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.

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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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:

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

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.

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

The Importance of Credit Counseling during a Gilbert Bankruptcy Filing

You may know that filing for bankruptcy can give you enormous debt relief and help you get you back on the right financial path. What you may not know is that filing for bankruptcy involves a lot more than filling out some forms, submitting them, and getting your discharge. There are many more steps and requirements before you can get your debts discharged.

One of the requirements of filing for Gilbert bankruptcy that often comes as a surprise is to enroll in credit counseling. But rather than seeing this as an obligation that you have to fulfill on the way to being debt free if you file for Gilbert Chapter 7 bankruptcy (or at least having your debts under better control if you file for Gilbert Chapter 13 bankruptcy), you should see the credit counseling as an important benefit. Here are a few reasons why this counseling is so important:

Pre-Filing Credit Counseling

Before you can even submit your bankruptcy paperwork, you must complete credit counseling. This is known as “pre-filing credit counseling.”

The purpose of pre-filing credit counseling is to help you understand the pros and cons of bankruptcy. Some of the advantages of bankruptcy, you will learn, are that it can eliminate all of your unsecured debt or put you on a more affordable plan to pay back your debt. Bankruptcy can help you to avoid foreclosure on your home, and it can help you rebound financially much faster than trying to pay off your debts on your own.

Of course, one of the big down sides of filing for bankruptcy is that your credit score will take a hit. But if you didn’t file for bankruptcy, chances are good that your score was already down because of your maxed out credit cards, late payments, and delinquent accounts. In those cases, filing for bankruptcy can actually help your score because it absorbs those accounts and gives you a fresh start.

The pre-filing credit counseling also provides information about options for debt relief. While you likely won’t want to take advantage of those options if you are so overwhelmed by debt that you are pursuing bankruptcy, you likely won’t gain much from these debt relief alternatives. However, if you find yourself struggling with finances again in the future, you can use the information you learned about debt relief alternatives to maybe solve your issues before you need to file for bankruptcy again.

Pre-Discharge Counseling

As your bankruptcy case starts winding to a close, you will be required to take a second credit counseling course just before the filing is discharged. In this counseling course, you will learn overall financial literacy, as well as how to manage your finances. The goal is to show you what you can do to avoid getting into problems with debt in the future.

Of course, many people are led to bankruptcy not because of bad spending habits, but because of unfortunate life circumstances. Some face an unexpected illness or job loss, and others are blindsided by a divorce. However, these credit counseling classes help everyone learn to be smarter about their finances, which can help us all, no matter what stage of life we are in.

The required credit counseling courses for a bankruptcy filing in Gilbert are not meant to be a punishment – they are meant to help you. No matter what led you to filing for bankruptcy, the information that you get from those credit counseling courses will help you take greater control of your finances now and in the future. You’ll be more certain if bankruptcy is right for you, and you’ll have tools in your arsenal if you find yourself in financial trouble again.

Gilbert Bankruptcy Lawyers can help you learn more about the bankruptcy process and whether it may be right for you. Our bankruptcy attorneys will review your finances with you and help you understand the options, including Chapter 7 bankruptcy and Chapter 13 bankruptcy. We’ll help you choose the option that will give you the most debt relief available to you. Contact our bankruptcy law office in Gilbert today to talk to an experienced and compassionate bankruptcy lawyer about your options. This may be the year that you turn your finances around!
Published By:

Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

Gilbert Bankruptcy Guide: Getting Back on Track after Filing

Debt just seems to be a part of life for most people. But it shouldn’t be. And overwhelming debt that makes it hard to pay for your other needs is most certainly not “just a part of life,” nor is having so much unpaid debt that you are constantly being hounded by creditors, to the point that you don’t even want to pick up the phone.

You don’t have to let debt derail your life. Bankruptcy is a great option for many people to get their lives back on track after struggling for too long with debt. You will need to talk with a Gilbert bankruptcy attorney to know whether bankruptcy is the right option for you, but here are some things you should consider when weighing your options:

The Likely Plan A

Many people who are mired in debt and who want to do something about it – rather than just ignoring it and living with bad credit – will likely have a primary plan that involves paying back the debt over time. They may pay just the minimum on their credit cards, or they may pay a little extra. The problem with this plan is that they never make any real gains. The interest adds up so quickly that it’s like those monthly payments take nothing off the balance. And when people are putting all they have into paying back their credit cards, they are likely continuing to add to the balance by buying the things that money would have purchased. Meanwhile, the credit cards remain maxed out, bringing down the credit score and keeping it down month after month and year after year.

Another popular plan that people have to deal with their debt is to get a loan to pay it all off and then pay one payment toward the loan. Again, there are problems with this plan. The loan likely comes with a very high interest rate and a short repayment period, which means that many people will still be running out of money each month to meet their needs, and they’ll be turning to credit cards to make up the gap. Over time, they find that they have high credit card balances in addition to an expensive loan.

Adopting a Plan B

Too many people put off filing for bankruptcy because they worry about the financial impact. Unfortunately, they end up causing even more harm to their credit by trying to pay it off themselves using the previously mentioned methods. By sticking to a plan that doesn’t work, they cause themselves greater harm.

Adopting Plan B and filing for bankruptcy in Gilbert can help you get back on firm financial footing much faster. Yes, there will be the initial blow to your credit with your bankruptcy discharge, but you will clear up the money for your daily needs, and you will get rid of the debts that were weighing down your score. If you file for Chapter 7 bankruptcy, you will have a clean slate. So long as you don’t take on new credit or pay your bills late, your credit score will start recovering quickly. You’ll even be able to qualify for prime mortgage loans in two years. If you file for Chapter 13 bankruptcy, you’ll bring your accounts current and can even save your house from foreclosure, which can protect your credit also.

Never be afraid to give up on your Plan A when it is not working for you. Being adaptable and making the changes you need to make quickly can bring you results faster. By filing for Gilbert bankruptcy, you may get the debt relief you need to start living within your means again and even saving money, strengthening your finances and rebuilding your life. Talk to a bankruptcy lawyer about the options and how bankruptcy might help you get the fresh start you need.

Gilbert Bankruptcy Lawyers are ready to help you learn how bankruptcy can bring you needed debt relief. Our experienced attorneys will review your financial circumstances and help you understand whether Chapter 7 bankruptcy or Chapter 13 bankruptcy would give you the maximum benefits. We’ll guide you through every stage of the process with compassion and care. Call our bankruptcy law office in Gilbert today to schedule a consultation.

Published By:

Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

4 Bad Habits to Stop after Filing for a Gilbert Bankruptcy

Filing for Gilbert bankruptcy can give you a fresh financial start after you have struggled with debt – perhaps for years. You can move forward on stronger footing, gaining greater control over your finances and reducing the chances that you will ever find yourself in that bad place again (though none of us can control whether a serious injury or job loss will set us back).

However, if you continue with bad financial habits, you will find yourself in over your head in debt and calling a bankruptcy attorney again. Here are four bad habits you should immediately stop if you want to avoid a future bankruptcy filing:

Ignoring the Problem

A lot of people just kick the can down the road when they start dealing with financial problems. They borrow money from a friend, pay a few bills late and expect to pay them the following month, or put things on credit and expect to pay it off eventually. They aren’t able to admit the problem to themselves, and they don’t take actions that will have long-term solutions.

Ignoring your financial problems will only make them worse. As soon as you notice signs of financial distress, put on the brakes. Reign in your spending, and talk to a financial consultant about long-term strategies to avoid debt.

Confusing Wants with Needs

Buying things makes us feel good. But that feeling doesn’t last, and the thing we bought might not continue to be useful or to bring us joy. To be responsible with your money, you need to think hard about whether you are buying is something you really need.

This is not to say that you can’t buy things just because you want them. But you should evaluate these purchases carefully, and they should be the exception and not the rule.

Buying Things You Can’t Afford

In America, it is very easy to get credit, and we are bombarded with constant messages about things we should buy to make our lives better. We are led to believe that our worth and our status is determined by what we own, and that leads many people to live beyond their means and to buy things they can’t really afford.

Instead of buying things on credit, make it a habit to buy things only when you can purchase them outright. You may need to use credit when you need something but don’t have the money immediately – such as an emergency repair for your car. But you should view credit as an emergency resource and not a means to buy the things you want when you want them.

Never Saving

Few Americans have any money in savings. When an emergency strikes, they resort to using credit cards or to taking out loans to get the money they need. That just compounds the problem by ensuring that more of their money goes toward paying debt instead of being available if another emergency arises.

You should always be saving. Even if your finances are tight, get into the habit of saving just $5 or $10 per week. As your finances improve, you can increase your savings. Aim to have an emergency fund that has at least six months’ salary in it. Then start saving for other goals, such as retirement, college assistance for your children, or that trip you want to take.

We’ve all made mistakes, and we all have bad habits we need to improve. Don’t take your bad habits as a sign that you’re a bad person. Just start taking steps to improve them so you don’t get into trouble because of them. If you find yourself overwhelmed by debt and needing to file for bankruptcy, don’t feel ashamed. Know that some bad habits may have led you there, and make a pact with yourself to change those habits and start fresh.

