended schedule by simply contacting the creditors yourself and letting them know about your filing. You should ask your bankruptcy lawyer about the best course of action.

    You don’t have to put up with creditors calling you all the time – especially after you have already filed for bankruptcy. Working with a bankruptcy law office can get those calls to stop. Either you can learn about your rights under bankruptcy, or you can get your bankruptcy lawyer to take action on your behalf, such as by contacting the creditors or filing an amended schedule for you.

    If you are overwhelmed with debt and are being harassed by creditors, Gilbert Bankruptcy Lawyers may be able to help you. You may qualify for Chapter 7 bankruptcy or Chapter 13 bankruptcy, and you may be able to either discharge your debts or consolidate them under an affordable repayment plan. Contact us in Gilbert today to talk with a bankruptcy attorney about your options.

    Published By:

    Gilbert Bankruptcy Lawyers
    Office: 480-448-9800
    Website: https://gilbertbankruptcylawyers.com

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    Arizona Means Test

    Arizona “Median Income” Test

    Are you eligible to file a Chapter 7 Bankruptcy in Arizona?  Call 480-448-9800 and consult with and experienced Arizona Bankruptcy Law attorney at My AZ Lawyers regarding the means test, your eligibility, an explanation of the median income test, or to discuss how the firm may help you with debt relief. 

    If your monthly household income is less than the Arizona median income for a household of your size, you are presumed to be eligible to file for Chapter 7 bankruptcy under Section 707(b)(2).

     Compare your household income over the past six calendar months to the state median.

    Arizona Bankruptcy Information

    Median Household Income Test for Arizona

    Compare your household income to the Arizona median income.

    For Cases Filed on or after April 1, 2015.

    Form 22A-1 requires you to total up your income for the last six calendar months, average it, then annualize it, and then compare it to the Arizona median for your size household.

    If your income is below this amount, you meet the requirements of the “means test” (section 707(b)(2) of the bankruptcy code) to qualify for Chapter 7 bankruptcy.

    The chart below makes it a bit simpler to figure out. Compare your six-month total income over the last six calendar months to the “6 Mo. Total” in the chart below to get a rough idea of which side of the line you fall.

    Pay attention to the rules about household size.

    If LESS <

    Arizona Median Income Test
    Form 22A-1 (Line 13)

    > If MORE

    You Pass!Chapter 7 is an option.Not legally required to completeForm 22A-2, but may want to anyway.*
    HH Size Monthly Income 6 Mo. Total Annual Income
    1 $3,705 $22,230 $44,459
    2 $4,593 $27,558 $55,116
    3 $4,906 $29,434 $58,867
    4 $5,742 $34,450 $68,900
    5 $6,417 $38,500 $77,000
    6 $7,092 $42,550 $85,100
    7 $7,767 $46,600 $93,200
    8 $8,442 $50,650 $101,300
    9 $9,117 $54,700 $109,400
    10 $9,792 $58,750 $117,500
    Keep Going!You must completeForm 22A-2 to determine if Chapter 7 is available.
    Sources:
    U.S. Trustee Program, Department of Justice,
    11 U.S.C. Sec. 707(b)(7) exclusion.
    Official Form 22A-1, Line 13
    OUR PHOENIX BANKRUPTCY LAWYERS ARE LOCATED IN PHOENIX, ARIZONA, AND SERVE BANKRUPTCY CLIENTS IN SCOTTSDALE, PHOENIX, GLENDALE, TEMPE, MESA, CHANDLER, PLEASANT VALLEY, AVONDALE, CASHION, EL MIRAGE, PEORIA, SUN CITY, SUN CITY WEST, TOLLESON, YOUNGTOWN, GILBERT, QUEEN CREEK, CASA GRANDE, SURPRISE, PRESCOTT, MARANA, TUCSON, FLAGSTAFF AS WELL AS PIMA, PINAL, AND MARICOPA COUNTY.
    DISCLAIMER: THE INFORMATION YOU OBTAIN AT THIS ARIZONA BANKRUPTCY LAW WEB SITE IS NOT, NOR IS IT INTENDED TO BE, LEGAL ADVICE. YOU SHOULD CONSULT A PHOENIX LAWYER FOR ADVICE REGARDING YOUR INDIVIDUAL SITUATION. OUR ARIZONA BANKRUPTCY LAWYERS AND STAFF INVITE YOU TO CONTACT OUR ARIZONA BANKRUPTCY LAW FIRM AND WELCOME YOUR CALLS, LETTERS, AND ELECTRONIC MAIL. CONTACTING US DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP. PLEASE DO NOT SEND ANY CONFIDENTIAL INFORMATION TO US UNTIL SUCH TIME AS AN ATTORNEY-CLIENT RELATIONSHIP HAS BEEN ESTABLISHED.  THANK YOU FOR VISITING OUR PHOENIX DEBT RELIEF WEB SITE.

