A Phoenix chapter 7 bankruptcy lawyer can help you out of some of the toughest financial spots of your life.Chapter 7 bankruptcy, also called liquidation bankruptcy, can be beneficial for those who are overwhelmed by credit card debt, medical debt, or are facing foreclosure. In Chapter 7 bankruptcy, your debts can be discharged, but you may have to give up some of your property if it is not exempt. There are also strict requirements regarding eligibility, as well as numerous forms to fill out. For assistance in determining whether you are eligible for bankruptcy, and for help in filing the necessary paperwork, it would be wise to obtain the legal advice of experienced Arizona Chapter 7 bankruptcy attorney Nicholas Fuerst.
Chapter 7 Dischargeable Debts
Some debts that can be discharged through Chapter 7 bankruptcy include (but are not limited to) credit card debt, medical bills, past due utility bills, business debts and collection agency accounts. Debts that cannot be wiped out include alimony, child support, student loans, balances owed in luxury items bought right before your bankruptcy, traffic tickets and other fines incurred due to criminal convictions. For more information regarding what can and cannot be discharged in a Chapter 7 bankruptcy, contact a Phoenix bankruptcy lawyer.
Filing for Chapter 7 Bankruptcy in Arizona
In order to qualify for Chapter 7 bankruptcy in the state of Arizona, you must receive credit counseling from an agency that has been approved by the U.S. Trustee in Arizona within a six month period before filing. You must also take a personal financial management class before your debts can be discharged.
In order to file for Chapter 7 bankruptcy, you must complete a bankruptcy petition, a number of forms regarding the details of your finances, and several other documents, including a lengthy form known as the “means test.” Upon successful completion of these forms, a bankruptcy trustee will be appointed to administer your case. The trustee will review your bankruptcy papers and any other relevant documents, as well as to sell your nonexempt property to pay back your creditors.
Arizona Bankruptcy Exemptions
If you want to keep certain property, you may be able to through Arizona’s bankruptcy exemptions. Through these exemptions, you may be able to protect your home, car, wages, pension or retirement benefits and other personal property. To learn more about how to protect your property during your bankruptcy proceeding, speak with a Phoenix bankruptcy lawyer.
The Automatic Stay
When you file for Chapter 7 bankruptcy, an Order for Relief will be put into effect. Informally known as the automatic stay, this process will stop most creditor’s collection efforts. Therefore, you will have temporary relief from harassing phone calls, and creditors will not be able to garnish your wages or go after your home, car or other property.
Phoenix Chapter 7 Bankruptcy Attorney
Chapter 7 bankruptcy can offer relief for people struggling with overwhelming debt. However, incorrectly filling out your paperwork can leave you liable for debts that may have been discharged. Phoenix Chapter 7 bankruptcy lawyer Nicholas Fuerst can explain the laws and procedures pertaining to your Chapter 7 case, and assist you in getting the paperwork filled out correctly and on time. For more information, contact the Law Office of Nicholas Fuerst at (480) 755-1930.