If you are considering filing for bankruptcy, contact Gilbert Bankruptcy Lawyers. We offer affordable legal counsel and representation for both Chapter 7 bankruptcy and Chapter 13 bankruptcy. We’ll review your financial details and let you know how bankruptcy might help you get the debt relief you need. Contact us today to talk with a bankruptcy attorney and start exploring your options!

Published By:

Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

4 Alternatives to Seek before Filing for a Gilbert Bankruptcy

Bankruptcy offers fast debt relief for people who have become overwhelmed by debt. It can eliminate unsecured debt, or it can restructure your debt so that it is more affordable for you to repay.

Yet not all people can file for bankruptcy. Some don’t qualify because of their income, and others choose not to file because they don’t want to liquidate certain assets that are not protected by the exemptions. Others worry about the stigma of filing for Gilbert bankruptcy, so they look to alternative methods to deal with their debt.

If you’re not quite ready to call a bankruptcy law office yet, consider these four alternatives for debt relief first:

Pay More than the Minimum

Credit cards carry exorbitant interest rates. Every day that you carry a balance, you are sinking yourself deeper into debt. If you pay only the minimum amount that’s due each month, you will end up paying several times the original amount you owe by the time it’s paid off. So if you rack up thousands of dollars in debt, you’ll end up paying tens of thousands with interest.

Pay more than the minimum balance on your credit cards each month so that you can pay down the balance faster. Just pay what you reasonably can. Even if you shave a few months off your payments, you’ll save yourself money and get out of debt faster.

Use the Snowball Method

Instead of paying a little more on all your credit cards, you can try out the “snowball method,” so named by financial guru Dave Ramsay. Pick the credit card with the lowest balance, and put all the extra money you have toward paying it off each month. When that card is paid off, move to the next card with the lowest balance and put all you can toward paying that off. Keep going until all your cards are paid.

You’ll pick up momentum by paying off the cards with the smaller balances. You’ll feel invigorated to pay off your debt, and you’ll start feeling better about your financial situation. You’ll feel like you actually can get to the light at the end of the tunnel instead of laboring under your mountain of debt forever.

Take Advantage of Balance Transfers

A lot of credit cards offer you a zero-percent interest rate if you open an account and transfer your balance from another card. Others will give you a low interest rate on later balance transfers also. The low interest rate is available only for a limited time, so you’ll have to pay as much as you can during that time to get the most benefit.

You can transfer balances from card to card, keeping your interest low or eliminating it completely, thereby saving yourself a lot of money. Just pay attention to the fees so that you aren’t setting yourself back with excessive charges.

Get a Side Hustle

The more money you can make, the more you can pay toward your credit cards and get out of debt faster. In addition to trying to get a raise at work, you can also take on a side hustle to pad your income. You can cut lawns, fix computers, walk dogs, watch kids, and more. Tap into your skills and your interests to determine what you would like best and what would give you the most financial opportunities.

You can work in the evenings and on your days off. The more you can make, the faster you can get rid of your debt.
You have a lot of options for debt relief, depending on how much effort you want to put in and how much time you have. But the longer it takes for you to pay down your debt, the more you will ultimately spend on accumulated interest and fees, and the more your credit history will suffer. Filing for bankruptcy in Gilbert can give you fast debt relief, eliminating much of your debt and helping you get a fresh start.

If you are struggling with debt, call Gilbert Bankruptcy Lawyers to learn more about debt relief through bankruptcy. Our experienced bankruptcy lawyers will analyze your financial situation and make targeted recommendations for getting maximum debt relief in the shortest amount of time. We represent individuals who want to file Chapter 7 or Chapter 13 bankruptcy, as well as business clients. Call us today to talk with a bankruptcy attorney about your options.

Published By:

Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

Credit Counseling and How it Can Improve Your Post-Gilbert Bankruptcy Slump

When you file for bankruptcy, whether it’s Chapter 7 bankruptcy or Chapter 13 bankruptcy, you will have to take a credit counseling course. During the course, you will learn the pros and cons of bankruptcy, and you will learn about alternatives for debt relief. As you near the close of your bankruptcy case, you will be required to attend another counseling session that will focus on overall financial literacy.

Credit counseling is not just a requirement that you have to make yourself get through to complete your bankruptcy. It is a useful tool that can help you recover from your bankruptcy filing more quickly. Here are a few ways that credit counseling can help you get out of that post-bankruptcy slump faster:

Create a Budget

Budgeting can help you stay within your means. You know exactly what you owe each month and exactly how much you make – and you know exactly how much is left over for fun stuff. You can see in black-and-white how much you have to put toward payments, such as for financing or for paying off a credit card. That can help you make better decisions about large purchases since you’ll know exactly how long it will take to pay it off.

Learning how to make a proper budget can help you establish good spending practices, as well as to identify and achieve long-term financial goals.

Develop Emergency Plans

You never know when an emergency strikes. In fact, the majority of people who file for bankruptcy do so because of an unexpected emergency, like losing a job, becoming ill or injured, or having a spouse die. Divorce can also take people by surprise and can cause huge financial problems.

Credit counseling courses required for bankruptcy teach you about the importance of having emergency plans, as well as teaching about how to develop them. You will learn how to develop an emergency fund, as well as how to get emergency help without resorting to credit cards or other debts.

Learn Smart Use of Credit

Sometimes, you have to use credit to get what you need. We don’t all have hundreds of thousands of dollars saved to buy a house after all. But it’s easy to get carried away with credit, so bankruptcy courses teach you about the smart use of credit to meet your goals without suffering setbacks.

You’ll learn about how the different interest rates work, smart strategies for paying off your credit cards when your balances get too high, and how different factors concerning your credit cards affect your overall credit score.

Understand Credit History and Score

Many factors contribute to your credit history and your credit score, and understanding these can help you make smart choices about credit so that you can get the best interest rates. Your bankruptcy credit counseling courses will help you understand these issues inside and out so that you can always make informed choices about the use of credit. The hope is that you’ll never run into problems with debt again because you didn’t realize the consequences of certain decisions.

Don’t drag your feet about the credit counseling courses, and don’t view them as punishment for filing for bankruptcy. Attend them enthusiastically and take advantage of the opportunity they offer to become more financially literate so that you can make smart choices for your future. You may have got into trouble with debt due to no fault of your own – such as after a job loss – but that doesn’t mean you can’t learn tips that will make you more financially savvy in the future. We can all benefit from that!

If you are struggling with debt, call Gilbert Bankruptcy Lawyers today. We help individuals and businesses apply for the debt relief they need through bankruptcy protection. A bankruptcy lawyer from our team will analyze your financial situation and help you understand the best course of action. Your lawyer will also help you understand the alternatives, as well as the pros and cons of each. Our goal is to help you get the financial relief you need to start over. Call us in Mesa today to talk to a bankruptcy attorney about your options.

Published By:

Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

How You Can Recover Your Financial Freedom after a Gilbert Bankruptcy

One of the biggest worries many people have about filing for bankruptcy is that they won’t be able to get credit again. They worry that they’ll have this big, black mark on their credit history that will follow them for years and years, making it impossible for them to get a credit card or buy a house.

The truth is that bankruptcy in Gilbert will deal a blow to your credit, but any bankruptcy lawyer will tell you that you don’t have to wait the seven to 10 years that the bankruptcy stays on your credit report to get the credit you need. You can take steps immediately after your bankruptcy discharge to start rebuilding your credit quickly. Here are a few things you can do:

Save Money

Information from your bank is reflected in your credit score. If you are constantly coasting just above zero, your credit score is going to plummet. But if you are sitting on $50,000 all the time, your score is going to rebound.
You aren’t going to have $50,000 in savings if you just filed for Gilbert bankruptcy, but anything you can save will boost your score over time. Save what you can each paycheck, even if it’s just a couple of dollars.

Get a Better-Paying Job

You probably think of your credit report of a list of accounts, followed by details on whether your payments were on time or not. While it’s true that your report consists mostly of that, it also include information about where you live and where you work. Your credit score also reflects your income.

If the ratio of your debts to your income is low, your credit score will rise. You can start helping your credit score – and your overall financial picture – by getting a better-paying job. Talk to your boss about getting a raise or a promotion, and shop for jobs if you can’t do that.

Pay Your Bills on Time

You may not be able to get new credit yet, but you likely still have a phone and car insurance. You may even have kept your house in the bankruptcy and are still paying a mortgage. All of these bills are reported to your credit, and if you are late on any payments, you will bring your score down even more. Ditto for your student loan and any other debt you weren’t able to discharge.

Every on-time payment will build a positive credit history that will slowly raise your score. Make sure you pay those bills on time, every time. It’s one of the best things you can do to restore your credit.

Keep Credit Applications to a Minimum

Every time you apply for a new line of credit, there is a hard inquiry on your credit report. But even getting pre-approved or just checking out rates can land a soft inquiry on your credit report. The more you have of either kind of inquiry can bring your score down fast. The more hard inquiries you have, the worse the damage.

Don’t apply for credit unless you are sure your credit is ready for you to get approved. Then keep your applications to one at a time, and space them out. Try for no more than one a month – if that.

Open a Small Credit Card

There are many credit cards available for those who have bad credit or who have a short credit history. These cards usually have a low limit in order to minimize the liability to the lender. You can open one of these cards to start showing a positive credit history without putting yourself at risk of racking up too much debt.