    Business Bankruptcy: Chapter 7,13, or 11?

    There is a difference between Chapter 7, Chapter 13, and Chapter 11 Arizona bankruptcies. Which one is the best fit for your business and debt relief?  The attorneys at My AZ Lawyers will listen to the particulars of your financial matters and recommend the best means to provide your business with debt relief.

    What Chapter of Bankruptcy is the best choice for my Business?

    Why an experienced lawyer in Arizona business bankruptcy is crucial here? There are three bankruptcies typically available to business owners, and each has its advantages and disadvantages.  Each business bankruptcy case is different and each business owner has his/her own debt relief needs, so consult with My AZ Lawyers in order to get the individual attention and professional treatment for your particular situation.

    The Chapter 7  effect

    Chapter 7, in some cases, will shut down the business and liquidate assets. In other cases, a business owner can file an Chapter 7 and keep their business. In a Chapter 7 bankruptcy, both personal debts and business debts are totally erased without having to repay money. A Chapter 7 is typically over quickly, it is reasonably inexpensive to file, it is a chance to wipe the slate clean and either start a business anew, or just move forward with your life without the burden of the debt.  You may start immediately to rebuild your credit after a filing, and Chapter 7 eliminates personal and business debts.  Not all business qualify for a Chapter 7, however, and only certain assets can be protected.

    Call 480-448-9800 to speak with an expert Arizona business bankruptcy law attorney and discuss your bankruptcy options.

    Which debt relief options are best for you personally and for your business? What are your options?  How should you proceed in order to best protect your rights and your assets?

    THE CHAPTER 13 EFFECT

    In a Chapter 13 bankruptcy case, both business and personal debts may be eliminated, but a portion of both are paid back typically through a 3-5 year repayment plan. A Chapter 13 allows business owners to file bankruptcy if they do not qualify for Chapter 7 bankruptcy protection, and you generally may keep most if not all of your assets (unlike Chapter 7).  It is more expensive to file for Chapter 13, and it is more complex than a Chapter 7, so you will be asked for more requirements, provide more information.  You would pay at least a portion of your debts back and only and until that period of repayment is over is the bankruptcy completed (usually this takes 3-5 years). A person who files Chapter 13 is under the strict guidance of the bankruptcy court for the duration of the repayment plan period.

    Is Chapter 7 or Chapter 13 the best option for debt relief for your business debt?  Call 480-448-9800 for advice from attorneys  experienced in arizona BUSINESS BANKRUPTCIES  – MY AZ LAWYERS, PLLC

    THE CHAPTER 11 EFFECT

    In most cases, Chapter 11 allows business owners to reorganize so that the business can continue operating.  Also, most debts will be paid back, but at a renegotiated interest rate and balance. In opting for Chapter 11, business owners are not required to shut down business, and usually retain most business assets. This Chapter is the most complicated to file, and the most expensive.  The process does take a long time to totally complete, often 20 years or more. A business owner will be liable for most of the debt, and end up paying most of the business debt back. A chapter 11 will not eliminate any personal debts.

