As a bankruptcy lawyer Phoenix, AZ residents rely on, Kamper Estrada, LLP helps people overcome their financial challenges through effective legal means. With a focus on bankruptcy related manners, our lawyers at Kamper Estrada, LLP bring the necessary experience needed to act as your legal advisor and advocate. If you would like to discuss your situation with a respected Phoenix bankruptcy lawyer, call 602-730-7988.
Types of Bankruptcy
Technically, you can file for bankruptcy without a bankruptcy lawyer Phoenix, AZ residents recommend. However, unless you have a legal background, not having an experienced attorney can cost you a significant amount of time and money. Having a bankruptcy lawyer in Phoenix, AZ on your side can likely give you the best chances at resolving your situation in the most efficient and cost effective way possible.
There are three primary types of bankruptcy. Most people will not qualify for all three, but may have one or two of the options available to them. Each type of bankruptcy filing, or chapter, has its own benefits which a bankruptcy lawyer Phoenix, AZ depends on can further explain in a consultation.
Chapter 7 Bankruptcy
When you file for Chapter 7 bankruptcy, you are essentially filing for debt relief which provides for liquidation of certain non-exempt assets. With this option there may be a number of perks, but also repercussions which your attorney can discuss with you. Advantages of Chapter 7 include:
- The debtor gets a fresh start
- Certain taxes and medical bills are discharged
- Future income can be kept
- There are no limitations to the debt
- No repayment plans
- The discharge typically occurs within three months
Not everyone qualifies for Chapter 7 bankruptcy. If you are not sure, you can talk with a bankruptcy lawyer Phoenix, AZ trusts.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy generally offers the ability to reorganize a partnership or corporation. In most cases a bankruptcy lawyer Phoenix, AZ relies on can help to develop a plan of reorganization that allows the debtor to keep his or her business and pay back creditors over a designated amount of time.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is another solution that may help people who are suffering from debt, but who also regularly earn income. A bankruptcy lawyer Phoenix, AZ debtors can depend on may help to devise a plan that gives you between three and five years to catch up on debts. At this point unsecured debt may be discharged. The benefits of Chapter 13 include:
- Foreclosure is avoided
- Chapter 13 is shown on a credit report for seven years vs. 10 years in Chapter 7
- Secured debts can be rescheduled
Additional Benefits of Bankruptcy
Bankruptcy is not for everyone, but some people might benefit from taking the necessary steps and filing for one of the chapters. Overall benefits in doing so include:
- There may be an end to harassing phone calls, letters, or legal action by creditors
- A foreclosure can be stopped
- A payment plan resulting in unsecured debt discharge might be created
- No interest payment plans
- Avoidance of going to collections
There are alternatives to bankruptcy. A bankruptcy lawyer at Kamper Estrada, LLP can help you consider your options and make an informed decision as to what is best for your situation. For a free consultation with a bankruptcy lawyer Phoenix, AZ has to offer, please call Kamper Estrada, LLP at 602-730-7988.