Apply for gas cards, store credit cards, and credit cards backed by a deposit in your bank. Stick with one card, and pay off the balance each month. Use this card only to build up your credit score – do not let yourself become dependent on credit and risk getting into financial trouble.

Be Consistent

The best thing you can do to improve your credit is to be patient and consistent. Even one slip-up can set your credit score back a couple dozen points. But positive gains can be incremental. It might not seem like you’re making much progress, but in a year or less, you will significant improvement.

You need good credit to achieve financial freedom (unless you’re independently wealthy, which you are not if you just filed for bankruptcy). Credit allows you to get the best rates, and it offers you an option in times of emergency. You can rebuild your credit quickly after a bankruptcy by following these simple steps.

If you are currently struggling with debt, call Gilbert Bankruptcy Lawyers to learn how filing for bankruptcy may offer you the debt relief you need. We help you learn about Chapter 7 and Chapter 13 bankruptcy, and help you determine which would be right for you. We also represent business clients. Call us in Gilbert to talk to a bankruptcy lawyer today.

Published By:

Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

The Pros and Cons of Filing for Bankruptcy in Gilbert: What are the Risks?

You may be struggling with debt, and you may know that bankruptcy can offer you immense debt relief. Yet you may not be sure that filing for bankruptcy is the right choice for you. You may have heard misinformation about bankruptcy, or you may be worried about the potential risks of filing for bankruptcy. Or you just may not understand the extent of the benefits that bankruptcy offers.

It’s important for you to talk to a Gilbert bankruptcy lawyer about the extensive pros and cons of filing for bankruptcy so that you can make the right choice for your circumstances. Here’s a closer look at what some of those pros and cons are:

Pros

Eliminate Debt

The biggest benefit of filing for bankruptcy, by far, is that you can eliminate debt. If you file for Chapter 7 bankruptcy, you can get rid of an unlimited amount of credit card debt, medical bills, and other unsecured debts. If you file for Gilbert Chapter 13 bankruptcy, you may be able to discharge some debt after you have finished your affordable repayment plan, which is based on your income and your debts.

Depending on your circumstances and the type of bankruptcy you file, you could be free of debt in as little as a couple of months.

Stop Foreclosure and Wage Garnishment

Once you get in over your head in debt, you start getting calls and letters from creditors constantly asking you to pay your debt. But if you had the money, you would pay. After a while, creditors may turn to other methods to satisfy the debt, such as beginning foreclosure proceedings on your home or garnishing your wages.

Filing for bankruptcy puts a stop to these collection efforts. You shouldn’t be contacted by creditors again, and your wages will no longer be garnished. You may even be able to come current on your house payments under a Chapter 13 bankruptcy plan or by clearing up money under a Gilbert Chapter 7 bankruptcy filing.

Easily Rebuild Credit

Many people worry that if they file for Gilbert bankruptcy, they will never get credit again. The truth is that a bankruptcy can stay on your credit record for seven to 10 years, but you can start getting approved for credit in as little as a year of your bankruptcy discharge. By making good choices and being consisted, you can start getting the credit you need quickly.

Maintain Assets

Another thing that many people worry about when filing for bankruptcy is whether they will lose essential assets, such as their house or their vehicle. Fortunately, Chapter 7 bankruptcy has exemptions for assets, which will allow you to keep these things if they do not exceed a certain value.

Cons

Stigma

Of course, there are some perceived drawbacks to filing for bankruptcy, and the stigma is one of them. Many people think that bankruptcy is only for “losers” and those who can’t make good decisions about money. However, the truth is that many people file for bankruptcy due to circumstances beyond their control, such as being laid off or getting ill or injured. But no matter what reason you have for filing for bankruptcy, it’s your business and it’s your right. No one has to even know that you filed for bankruptcy unless you tell them.

Credit Woes

As mentioned above, bankruptcy will cause a hit to your credit, and it will stay on your credit report for a long time. However, you can quickly build up your credit score and get approved for credit if you make good choices. You could buy a car or a house in as little as two years after filing for bankruptcy. Work with a financial advisor if you aren’t sure how to get back on the straight-and-narrow and stay there.

There are pros and cons to any decision, and it’s important you weigh them all to make sure that you are making a good decision. When it comes to bankruptcy, the pros usually outweigh the cons. It offers you the chance to get fast relief from overwhelming debt with few drawbacks. Talk to an experienced Gilbert bankruptcy attorney to learn more about bankruptcy and how it may be able to help you.

Gilbert Bankruptcy Lawyers can help you get the debt relief you need through bankruptcy. We’ll carefully analyze your finances and make recommendations about the best way forward to deal with your debt. We represent individual and business clients, and we can file both Chapter 7 and Chapter 13 bankruptcy for individuals. Contact us in Gilbert today to talk to a bankruptcy lawyer.

Published By:

Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

Credit Card Debt: Is a Gilbert Bankruptcy the Right Course of Action?

Credit card debt is often what sends many people running to a bankruptcy lawyer. But even those who don’t file for bankruptcy still struggle to get a handle on credit card debt. The average American now owes $5,700 to credit cards, while Arizonans owe an average of $7,100. Maybe it’s the rising cost of living in the state that’s causing so many to rely on their credit cards.

If credit card debt is overwhelming your budget and pushing your finances to their breaking point, filing for bankruptcy may be the best course of action. Before you decide, you should meet with an experienced Gilbert bankruptcy attorney who can thoroughly review your finances and help you understand your rights and options.

Chapter 7 or Chapter 13?

Individuals have two options for filing for bankruptcy: Chapter 7 or Chapter 13 bankruptcy. Both will offer debt relief, but they work in very different ways.

Most people who talk about bankruptcy are thinking of Gilbert Chapter 7 bankruptcy. This is the type of bankruptcy that gives you the “clean slate” by discharging most of your debts. Unsecured debts like credit cards and medical bills can be discharged, so long as you meet the qualifying criteria.

In Gilbert Chapter 13 bankruptcy, your attorney works with you and the bankruptcy trustee to develop an affordable repayment plant to your creditors. You pay one payment for all your debts each month, and you get a lower interest rate. You pay under the plan for three to five years, and some of your debts may be discharged at the end of that time. If you are paying back credit cards under a Chapter 13 debt restructuring plan, you will end up paying much less and pay the cards off faster.

Exceptions

Not all your debt can be discharged through bankruptcy. If you qualify for Chapter 7 and are primarily focused on discharging credit card debt, the good news is that there is no limit on the amount that can be discharged. You can have tens of thousands of dollars in credit card debt that is wiped away within a few months of filing.

However, you need to watch your spending patterns before you file for bankruptcy. Some people decide they are going to file for bankruptcy and then they run up their credit cards in anticipation of not having to repay that debt. If the court sees that you have spent a lot of money on your credit cards in the months prior to the bankruptcy, that debt may be excluded from discharge, or you may be charged with fraud. For example, maybe you were buying clothes, but you bought a lot of designer clothes or you bought enough clothes to last you a year, that would look suspicious to the court.

Once you start thinking about filing for bankruptcy, you should put a halt to your spending and talk to an experienced bankruptcy attorney right away.

Filing for Bankruptcy

You really need to meet with an experienced Gilbert bankruptcy attorney to determine if filing for bankruptcy is going to be the best course of action to deal with your mounting credit card debt. You need a bankruptcy expert to look over your finances and to explain how the different chapters would best benefit you. An attorney will also help you determine if you meet the Means Test to qualify for Chapter 7 bankruptcy to discharge all that credit card debt. You may need to consider Chapter 13 bankruptcy if you make too much money or have too many assets that you don’t want to lose to creditors.

If you are struggling with credit card debt and don’t see an end, call Gilbert Bankruptcy Lawyers today. We are a trusted, low-cost bankruptcy firm that is committed to helping you get the debt relief you need. We can help put a stop to harassing phone calls and debt collection measures, such as wage garnishment. We can help you get fast debt relief through Chapter 7 bankruptcy, or we can help you get your debts on a more affordable payment plan under Chapter 13 bankruptcy. Call us today to schedule a consultation with an experienced bankruptcy lawyer in Gilbert.

Published By:

Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

How Does Filing for a Gilbert Bankruptcy Effect My Tax Refund?

Filing for bankruptcy can clear out a lot of overwhelming debt that you have been struggling to pay. But you can’t just declare that you are unable to pay and have the bankruptcy court discharge all your debt. You have to submit your finances for analysis, and the court will decide whether you are truly able to pay some or all of your debt or not.

Income is included in this financial analysis, but it is not the only thing the court considers when determining your ability to pay your creditors. The court will also look at assets like your home and your car, as well as savings like retirement accounts and stock. If you are expecting a tax refund or you have received one within a certain amount of time of filing for bankruptcy in Gilbert, you may also have to use your refund to pay your creditors.

Chapter 7 vs. Chapter 13

A big factor in whether you get to keep your tax refund after you file for bankruptcy is what kind of bankruptcy filing you choose. Chapter 7 bankruptcy is the type that most people have in mind when they file for bankruptcy, and it is the one that discharges most of your debt with no repayment. Whether you will have to use your tax refund to pay your creditors depends on when you file for bankruptcy.

If you file for Gilbert Chapter 13 bankruptcy, your tax refund will be used to pay your creditors as part of your repayment plan. This can continue over the course of the plan.