     

     

    OUR PHOENIX BANKRUPTCY LAWYERS ARE LOCATED IN PHOENIX, ARIZONA, AND SERVE BANKRUPTCY CLIENTS IN SCOTTSDALE, PHOENIX, GLENDALE, TEMPE, MESA, CHANDLER, PLEASANT VALLEY, AVONDALE, CASHION, EL MIRAGE, PEORIA, SUN CITY, SUN CITY WEST, TOLLESON, YOUNGTOWN, GILBERT, QUEEN CREEK, CASA GRANDE, SURPRISE, PRESCOTT, MARANA, TUCSON, FLAGSTAFF AS WELL AS PIMA, PINAL, AND MARICOPA COUNTY.
    DISCLAIMER: THE INFORMATION YOU OBTAIN AT THIS ARIZONA BANKRUPTCY LAW WEB SITE IS NOT, NOR IS IT INTENDED TO BE, LEGAL ADVICE. YOU SHOULD CONSULT A PHOENIX LAWYER FOR ADVICE REGARDING YOUR INDIVIDUAL SITUATION. OUR ARIZONA BANKRUPTCY LAWYERS AND STAFF INVITE YOU TO CONTACT OUR ARIZONA BANKRUPTCY LAW FIRM AND WELCOME YOUR CALLS, LETTERS, AND ELECTRONIC MAIL. CONTACTING US DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP. PLEASE DO NOT SEND ANY CONFIDENTIAL INFORMATION TO US UNTIL SUCH TIME AS AN ATTORNEY-CLIENT RELATIONSHIP HAS BEEN ESTABLISHED.  THANK YOU FOR VISITING OUR PHOENIX DEBT RELIEF WEB SITE.

    Business Bankruptcy

    Bankruptcy is an option if your business is struggling because of debt. As a business bankruptcy may be a complicated matter, we recommend consulting the experienced Arizona Bankruptcy Law attorneys at My AZ Lawyers.  An attorney at My AZ Lawyers will evaluate your debt and give you some direction as to what decisions you should make in order to meet your business financial goals.  Many business owners assume that they need to file a bankruptcy specifically for the business.  A personal bankruptcy (either Chapter 7 or 13), however, may be a better solution by eliminating any personal liability you may have for business debts and getting a clean financial slate. After the bankruptcy, you can move on with your life and begin business again without the burden of debt.

    Call  480-488-9800 MY AZ LAWYERS to schedule an appointment -FREE CONSULTATION- to discuss your business financial matters with an attorney and find out if you are liable for your business debt:

    You may not be liable personally for your business debts

    • if your business is an LLC
    • if you are a limited partner
    • if your business is a corporation

    You will be personally liable for your business debts

    • if your business is an LLC, a corporation, or you are a limited partner and:
    • if you have cosigned on a debt
    • if you have business and personal liabilities that are intertwined
    • if you are a sole proprietor
    • if you personally guaranteed a debt
    • if you are a general partner in business partnership

    Creditors can go after you and your assets if you are personally liable for the business debt.Some small business owners opt to file bankruptcy even when it doesn’t appear that they will be personally liable for business debts in order to protect themselves against potential claims by creditors against them. It is not uncommon for business owners to be liable for the business’ debts.  When your business fails to pay its bills and debts, it is time to connect with an attorney who can give your some options and help you wipe away the debt.

    My AZ Lawyers law firm is experienced in dealing with businesses filing bankruptcy.  An attorney can explain the advantages and disadvantages of the bankruptcy chapter filings available to business owners.  They understand the law, the process, and the proceedings involved with Chapter 7, Chapter 13, and Chapter 11 bankruptcy.