Timing of Your Filing

To keep your tax refund, you’ll need to work closely with a Chapter 7 bankruptcy attorney to determine the right time to file for bankruptcy. Whether you get to keep your refund depends entirely on timing.

If you receive a refund for the tax year prior to the year of your bankruptcy filing, you will have to turn that refund over to the bankruptcy trustee to pay your creditors. Your refund will be seen as money you had in “savings” throughout the year since it was money you had to pay but was not ultimately needed for those taxes.

If you receive a refund for the same tax year as your Gilbert bankruptcy filing, you will get to keep part of that refund. You will keep the part of the refund that is from taxes that you paid in the months following the bankruptcy filing. The remainder of the refund will be taken by the bankruptcy trustee to pay your creditors.

Spending Your Refund

You may be able to keep your tax refund by spending it before you file for bankruptcy. Just be careful what you spend it on! If you spend it on frivolous or luxury items like a trip, the bankruptcy court may feel like you intentionally diverted assets to avoid paying creditors. Spend it only on things that are deemed necessary living expenses, such as rent and food.

Don’t think that just because the refund is gone, the issue is settled. The court can try to get the money back if it decides you have spent it inappropriately.

In many cases, you can file for Chapter 7 in Gilbert and keep the few assets that you have, such as your home and your car. However, if you received a tax refund, expect that to be claimed for paying your creditors. The best thing you can do to keep as much money in your pocket as possible is to work with an experienced Chapter 7 attorney who can help you determine the right timing for filing your taxes and who can create an overall strategy that will get you the best results.

Gilbert Bankruptcy Lawyers are ready to do just that for you. We help our clients create a strategy that will get them the maximum debt relief while also retaining the maximum amount of assets, including cash. We help both individual and business clients on all types of bankruptcy filings. It is our goal to help you get the fresh start you need so you can start taking back control of your finances. Call us in Gilbert today to set up a consultation with one of our dedicated bankruptcy attorneys.

Published By:

Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

The Ultimate Guide to Debt Discharges in a Gilbert Chapter 7 Bankruptcy

Filing for bankruptcy can be a smart financial move and the best way to deal with overwhelming debt. Within just a few months, you can be free of all your unsecured debt, such as credit cards and personal loans. You don’t have to worry about creditors calling and harassing you all the time, and you don’t have to stress about how you’re going to come up with the money to pay your bills each month.

Chapter 7 bankruptcy can offer you the maximum debt relief if you qualify. Here’s what you need to know about debt discharge in a Gilbert Chapter 7 bankruptcy:

Understanding the Debt Discharge

“Debt discharge” is industry speak for the elimination of debt in a bankruptcy filing. When a debt is discharged, you no longer have to pay for it. Creditors no longer have the right to ask you to pay, and they have no recourse for collecting, such as garnishing wages.

In a Chapter 7 bankruptcy, most unsecured debts are discharged. In a Chapter 13 bankruptcy, debts are reorganized under a repayment plan that lasts three to five years. You may be able to discharge some of the debt at the end of the plan, but the focus is on repayment.

What Debts are Discharged under Chapter 7

Chapter 7 bankruptcy focuses on unsecured debts. These are the debts that are not backed by collateral, such as the home or vehicle you are financing or the valuables you put down for a pawn loan. The most common type of unsecured debt is a credit card balance. Other unsecured debt includes medical bills and personal loans.

There is no limit on the amount of debt that can be discharged under a Chapter 7 bankruptcy. That means that if you have run up excessive debts, filing for bankruptcy can give you a fresh start.

Debts that are Not Discharged under Chapter 7

You can’t discharge all your debts with a Chapter 7 bankruptcy filing. There are some debts you can’t ever get out of paying. At the top of the list are debts you owe to the government, such as student loans, back taxes, and criminal fines and restitutions. You also won’t be able to discharge any money you owe for alimony or child support. You’ll have to talk to an attorney about filing a modification for those orders if you are not able to pay.

Even though Chapter 7 bankruptcy can’t discharge these debts, it can still free up the money for you to pay them. Without having to pay those credit card or medical bills, you will have more money each month that you can funnel into your secured debts and those that can’t be discharged. You can even catch up on the back amount that you owe. That can save you from piling up more fines and penalties, as well as from facing any more serious consequences (such as going to jail if you don’t pay your child support, among other things).

Filing for Chapter 7 bankruptcy can give you the fresh start you need after becoming mired in debt with seemingly no way out. It’s important that you meet with a bankruptcy lawyer to talk through your options and find out whether Chapter 7 or Chapter 13 bankruptcy would be right for you. You should choose the option that will give you the maximum debt relief so that you can move forward quickly, free of as much debt as possible. Your attorney will help you get on a fast (er) track to the life you have been wanting.

Gilbert Bankruptcy Lawyers can help you determine how bankruptcy can help you get the debt relief you want. Our dedicated attorneys will analyze your personal finances to help you understand whether you qualify for Chapter 7 bankruptcy protection and what you can expect. We can put an end to the harassing phone calls you’ve been receiving, wage garnishment, and more. If you need to file for Chapter 13 bankruptcy, we’ll help you get an affordable repayment plan that will it easier for you to regain control of your finances. Call us in Gilbert today to talk to an experienced bankruptcy attorney who’s ready to help you.

Published By:

Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

Vital Ways Filing for Gilbert Chapter 7 Bankruptcy Can Help

A lot of people avoid bankruptcy because of the stigma attached to it. They don’t want to feel like they have “failed” or that they are “irresponsible.” But the truth is that bankruptcy in Gilbert is a legal right that is offered to those who are struggling with debt. There is nothing embarrassing or shameful about taking advantage of this right.

There are many ways that filing for bankruptcy can help you. Here are a few vital ways that filing for Chapter 7 bankruptcy in Gilbert can help, especially:

No Repayment Plan

There are actually two types of bankruptcy: Chapter 7 and Chapter 13. When you file for Chapter 13 bankruptcy, you will be developing a plan with your bankruptcy attorney to repay your debt over a three- to five-year period. The debt will be consolidated under one payment, and your interest rate will be lower, which will help you save money.
When you file for Chapter 7 bankruptcy, there is no repayment plan. All the debts that qualify are discharged, and you will never have to think about them again.

A Clean Slate

So what happens to debts under Chapter 7? They are discharged. That means that the slate is wiped clean. You don’t repay the debt, and the debt does not remain on your credit report.

A successful Chapter 7 bankruptcy filing will discharge all your unsecured debt, such as credit cards, medical bills, and personal loans. It will not discharge student loans, back alimony or child support, tax debt, or criminal fines or restitutions. However, with the money you’ve cleared up from credit card and other bills, you may now have the money to pay those other debts that can’t be discharged.

No Debt Limits

You can have $100,000 in credit card debt and still discharge all of it. There is no limit to the amount of debt that can be discharged under a Chapter 7 bankruptcy filing. You don’t have to worry that your debts have gotten so out of control that not even bankruptcy can save you. So long as you meet the Means Test to qualify for Chapter 7, you can discharge the debts, no matter how large they have grown.

Protection of Future Income

You don’t have to worry that your debtors will come calling for your future income or bonuses after your bankruptcy case is discharged. If you buy a car or get a big bonus at work, that will be yours to keep.

In some extreme cases, some of your assets may be up for grabs after your bankruptcy. For example, if you get a big inheritance, life insurance payout, or big divorce settlement within six months of your bankruptcy discharge, you may have to use some of it to pay back your debtors.

Fast Discharge

A Chapter 13 bankruptcy filing takes three to five years to complete. However, your debts can be totally discharged within two to three months of filing for Chapter 7 bankruptcy. You can get the fresh start you need in as little time as possible – without winning the lottery. You can totally turn your life around with a Chapter 7 bankruptcy filing.

If you are struggling with debt, talk to a Gilbert bankruptcy lawyer about how a bankruptcy filing might be able to help you. If you qualify for Chapter 7 bankruptcy, you can get a fresh start fast. But even if you need to file for a Chapter 13 bankruptcy, which provides debt restructuring, you can get a better handle on your debts and start taking back your finances. You can rebuild your life much more quickly than if you had continued to toil at paying off the debts yourself.

Gilbert Bankruptcy Lawyers can help you learn more about the bankruptcy process and whether it’s right for you. We work with individual and business clients, and we start with a complete review of your finances to help you understand the best strategy to get the maximum financial relief. If you decide to continue, we’ll create a strong bankruptcy filing that will increase your chances of success. Contact us in Gilbert today to talk with one of our experienced bankruptcy lawyers about your situation.

Published By:

Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

4 Ways Chapter 13 Bankruptcy in Gilbert Can Help You

A lot of people don’t know that there is more than one type of bankruptcy. When most people think of bankruptcy, they are thinking of Chapter 7 bankruptcy in Gilbert, which eliminate unsecured debts like credit cards if you qualify. This is the “clean slate” option that most people have in mind when they think of bankruptcy.

Chapter 13 is another bankruptcy option for those who can’t qualify for Chapter 7 Gilbert bankruptcy or who own a lot of equity in their home or other personal assets. There are a lot of ways that Chapter 13 bankruptcy can help you. Here are just four:

Create Affordable Payments

You may owe money to multiple creditors, adding up to huge payments every month. You may be able to pay some of them, but not all of them. So you either choose which ones you want to pay one month and add up interest and fees on the other, or you underpay all of them and incur interest and fees across your accounts.

When you file for Chapter 13 bankruptcy in Gilbert, your bankruptcy lawyer helps you to negotiate a repayment plan that consolidates your debts into one monthly payment. The payment is determined based on your ability to pay, so it is much more manageable. You can also count on the payment remaining fixed over the course of the repayment plan.

Put a Cap on Payments

When you owe a creditor, the interest and fees just keep adding up until you have completely paid off the debt – even if it takes you 10 or 20 years to pay it off. However, when you pay under a Chapter 13 restructuring plan, you only pay for three to five years. At the end of the repayment plan, you are done with those debts for good.

Entering into a Chapter 13 repayment plan puts an end in sight. You don’t have to toil under debt for years without knowing when it will end.

Eliminate Some Debts

At the end of your debt repayment plan under a Chapter 13 bankruptcy filing, those debts can be eliminated. Certain debts, like your house or car loan, will need to continue to be paid so that you can continue to keep those items. However, others, like credit cards and medical bills can be discharged at the end of the repayment term. The courts just want to ensure that you have paid what you have been deemed able to pay.

Avoid Foreclosure and Repossession

By the time many people turn to bankruptcy, they are often facing serious consequences, such as the foreclosure of their home or the repossession of their vehicle. Filing for Chapter 13 bankruptcy may be able to help you avoid foreclosure or repossession.
The repayment plan under a Chapter 13 bankruptcy can be designed to bring you current on your payments for your home or your car. Filing for Gilbert bankruptcy will be a halt to collection procedures, including foreclosure or repossession. The repayment plan can help you get caught up, and it can help you free up money that was going toward other debts so that paying your mortgage or car loan is not so difficult.

There are a lot of benefits to filing for Chapter 13 Gilbert bankruptcy. It may not be the “clean slate” that many people think a Chapter 7 filing is, but it can help you dig yourself out from overwhelming debt. You can finally put an end to harassing calls from creditors, and you can get a steady handle on your finances. By the time the repayment period is over, you should have a much stronger and healthier financial picture.

Call Gilbert Bankruptcy Lawyers today if you are struggling with debt. We’ll help you learn more about bankruptcy and whether it might be the right option for you. Our bankruptcy lawyers represent personal and business clients, and they are ready to help you get debt relief as quickly as possible. Call us today to talk with a bankruptcy attorney about your unique financial circumstances and what your options might be. We’ll help you decide on the best course of action to meet your goals by explaining your legal rights and options.

Published By:

Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

Dont Trust Payday Loans It Could Mean Bankruptcy for You

Payday loans come with big promises. They claim to help you out of a tight spot when you’re short on funds. You can borrow a little bit of money just to get you through to your next paycheck. In theory, it’s just like borrowing money from a friend, but without the awkwardness that can cause problems in your friendship. Plus, you have to pay back the money with interest.

Sounds pretty good, right? For many, it does. Then they are surprised when they find that the payday loan actually causes them more problems. In fact, it can worsen their financial problems or set off a cascade of problems that can ultimately lead to bankruptcy in Gilbert. Here’s what you need o know:

How Payday Loans Work

Payday loans are advertised as an advance on your next paycheck. But really, they are personal loans based on your income. You show a pay stub (or a certain number of pay stubs) to prove that you have a steady income, as well as to prove how much money you make. You either request the amount you want, or the lender offers you an amount based on your income. Many lenders will give you the full amount of your expected paycheck.

Many times, the lender asks for your bank account information to deposit the loan funds directly into your account. You will owe the money you borrow on your next pay date, including interest and fees. Some lenders take the money directly from your bank account, and others ask you to write a post-dated check for the amount.

How Payday Loans Lead to Debt

Of course, you would expect any loan to come with interest. But what you might not expect is just how much interest you will be charged for a payday loan. Lenders charge as much as 400 percent interest. These are short-term loans, so they make their money on the high interest rates and fees.

Those kind of fees just make more problems for you. If you have the money in your account to cover the fees, your account will be drained once the loan becomes due. You won’t have the money that you need to cover your expenses, which means that you’ll have to continue borrowing to stay afloat. You’ll just be kicking the can down the road.

Many people don’t have the money available to cover the high interest rates when the loan becomes due. They end up with overdraft fees from their bank, or they have to extend the loan, which results in interest fees piling up over time. You may feel like you will never pay off the loan.

Debt Relief through Bankruptcy

You may have to take on other lines of credit to pay off your payday loan or to pay off other expenses while you are paying off your loan. Eventually, you may become overwhelmed by debt. You may have to sell things to pay off debts, or your creditors may start seizing items to satisfy your debts.

Filing for bankruptcy can provide fast debt relief. If you file for Gilbert Chapter 7 bankruptcy, you can have your unsecured debts eliminated, such as credit cards and payday loans. If you file for Gilbert Chapter 13 bankruptcy, you can have your debts restructured into a more affordable payment plan that is designed around your income and your personal expenses.

The best thing you can do is talk to an experienced Gilbert bankruptcy attorney to review your personal financial details and to determine the best course of action. Your attorney can help you understand if Chapter 7 or Chapter 13 would be best for you, or if you need to consider another path to debt relief.

Contact Gilbert Bankruptcy Lawyers to learn more about bankruptcy and to find out if it’s right for you. Our bankruptcy law office handles personal and business bankruptcy filings, and we can help you get the debt relief you need fast. Your Gilbert bankruptcy lawyer may be able to help you eliminate your debt, put a stop to harassing creditor phone calls, and stop wage garnishments and other debt collection action. Call our bankruptcy law office today to speak to a bankruptcy attorney about your situation.

Published By:

Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

Wage Garnishment and Gilbert Bankruptcy: How to Stop It

We’ve all been in a tight spot on occasion. The bills are coming in, but the money isn’t there immediately to pay them. We may juggle the bills, paying one thing one month and another the next, until we can catch up.

But some of us get so far behind that we can’t catch up. We turn to credit cards to help us, and then we can’t pay the credit cards, and we get buried under the outrageous interest. Trying to get a handle on debts can feel like trying to bale out a sinking ship by dumping out buckets of water. The problem is coming at you a lot faster than the solution.

If you don’t take other action, that kind of debt is going to lead to more problems for you. Creditors will start calling you constantly to try to get you to pay up. You may be able to negotiate a payment plan in some cases, but you may not have any options if the debt grows too large or the problem goes on for too long. Soon, your creditors may start to garnish your wages to get what you owe, which can be embarrassing and can cause you many more problems. How are you going to get out from under debt and start taking back your finances if your paycheck is being siphoned off?

How Creditors Garnish Wages

First, you need to understand what has to happen for creditors to take money from your paycheck. Creditors can’t just decide they want to take your wages and then tell the bank how much they want. They have to go through certain steps.

Creditors must first seek a court order to get a wage garnishment in Gilbert. They have to show how much you owe, what measures have been taking to get you to pay the debt, and other information to get the court to approve the order.

Creditors also have to ask for a specific amount to be garnished, which has its limits. What the courts will allow creditors to garnish depends on how much money you take home each week, how much money you owe and what type of debt it is, and how much you make over the federal minimum wage.

Stopping Wage Garnishment with Bankruptcy

Filing for Gilbert bankruptcy triggers what’s known as the “automatic stay,” which prohibits creditors from contacting you or continuing their collection efforts. The automatic stay goes into effect whether you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy.

While the automatic stay is in effect, the bankruptcy court will analyze your filing to determine if you should be required to pay anything to your creditors and, if so, how much. If you are granted a Chapter 7 bankruptcy discharge, your unsecured debts will likely be eradicated, such as your credit cards and personal loans. If you are granted a Chapter 13 bankruptcy discharge, you will have a debt repayment plan that is based on your ability to pay.

Before you file for bankruptcy, you should talk to an experienced bankruptcy lawyer about the right strategy for your circumstances. You must meet certain eligibility criteria to file for Chapter 7 bankruptcy, including an income limit. There will also be a limit on how much equity you can have in assets that you want to keep, such as your home, if you want to file for Chapter 7 bankruptcy.

Therefore, you should review your situation in detail to determine what kind of bankruptcy filing will bring you maximum debt relief and help you reach your financial goals.

If you are thinking of filing for bankruptcy, Gilbert Bankruptcy Lawyers can help. Our attorneys help individuals and businesses with Chapter 7 and Chapter 13 bankruptcy filings. We’ll help you understand your legal options and how they may be able to help you reach your financial goals. We may be able to help you stop debt collection efforts, put an end to wage garnishment, and stop harassing phone calls from your creditors. We may even be able to help you eliminate your debt. Call us in Gilbert today to talk with one of our experienced bankruptcy attorneys about your options.

Published By:

Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

The 5 Requirements of a Chapter 7 Bankruptcy in Gilbert

Chapter 7 bankruptcy in Gilbert can help you get the fresh start you’ve been hoping for when you are mired in debt. It can get rid of those excessive credit card bills, outrageous personal loan debts, and even medical bills. Once the filing is complete, the debt is discharged, and you never have to pay another penny.