    OUR PHOENIX BANKRUPTCY LAWYERS ARE LOCATED IN PHOENIX, ARIZONA, AND SERVE BANKRUPTCY CLIENTS IN SCOTTSDALE, PHOENIX, GLENDALE, TEMPE, MESA, CHANDLER, PLEASANT VALLEY, AVONDALE, CASHION, EL MIRAGE, PEORIA, SUN CITY, SUN CITY WEST, TOLLESON, YOUNGTOWN, GILBERT, QUEEN CREEK, CASA GRANDE, SURPRISE, PRESCOTT, MARANA, TUCSON, FLAGSTAFF AS WELL AS PIMA, PINAL, AND MARICOPA COUNTY.
    DISCLAIMER: THE INFORMATION YOU OBTAIN AT THIS ARIZONA BANKRUPTCY LAW WEB SITE IS NOT, NOR IS IT INTENDED TO BE, LEGAL ADVICE. YOU SHOULD CONSULT A PHOENIX LAWYER FOR ADVICE REGARDING YOUR INDIVIDUAL SITUATION. OUR ARIZONA BANKRUPTCY LAWYERS AND STAFF INVITE YOU TO CONTACT OUR ARIZONA BANKRUPTCY LAW FIRM AND WELCOME YOUR CALLS, LETTERS, AND ELECTRONIC MAIL. CONTACTING US DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP. PLEASE DO NOT SEND ANY CONFIDENTIAL INFORMATION TO US UNTIL SUCH TIME AS AN ATTORNEY-CLIENT RELATIONSHIP HAS BEEN ESTABLISHED.  THANK YOU FOR VISITING OUR PHOENIX DEBT RELIEF WEB SITE.

    Personal Bankruptcy

    My AZ Lawyers represents Arizona personal bankruptcy clients

    CONSIDERING BANKRUPTCY? 480-448-9800 MY AZ LAWYERS

    Stress caused by overwhelming debt can leak into your personal life, affect your health, your overall well-being, your work life, and your family life.  Take advantage of My AZ Lawyer’s FREE CONSULTATION in order to ask some questions and get a new take on (and hope for) your financial issues.

    FLEXIBLE SCHEDULING – PAYMENT OPTIONS – EXPERT REPRESENTATION 

    Is it time to call MY AZ Lawyers and regain control over you debt?  If one or more of the following statements apply to your situation, call our Arizona Bankruptcy Law Firm:                         480-448-9800

    • if you are using one credit card to pay another credit card
    • if you are unable to make even the minimum payment on a / several credit card/s
    • If you are behind on your mortgage payments
    • if you are behind on your car payments
    • if your wages are being garnished
    • if you are facing home foreclosure
    • Is someone threatening to repossess your car
    • Has a creditor seized your bank account or tax refund
    • if all your efforts fail to make headway on your debts

    Gilbert Bankruptcy Lawyer

    My AZ Lawyers understand that financial disasters and misfortunes happen, and sometimes circumstances beyond our control make it difficult or impossible make monthly payments on time. When your debt seems hopeless, when every effort you make is not going to give you relief from your burdening debt, call My AZ Lawyers.  The attorneys at My AZ Lawyers are experts in personal bankruptcies, and they are experienced helping Arizona residents eliminate debt and end the days filled with worries.

    Our bankruptcy attorneys offer payment plans and options to make our representation affordable. Call 480-448-9800 to schedule a FREE CONSULTATION and speak to our friendly staff about the “File Now, Pay Later” payment schedule.

    We can help you take back control. We can help you get a handle on your financial issues by eliminating debt, putting an immediate stop to wage garnishments, creditor phone calls, and debt collection activity.

    We can provide options –if bankruptcy is not the solution to your debt problems, our experienced staff will help you determine a plan that will best suit your financial situation.