Sounds pretty great, right? If you can qualify for Chapter 7 bankruptcy, it can be that great. But first, you have to qualify. Here are the five requirements for filing for Chapter 7 bankruptcy in Gilbert:

Previous Bankruptcy Filing

Individuals and business entities can file for Chapter 7 bankruptcy in Gilbert. However, if you have filed for bankruptcy previously, you may not be able to file again within a certain time frame. If you file for Chapter 7 bankruptcy, your case will be dismissed if a previous case was dismissed within 180 day for failure to appear in court or obey a court order. You also will not be eligible to file for Chapter 7 bankruptcy if you received a Chapter 7 bankruptcy discharge within the previous eight years. You have to wait six years if you received a Chapter 13 bankruptcy discharge.

Credit Counseling

Before you can even file for Chapter 7 bankruptcy in Gilbert, you have to complete a credit counseling class. But you can’t just take any class. You have to take a counseling class approved by the U.S. Trustee’s Office. You must also complete this course within 180 days of your filing.

Fortunately, you have options for completing the course. You can find a course to attend in person, or you can even complete the course online or on the phone. You will have to pay for the course yourself, and you will get a certificate upon completion that you will file with your bankruptcy petition.

Income

One of the most important requirements for filing for Chapter 7 bankruptcy is the Means Test. This test looks at how much you make as compared to the median income for your state. Your income includes all sources for the previous six months, including your wages, alimony, unemployment compensation, and other sources.

The means test also looks at your disposable income each month to determine what you can pay toward your debts. This is where the test can get complicated, but basically, you subtract your allowable expenses from your average monthly income, and you compare that result to the eligibility guidelines. If you fail the Means Test and are determined to be ineligible to file for Chapter 7 bankruptcy, you can still file for Chapter 13 bankruptcy to get debt relief.

Debtor Education

The credit counseling course won’t be the only class you have to take. You’ll also have to complete a debtor education course after you file for bankruptcy but before your bankruptcy can be discharged. The course focuses on how to manage money well, including creating a budget, saving regularly, and using credit appropriately. In most cases, you will be able to take a debtor education course from the same company that you took your credit counseling course.

Official Forms

You must follow the rules carefully when filing for your bankruptcy, including using the official bankruptcy forms issued by the U.S. Bankruptcy Court. Beware trying to file for bankruptcy yourself and using forms that claim to be official on random websites. It’s best that you hire an experienced bankruptcy attorney to file your case for you, ensuring that you do not make any mistakes that could cost you more money, delay your bankruptcy discharge, or undermine your case.

If you believe that you meet the eligibility criteria to file for bankruptcy in Gilbert, you should meet with a trusted and experienced bankruptcy attorney near you to learn more. Only a qualified attorney can help you understand the ins and outs of bankruptcy, including whether you qualify and how a bankruptcy discharge could impact you, specifically.

Call Gilbert Bankruptcy Lawyers if you are thinking of filing for bankruptcy. Our bankruptcy attorneys will help you learn about your options for getting debt relief. We will review your finances and provide advice about the best path forward for maximum debt relief in the shortest time possible. Call us in Gilbert today to schedule a free consultation with a bankruptcy lawyer.

Published By:

Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

4 Essential Ways Filing for a Gilbert Bankruptcy Can Help You

Bankruptcy is a powerful tool that can literally change your life, depending on your circumstances. Though there are many negative myths surrounding bankruptcy, filing for this legal debt relief is a smart choice that can mean the start of great things, not the last resort of a failure who is looking at rock bottom.

There are many, many ways that bankruptcy may be able to help you. Here are four of the top benefits of filing for a Gilbert bankruptcy that are likely to have the most impact:

Get Creditors to Leave You Alone

Creditors will start calling you the day after your payment is late. If you have multiple accounts that are late, you may be getting a lot of calls. If you have accounts that are both late and seriously delinquent, you are probably getting calls at all hours of the day, every day. You may have stopped answering the phone, for fear that you may have to talk to another creditor threatening to take action against you.

When you file for bankruptcy in Gilbert, the court issues an automatic stay, which prevents creditors from contacting you about your debts. Your creditors will no longer be able to garnish your wages or take other action to collect on your debt. You will finally be able to breathe a sigh of relief, knowing that you can get through your day without being harassed by creditors.

Protect Your Assets

As your debts continue to pile up, you may worry that your house is in danger. You may think that you will soon have no choice but to sell your home to take care of your debts. Or you may fear that your creditors will eventually seize your home to repay your debts.

Many people fear that filing for bankruptcy in Gilbert will mean that they lose their homes. However, filing for bankruptcy can actually allow you to keep your home. Bankruptcy allows exemptions for certain personal assets. So long as you do not own your home outright or have too much equity built up in it, you will be allowed to keep your home. You will not be forced to sell it to satisfy your debts. The same is true for your car and for other assets you might have.

Stop Foreclosure Proceedings

At some point, you may not be able to pay even for your monthly mortgage. You may have tried working out a plan with the mortgage company, but you may not have been able to satisfy what they want. Now, foreclosure proceedings are upon you.

Filing for bankruptcy will put an immediate stop to foreclosure proceedings. If you are filing for Chapter 13 bankruptcy, you will be able to create a plan for catching up what you owe with the mortgage company so you can keep your house. Filing for Chapter 7 bankruptcy will allow you to relinquish the home to the bank, thus canceling any remaining debt.

Give You a Fresh Start

The biggest benefit that a Gilbert bankruptcy filing can offer is a fresh start. If you file for Chapter 7 bankruptcy, you can get a clean slate with your unsecured debt. You can be completely free of credit card debt, medical bills, and other debts. You can free up hundreds or thousands of dollars per month and live without the stress of burdensome debt. If you file for Chapter 13 bankruptcy, you can finally get your debt into a manageable payment plan so that you can start gaining control of your finances.

Filing for a Gilbert bankruptcy can benefit you in so many ways. Only meeting with an experienced Gilbert bankruptcy lawyer can help you understand all the ways that bankruptcy can benefit you, specifically. Your bankruptcy attorney will review your finances and help you understand what’s possible with bankruptcy.

Gilbert Bankruptcy Lawyers are ready to help you learn about all that bankruptcy can do for you. We help individuals who are interested in Chapter 7 or Chapter 13 bankruptcy, as well as businesses who are interested in filing for bankruptcy. Our attorneys will review your case to help you decide on the right path for the maximum benefits. Call our Gilbert office today to schedule a time to talk with one of our experienced and friendly bankruptcy attorneys. Give you a fresh start.

Published By:
Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

Top 5 Myths about Filing for Bankruptcy in Gilbert

You may not know anyone who has ever filed for bankruptcy. And those who have filed bankruptcy usually have only done so once. For these reasons, bankruptcy is rare in most people’s lives, and they tend to get by on conjecture and myth instead of facts and first-hand knowledge. If you are facing financial problems, bankruptcy may be the right choice for you, but you may not even consider it because of the myths you believe.

Here are the top five myths we’ve heard about filing for bankruptcy in Gilbert, along with some information to help you learn the truth so you can decide if bankruptcy is right for you:

Myth #1: It Will Solve All Your Money Problems

Many people think of bankruptcy as a clean slate. They think that if they file for bankruptcy, they will no longer owe any of the people they owe – credit card companies, the mortgage lender, the car company, the hospital, the student loan company, and even friends and family.

This is not the truth. Chapter 7 bankruptcy is what most people are thinking of when they think of the “clean slate” option, but not even Chapter 7 bankruptcy clears out all debts. Chapter 7 bankruptcy can discharge unsecured debts like credit cards and medical bills, but it cannot discharge secured debts like your mortgage or car loan. It also cannot discharge student loans, child support, and some other financial obligations.

Myth #2: You Will Lose Everything

One reason that many people hesitate to look into bankruptcy when they are in financial trouble is they believe that it will cause them to lose valuable assets like their home or their car. Fortunately, this is not always the case. If you file for Chapter 7 bankruptcy, your assets will be sold to repay your creditors. However, a certain exemption is allowed, which can help you keep your house or car if you do not have much equity built up in them.

If you file for Chapter 13 bankruptcy, you will restructure your debt under a payment plan. You will be able to keep your home and car without worrying about the exemption. Chapter 13 is a better option for those who have built up more equity in their personal property.

Myth #3: You Will Never be able to Get Credit

The second thing that usually holds people back from filing from bankruptcy is they fear they will never be able to get credit again. They think they won’t be able to get credit cards, won’t be able to buy a car, and won’t be able to buy a home. Such thoughts are devastating to many, and they carry on under the weight of debt they don’t have to carry as a result.

The reality is that you will be able to get credit after filing for bankruptcy – a lot sooner than you may think. Many credit cards will start approving you in as little as a year after your bankruptcy is completed, and you can qualify for FHA-backed home loans after just two years. The bankruptcy will be off your credit record entirely after seven years.

Myth #4: It’s the Worst Thing to Happen

Filing for bankruptcy feels like the nuclear option for many. They think that resorting to bankruptcy is the worst thing that will ever happen to them and that they will lose everything and be “ruined.” They will do everything they can to avoid filing for bankruptcy.

The truth is that bankruptcy is far from the worst thing that can happen to a person. In fact, in most cases, it is one of the best things that can happen to them. Bankruptcy can help get you out from under crushing debt so that you can start taking back control of your finances. You can reduce your stress and start doing the things you want much sooner.

Myth #5: You’re a Failure if You File for Bankruptcy

A lot of people think that if you are smart or responsible, you won’t have money problems. Many think that if you have to file for bankruptcy, it means you’re a “failure.”

Bankruptcy is a legal right. Taking advantage of this right is not something that should make you feel bad about yourself. Recognizing the benefits that bankruptcy offers and using it to your advantage is one of the smartest things you can do. That makes you a success, not a failure.

Do not let misinformation and prejudice keep you from filing from bankruptcy to get the debt relief you need. Bankruptcy is a powerful tool, and when used properly, it can change your life for the better. Talk to an experienced bankruptcy attorney in Gilbert about how bankruptcy may benefit you. An attorney can answer all your questions and dispel any other myths you might have.

Gilbert Bankruptcy Lawyers can help if you are thinking of filing for bankruptcy in Gilbert. We’ll answer all your questions, and go over your financial circumstances to help you understand how bankruptcy might impact you specifically. There is no obligation to move forward, so it is worth setting up the meeting so that you have the information to make an informed decision. Call 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

The Most Common Causes of Gilbert Bankruptcy

Most people don’t just spend haphazardly and then file for bankruptcy to get out of the trouble they’ve caused. Instead, most people find themselves in circumstances that they are tried to prevent or did not expect when they finally file for bankruptcy. They may have tried to work extra, to cut back on expenses, or to borrow from friends and family to solve their troubles before they turn to bankruptcy.

Unfortunately, bad things happen to good people. Filing for bankruptcy always a sign of a personal failing. Here are some of the most causes we see for people to file for bankruptcy in Gilbert:

Job Loss

You may have been working at your job for decades. Unfortunately, that doesn’t make you safe. You can still lose your job without notice. The company may be looking for ways to save money, and your fat salary and generous benefits package will start looking pretty good.

Ideally, we would all have an emergency fund that would cover us for at least six months in case of an unexpected job loss. However, few of us have any savings at all, let alone enough to get us through an unexpected job loss. In such a case, many people would turn to credit cards to get by. Filing for bankruptcy in Gilbert can help many get out of the trouble caused by their job loss.

Injury or Illness

You may be out of work for a long time if you fall seriously ill or are severely injured. If you do not have the savings to cover that lost income, you could fall seriously into debt. In addition to lost wages, you may also be faced with thousands of dollars of medical debt.

Declaring bankruptcy may be able to rid you of the debt you incurred while you were not working, as well as the medical debt you may have because of your injury or illness.

Divorce

When you are married, your lives and your finances are combined. When you get divorced, you must adapt to a single life again – and a single income. Yet, by that time, you may have a home and a lifestyle that requires two incomes to support. You may also have children who have more needs than you can provide on one income.

You may try to cut back your expenses or increase your income after a divorce, but you may not be able to do it quickly enough before the debts start to pile up. Your legal fees may make it even harder to get your finances under control, and that may lead you to need to file for Gilbert’s bankruptcy.

Death

Perhaps your spouse dies. You will suffer the same financial losses as you would with a divorce. You may even experience more. If your spouse dies with debts, you will still be responsible for paying them, but you may have only one income and no additional assets. Your spouse may have also been very ill before dying, which will leave you with a lot of medical debt.

Bankruptcy may be able to help you get out of the financial abyss that you find yourself in after the death of a spouse. Or it may help you to get your finances back under control so you can better manage your debts.

Bad Financial Habits

We all make bad choices sometimes. When it comes to bad financial choices, we may not even realize how bad they are until you find yourself in serious debt. That doesn’t mean that you are unintelligent or irresponsible. But it does mean that you need to figure out a way out, and bankruptcy may be the debt solution you need.

Experienced bankruptcy lawyers have seen these scenarios many times. It is important that you recognize that if you find yourself in these circumstances, you should not view bankruptcy as a failure but as an option for getting the debt relief you need. Bankruptcy is a legal right offered to those who need it. You should not eschew this option because you feel personally responsible for your circumstances. Talk to a Gilbert bankruptcy lawyer about how you can get the debt relief you need.

Gilbert Bankruptcy Lawyers can help you understand your options and whether bankruptcy is the right choice for you. Our attorneys represent individuals in Chapter 7 or Chapter 13 bankruptcy, and they represent businesses wishing to file for bankruptcy also. One of our bankruptcy attorneys will review your finances and help you understand the right option and how it can help you. Contact our Gilbert office to talk with one of our bankruptcy lawyers today.

Published By:
Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

How Can Your Gilbert Bankruptcy Lawyer Help You

You don’t have to hire a bankruptcy attorney in order to file for bankruptcy – but you should. Filing for bankruptcy in Gilbert is a major step, and it can offer you the type of debt relief that can change your life for the better. The ramifications of filing for bankruptcy are too big to try to take on handling it yourself. You need the help of an expert to get the best outcome.

Still not sure? Consider these essential ways that a Gilbert bankruptcy lawyer can help you:

Provide Expert Knowledge of the Law

No amount of reading online articles or even looking at state statutes is going to tell you everything you need to know about filing for bankruptcy. There are just too many variables for every case. Only someone who has spent years studying the law and who has spent even more years practicing in bankruptcy law can provide all the answers to your questions about the law.

Your bankruptcy attorney in Gilbert can help you understand how the law applies to the facts of your case specifically, what assets are vulnerable to possession, how your bankruptcy will affect your small business, the potential for bankruptcy litigation, and much more. You can be sure that you know all the aspects of the law as they relate to your case when you are working with an experienced bankruptcy lawyer.

Offer Tailored Advice

Should you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy? You may want to file for Chapter 7 and get the clean start that it offers, but you may not qualify. Yet you may not know that until you have put a lot of time and effort into your own case. An experienced bankruptcy lawyer near Gilbert can help you understand what type of bankruptcy is best for your financial circumstances and offer you other tailored advice for your case.

Your attorney will help you understand the right strategy to take, what assets you should try to protect, and much more.

Prepare Paperwork Properly and Quickly

Bankruptcy paperwork is not simple. There are a lot of details needed, and it is very easy to make a mistake. Some mistakes will lead to a delay in your case, which will cost you more money, but some mistakes could even land you in legal trouble.

By working with a bankruptcy attorney, you can ensure that your bankruptcy paperwork is filled out properly, which will move your case forward more quickly and protect your rights.

Represent You at Hearings

You will have to attend a few hearings during your bankruptcy process. You will be asked a lot of questions, and the way you answer them could negatively influence your case. When you hire a Gilbert bankruptcy attorney, your attorney will represent you at those hearings instead. Your attorney will answer all those questions so that your rights are protected and you get the outcome you want for your bankruptcy filing. You won’t have to attend stressful hearings, and you can feel confident that your interests are protected while you are away.

Bankruptcy can make a huge, positive influence on your life. But if you try to handle the filing yourself, you can not only lose out on the benefits that bankruptcy offers, but you can also create more problems for yourself. Hire an experienced Gilbert bankruptcy attorney to represent you for your bankruptcy. You will get the information and advice needed to make the right decisions for your goals, and you’ll get competent representation at legal hearings and other proceedings.

Gilbert Bankruptcy Lawyers can help you if you are thinking of filing for personal or business bankruptcy. Our experienced attorneys can help you understand how bankruptcy can help you and what kind of outcome you might expect if you file. Our attorneys will analyze your financial circumstances to help you determine the best path forward, and they will provide feedback and guidance at every step along the way. Our attorneys will file all your paperwork and represent you at all your bankruptcy hearings. Contact our bankruptcy law office in Gilbert today to talk to an attorney about your options for debt relief. You could start on your path to financial relief today.

Published By:
Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

5 Essential Differences Between Chapter 13 and Chapter 7 in Gilbert

You may finally be thinking of filing for bankruptcy after struggling with overwhelming debt for months or even years. Now that you’ve looked around for information about the process, you may have been surprised to find that there is more than one type of bankruptcy. You don’t just file and get a discharge for all your debts. You need to determine the right type of bankruptcy – Chapter 7 or Chapter 13 – and which you qualify for.

Here are five essential differences between Chapter 13 and Chapter 7 in Gilbert to help you decide which is right for you:

Debts Discharged

Typically, people think that you file for bankruptcy and all your debts are wiped clear. That’s not actually true. The closest you can get to a total discharge of debt is with a Chapter 7 bankruptcy, which clears your unsecured debts like credit cards and medical bills. Chapter 7 bankruptcy does not discharge your student loans, recent tax debts, and some other types of debts.

With a Chapter 13 bankruptcy, you get a debt restructuring plan, rather than a discharge of your debts. The bankruptcy trustee evaluates your financial resources and determines what you can pay toward your debt. You get a three- to five-year repayment plan that consolidates all of your debts into one payment. Any balance remaining at the end of that repayment period may be discharged. You get debt relief by getting a more manageable payment, freeing yourself of interest, and possibly discharging part of your debt.

Timing

By the time you file for bankruptcy, you probably feel overwhelmed and ready to be done with your debt problems forever. One of the primary advantages of a Chapter 7 bankruptcy filing is that it can offer you fast relief. The entire process can take only a few months from start to finish, and you can be done with a majority of your debt for good.