    OUR GILBERT BANKRUPTCY LAWYERS ARE LOCATED IN PHOENIX, ARIZONA, AND SERVE BANKRUPTCY CLIENTS IN SCOTTSDALE, PHOENIX, GLENDALE, TEMPE, MESA, CHANDLER, PLEASANT VALLEY, AVONDALE, CASHION, EL MIRAGE, PEORIA, SUN CITY, SUN CITY WEST, TOLLESON, YOUNGTOWN, GILBERT, QUEEN CREEK, CASA GRANDE, SURPRISE, PRESCOTT, MARANA, TUCSON, FLAGSTAFF AS WELL AS PIMA, PINAL, AND MARICOPA COUNTY.
    DISCLAIMER: THE INFORMATION YOU OBTAIN AT THIS ARIZONA BANKRUPTCY LAW WEB SITE IS NOT, NOR IS IT INTENDED TO BE, LEGAL ADVICE. YOU SHOULD CONSULT A PHOENIX LAWYER FOR ADVICE REGARDING YOUR INDIVIDUAL SITUATION. OUR ARIZONA BANKRUPTCY LAWYERS AND STAFF INVITE YOU TO CONTACT OUR ARIZONA BANKRUPTCY LAW FIRM AND WELCOME YOUR CALLS, LETTERS, AND ELECTRONIC MAIL. CONTACTING US DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP. PLEASE DO NOT SEND ANY CONFIDENTIAL INFORMATION TO US UNTIL SUCH TIME AS AN ATTORNEY-CLIENT RELATIONSHIP HAS BEEN ESTABLISHED. THANK YOU FOR VISITING OUR PHOENIX DEBT RELIEF WEB SITE.  GILBERT BANKRUPTCY LAWYERS.

    “FILE NOW, PAY LATER” Pricing and Payment Options

    Bankruptcy Made Easy and Affordable!

    Fotor0422161134My AZ Lawyers offers unbeatable pricing for bankruptcy legal services. Our law firm makes it possible for residents of Gilbert, Arizona to receive top-notch legal representation at a reasonable cost. 

    FILE NOW …. PAY LATER!  

    Contact our law office for more details about “File now, pay later” payment option available to My AZ Lawyers’ clients.

    Call or e-mail us for a FREE, no-hassle, no obligation, bankruptcy consultation and debt evaluation with an experienced bankruptcy lawyer. Talk to an attorney to explore your best option for debt relief, be it be it bankruptcy, debt settlement, short sale, or consolidation.

    MY AZ LAWYERS = “AFFORDABLE LEGAL HELP FOR AZ”

    • Flat Fees
    • Low Fees
    • Payment Plans
    • Lowest Legal Fees
    • Weekend and Evening Appointments

    Our Bankruptcy Package Includes:

    • FREE bankruptcy consultation and debt evaluation.
    • FREE take-home packet with information and resources
    • Professional preparation of your bankruptcy petition and documents
    • Experienced Attorney representation for your bankruptcy from start to finish
    • Knowledgeable and friendly staff and paralegals.
    • Complete confidentiality.

    Our LOW, FLAT FEE Pricing Covers:

    • Credit counseling courses (required by law to file bankruptcy)
    • Credit report (we need to verify all creditors are listed and that your bankruptcy is complete)
    • Calls from Creditors (We’ll stop them from contacting you.)
    • Court-mandated filing fee of $335.00
    • Costs of the Bankruptcy petition preparation

    SOME OF THE LOWEST LEGAL FEES IN ALL OF ARIZONA!!!CALL AND SCHEDULE AN APPOINTMENT TODAY!!!  480-448-9800

    images (1)

    Our Phoenix bankruptcy lawyers are located in Phoenix, Arizona, and serve bankruptcy clients in Scottsdale, Phoenix, Glendale, Tempe, Mesa, Chandler, Pleasant Valley, Avondale, Cashion, El Mirage, Peoria, Sun City, Sun City West, Tolleson, Youngtown, Gilbert, Queen Creek, Casa Grande, Surprise, Prescott, Marana, Tucson, Flagstaff as well as Pima, Pinal, and Maricopa County.
    DISCLAIMER: The information you obtain at this Arizona Bankruptcy Law web site is not, nor is it intended to be, legal advice. You should consult a Phoenix lawyer for advice regarding your individual situation. Our Arizona Bankruptcy lawyers and staff invite you to contact our Arizona Bankruptcy Law Firm and welcome your calls, letters, and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.  Thank you for visiting our Phoenix debt relief web site.