With a Chapter 13 bankruptcy, you will need to go through those few months while your bankruptcy filing is processing, and then you will have to wait three to five years for your repayment plan to be completed. You’ll get some relief under the consolidated payment, but you won’t have the total relief you want until the repayment period is over.

Retaining Ownership

Many people want to get rid of their debts with bankruptcy, but they want to keep the things they need, such as their home and their car. Under a Chapter 7 bankruptcy filing, any assets you own can be collected and sold to satisfy your debts. There is a certain exemption for assets like your home and car, and many people are able to keep these items if they have not built up a lot of equity.

If you don’t meet the exemption requirements to keep your assets, the better option for you will be to file Chapter 13 bankruptcy, which allows you to retain ownership of all your properties. You can even use the filing to catch up on missed payments if you are in danger of foreclosure or repossession.

Foreclosure

You may start thinking about bankruptcy when things get really bad for you and you are facing the risk of foreclosure on your house or repossession of your vehicle. Unfortunately, filing for Chapter 7 bankruptcy will not protect you from foreclosure or repossession. These are secured debts, and if you are unable to pay what you owe, the lenders have the right to take back that property and sell it to satisfy what you owe.

Only filing for Chapter 13 bankruptcy can help you avoid foreclosure or repossession since it allows you to get on a repayment plan to catch up with what you owe. Filing for Chapter 7 bankruptcy may free up some financial resources to pay what you owe by freeing you from payments to unsecured debts.

Eligibility

Not everyone is eligible to file for Chapter 7 bankruptcy. To qualify, you must pass a “means test” that analyzes your income and your expenses. If you make to much money, you won’t qualify to file for Chapter 7 bankruptcy. If you don’t qualify to file for Chapter 7, you may qualify for Chapter 13 bankruptcy, which will primarily look at your ability to satisfy the repayment plan.

Meeting with an experienced Gilbert bankruptcy lawyer can help you understand more about the differences between Chapter 7 and Chapter 13 bankruptcy and which one might be right for you. Once you have identified the right type of bankruptcy, you can move forward and create a strong filing that will help you get the debt relief you need.

Gilbert Bankruptcy Lawyers may be able to help you. Our expert bankruptcy attorneys will review your finances and give you tailored advice about the right course of action in filing for bankruptcy. We’ll then put together a strong filing to help you get a fast judgement so that you can begin the process of rebuilding your finances. Call us today to talk with a Gilbert bankruptcy attorney about your options.

Published By:
Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

5 Unfortunate Circumstances that Can Stall Your Gilbert, AZ Bankruptcy

Filing for bankruptcy can put an end to your credit problems. It can make your creditors stop calling and harassing you, and it can free up resources for you to pay essential bills like your rent or mortgage and your utility bill. Once you decide to file for bankruptcy, you probably want to do it as fast as possible and start reaping the benefits.

But if you aren’t careful, you can unintentionally do something that will delay your bankruptcy from being finalized. That will prolong your problems. It’s important that you are aware of the things that can cause problems so that you can avoid them. Here are five unfortunate circumstances that can stall your Gilbert, AZ bankruptcy:

Failing to Disclose Everything

You may decide to leave out an account on your bankruptcy. For example, you may still have a credit card that hasn’t been maxed out or canceled, and you may want to keep it so you can have it in case of emergency. Or you may leave an asset off your list, thinking that you can save it from collection. However, failing to disclose all of your debts and all of your assets can delay your bankruptcy filing and land you in legal trouble for fraud.

If you have any questions about what debts you have, check your credit report. If you have any questions about which debts to include or what assets you might be able to keep, ask your bankruptcy lawyer.

Failing to File a Tax Return

You may not file a tax return if you don’t have the money for an accountant or you don’t have the money you think you will owe. However, failing to file a tax return can cause you a lot of legal troubles, and it will bring your bankruptcy proceedings to a stop.

If you have an unfiled tax return, talk to an accountant or a tax attorney to determine the best course of action for filing it with the least penalties. If you are worried about paying the money you owe, you may be able to set up a repayment plan. You won’t be able to discharge the debt in your bankruptcy.

Continuing to Use Credit Cards

Some people will continue spending up their credit cards when they know they are filing for bankruptcy because they think that the charges will be written off with the rest of their debt. However, that behavior will be ruled fraud by the courts. You must cease using your credit cards when you file for bankruptcy.
Do not try to open any new lines of credit when you file for bankruptcy, either. You can’t convince the courts that you’re unable to pay your debts when you are opening up new lines of credit or spending more money.

Failing to Get Counseling

You are required to get credit counseling when you file for bankruptcy, as well as to attend and finish a course on financial education. Completing this education is a part of the bankruptcy process, just like filing the paperwork and attending the trustee meeting. If you don’t finish the education, your bankruptcy case will not be able to move forward. Just finish the course and counseling so you can get them out of the way as quickly as possible.

Failing to Get an Attorney

Filing for bankruptcy is a complex process, and you can easily make mistakes and jeopardize your case if you try to handle it yourself. By hiring a Gilbert bankruptcy lawyer, you ensure that every step of the process is completed accurately and that you are protecting your rights. Working with an experienced attorney can also help you understand the process better and what steps you can take for success.

Don’t let poor choices or a lack of information delay your bankruptcy filing or keep you from getting the debt relief you need. Work with a Gilbert bankruptcy attorney and follow all the right steps to ensure the success of your bankruptcy filing.

Gilbert Bankruptcy Lawyers can help you if you are thinking of filing for Chapter 7 or Chapter 13 bankruptcy. We represent both individual clients and businesses. We’ll help you analyze your financial situation and then give you advice about the best way to free yourself of debt. Our attorneys have years of experience helping clients just like you, and we offer affordable services. Call us in Gilbert today to get a free consultation.

Published By:
Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com

The Untold Benefits of Filing for a Gilbert Bankruptcy

A lot of people are afraid to file for bankruptcy because they fear what it will mean for their future. They think that bankruptcy will ruin their credit, that they won’t be able to buy a new home or car, or that they may even have problems getting a job. Many people also feel a sense of embarrassment or failure because they let their finances get out of control (even if the circumstances that led to their bankruptcy was no fault of their own).

But even if bankruptcy gets a bad rep, it actually has many more benefits than disadvantages. Bankruptcy is a legal tool for debt relief. It is a legal right afforded those that need it, and it is not something to feel shame about. Besides helping you discharge debt, filing for bankruptcy can have these many other untold benefits:

Improve Your Credit

The fear that many have about bankruptcy is that it will decimate their credit score. But the truth is that even though bankruptcy will be a mark on your credit record, it can actually improve your credit score overall.
Think about this: If you are so in debt that you are unable to pay what you owe, you are going to have a lot of late and missed payments on your credit report. You’re also likely to have a delinquency or two. Those marks will continue to bring down your credit score, month after month and year after year. By filing for bankruptcy, you clear those marks and have just the one. At the same time, you clear up money to pay your other bills and stay current, allowing you to slowly build up your credit again.

Stop Harassment from Creditors

As soon as you file for bankruptcy, a stay is issued that prevents your creditors from calling and harassing you about the money you owe. By the time you file for bankruptcy, you’ve probably been getting a lot of these calls, so it will be a huge relief to be free of the harassment. You can finally get peace of mind and feel good about answering your phone again.

Get Rid of Old Tax Debt

Not much will get the tax man off your back, including filing for bankruptcy. However, if you have a tax debt that’s older than three years, you can likely discharge it in a bankruptcy filing. That can be a huge sum since it has likely racked up a lot of interest and penalties in that time. If you meet the criteria, you can discharge that debt entirely.

You Get Relief to Pay Debts that Can’t be Discharged

Not all debts can be discharged in bankruptcy, unfortunately. Most notably, student loans cannot be discharged, except under the most severe hardship and with the right documentation. However, filing bankruptcy can provide relief for a lot of other debts. When the money you would have paid toward those debts is freed up, you can likely pay off your student loans or other non-dischargeable debt more easily. At a minimum, your creditors should be more accommodating to help you find the right repayment plan or other options so that you are not in default.

You Can Likely Keep Your Home

When you file for bankruptcy, your trustee will add up your debts, as well as your assets. Any assets you have may be sold or distributed to your creditors to satisfy your debts. As such, many people worry that they will lose their home, their car, or other major assets if they file for bankruptcy.

Depending on how much equity you have in these assets, you are likely able to keep your home and your vehicle if you file for bankruptcy. Your bankruptcy attorney can help you understand the guidelines that are used to determine what you can keep and whether your assets will be affected.

Don’t let misconceptions about bankruptcy keep you from getting the debt relief you need. There are many more advantages to filing for bankruptcy than there are disadvantages. Talk to a Gilbert bankruptcy lawyer about whether filing for Chapter 7 or Chapter 13 bankruptcy would be right for you.

Gilbert Bankruptcy Lawyers help both individuals and businesses file for the bankruptcy relief they need. Our attorneys offer a free consultation to help you learn how to be debt free. Our services are affordably priced so that you can move forward with taking back control of your finances as quickly as possible. Contact us today to learn about Chapter 7 and Chapter 13 bankruptcy and which might be right for you.

Published By:
Gilbert Bankruptcy Lawyers
Office: 480-448-9800
Website: https://gilbertbankruptcylawyers.com