    My AZ Lawyers Office Directions

    MY AZ LAWYERS OFFICE LOCATIONS

    Mesa Location:
    1731 West Baseline Rd.,
    Suite #101
    Mesa, AZ 85202
    Office: (480) 448-9800

    Glendale Location:
    20325 N 51st Avenue,
    Suite #134, Building 5
    Glendale, AZ 85308
    Office: (602) 509-0955

    Avondale Location:
    12725 West Indian School Rd.,
    Suite E, #101
    Avondale, AZ 85392
    Office: (623) 399-4222

    Tucson Location:
    2 East Congress St.,
    Suite #900-6A
    Tucson, AZ 85701
    Office: (520) 441-1450

    Our Phoenix bankruptcy lawyers are located in Phoenix, Arizona, and serve bankruptcy clients in Scottsdale, Phoenix, Glendale, Tempe, Mesa, Chandler, Pleasant Valley, Avondale, Cashion, El Mirage, Peoria, Sun City, Sun City West, Tolleson, Youngtown, Gilbert, Queen Creek, Casa Grande, Surprise, Prescott, Marana, Tucson, Flagstaff as well as Pima, Pinal, and Maricopa County.
    DISCLAIMER: The information you obtain at this Arizona Bankruptcy Law web site is not, nor is it intended to be, legal advice. You should consult a Phoenix lawyer for advice regarding your individual situation. Our Arizona Bankruptcy lawyers and staff invite you to contact our Arizona Bankruptcy Law Firm and welcome your calls, letters, and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.  Thank you for visiting our Phoenix debt relief web site.

    Why Choose My AZ Lawyers ?

    My AZ LAWYERS  – Excellent SERVICE and REPRESENTATION

    You will receive a level of service that proves that our clients matter to our staff.  The attorneys at My AZ Lawyers are experts in their area of practice, and experience does matter when choosing a firm to represent you.  Our staff provides each case with attention to their specific needs.  Our firm will work with your schedule, and are available evenings and weekends.

    MY AZ LAWYERS – EXPERIENCE AND KNOWLEDGE

    It is our business to know the ins-and-outs of the bankruptcy process, policies and procedures.  Our Arizona Law Firm has represented clients successfully in both business and personal bankruptcy and debt relief services.  The attorneys work for you to achieve your financial goals with your best interests in mind.  Our firm has handled many cases and successfully helped clients resolve their debt and attain financial freedom.

    MY AZ LAWYERS – UNBEATABLE PRICING

    My AZ Lawyers offers “affordable legal help for AZ.”  Our firm offers affordable and flexible fees, payment options, and “File Now, Pay Later” plan.  My AZ Lawyer’s representation is superior, despite the fact we work with clients in order make payment arrangements and charge a fair price.

     CALL 480-448-9800 to schedule an appointment with an attorney at My AZ Lawyers today!

    OUR PHOENIX BANKRUPTCY LAWYERS ARE LOCATED IN PHOENIX, ARIZONA, AND SERVE BANKRUPTCY CLIENTS IN SCOTTSDALE, PHOENIX, GLENDALE, TEMPE, MESA, CHANDLER, PLEASANT VALLEY, AVONDALE, CASHION, EL MIRAGE, PEORIA, SUN CITY, SUN CITY WEST, TOLLESON, YOUNGTOWN, GILBERT, QUEEN CREEK, CASA GRANDE, SURPRISE, PRESCOTT, MARANA, TUCSON, FLAGSTAFF AS WELL AS PIMA, PINAL, AND MARICOPA COUNTY.
    DISCLAIMER: THE INFORMATION YOU OBTAIN AT THIS ARIZONA BANKRUPTCY LAW WEB SITE IS NOT, NOR IS IT INTENDED TO BE, LEGAL ADVICE. YOU SHOULD CONSULT A PHOENIX LAWYER FOR ADVICE REGARDING YOUR INDIVIDUAL SITUATION. OUR ARIZONA BANKRUPTCY LAWYERS AND STAFF INVITE YOU TO CONTACT OUR ARIZONA BANKRUPTCY LAW FIRM AND WELCOME YOUR CALLS, LETTERS, AND ELECTRONIC MAIL. CONTACTING US DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP. PLEASE DO NOT SEND ANY CONFIDENTIAL INFORMATION TO US UNTIL SUCH TIME AS AN ATTORNEY-CLIENT RELATIONSHIP HAS BEEN ESTABLISHED.  THANK YOU FOR VISITING OUR PHOENIX DEBT RELIEF WEB SITE.

    Bankruptcy Myths

    Bankruptcy Myth:  If you file for bankruptcy you will lose your home.

    In most cases, the truth is you will be able to keep your home.  In a Chapter 7 bankruptcy, your home is a common exemption in the debt elimination proceedings.  In a Chapter 13, the reorganization will allow you to restructure the debt so that you are able to pay off your home and any back payments.   Discuss your concerns with an experienced bankruptcy attorney at My AZ Lawyers to get the entire truth and understand how filing for bankruptcy may help your financial situation.

    Bankruptcy Myth:  If you file for bankruptcy, you will lose everything, including all your personal belongings.

    The one thing you want to lose in a bankruptcy, is debt.  It can be eliminated and you can start with a clean slate.  Generally, you are allowed to keep most of your personal belongings including your vehicle and a portion on your bank account balance.  Call 480-448-9800 for a FREE CONSULTATION with an experienced Arizona bankruptcy law attorney for more information on the advantages and disadvantages of filing bankruptcy.

     Bankruptcy Myth:  If you file for bankruptcy, your credit will be ruined.

    If you are buried in debt and missing payments right now, your credit is already probably not good.  And it will continue to get worse.  Filing for bankruptcy could be the start to improving your credit. Once you wipe away your debt, you can immediately start over and begin building your credit score.  My AZ Lawyers is with you throughout the entire bankruptcy process, and this includes working with clients after a discharge in order to improve credit immediately after the bankruptcy case is completed.

    Bankruptcy Myth:  If you File for Bankruptcy, you’re a Loser

    Not-lazy-hard-working-upstanding-law abiding-people file bankruptcy because they come down with a serious illness that wipes out their bank account and savings, and the medical bills are so high they could never be paid back.  Are these people who suffer a misfortune such as an unforeseen tragedy losers? Life isn’t perfect, things happen that are out of our control:  bankruptcy protection was designed to correct these incidents.  Don’t let anyone tell you that you are a deadbeat or a loser or a bad person because you use bankruptcy as an option to get your life back.  Instead of feeling guilt and not resolving the debt issues, find out the truth about bankruptcy and how it can help your matter.  There are many examples of successful people who have filed bankruptcy.

    The reality is, we have to face reality.  And that is divorce, overspending, loos of a job, the economy, unforeseen tragedies, a bad business venture.  Bankruptcy helps those who need to pick themselves up and start over again, hopefully learning a life lesson.

    By living in reality, not in the world ruled by myths we might understand why certain feelings and actions are associated with bankruptcy.  Speak with an attorney experienced in bankruptcy law and ask the questions that are on your mind.  Having knowledge about the bankruptcy process and regaining control back of your life is better than stressing over what someone might think about you if they knew you were considering filing Chapter 7. You have an opportunity to wipe the slate clean and start over again.  Don’t let a silly myth get in your way of achieving your financial goals.

     CALL 480-448-9800 TO SCHEDULE AN APPOINTMENT WITH AN ATTORNEY AT MY AZ LAWYERS TODAY!

    OUR PHOENIX BANKRUPTCY LAWYERS ARE LOCATED IN PHOENIX, ARIZONA, AND SERVE BANKRUPTCY CLIENTS IN SCOTTSDALE, PHOENIX, GLENDALE, TEMPE, MESA, CHANDLER, PLEASANT VALLEY, AVONDALE, CASHION, EL MIRAGE, PEORIA, SUN CITY, SUN CITY WEST, TOLLESON, YOUNGTOWN, GILBERT, QUEEN CREEK, CASA GRANDE, SURPRISE, PRESCOTT, MARANA, TUCSON, FLAGSTAFF AS WELL AS PIMA, PINAL, AND MARICOPA COUNTY.
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