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What Property Can I Keep in an Arizona Bankruptcy?

The concept of filing for bankruptcy can feel overwhelming without having a bankruptcy lawyer Phoenix, AZ depends on by your side. Filing for bankruptcy does not always mean that you must turn your property over to the court. That’s because in Arizona, much like other states, certain property may be exempt when you file for bankruptcy. It pays to be knowledgeable about this property in advance so that you can separate what you’ll be able to keep. Talking to an experienced bankruptcy lawyer Phoenix, AZ deserves from Kamper & Estrada, PLLC may also be beneficial if you would like more specific information as it pertains to your situation.

If you choose to file for Chapter 7 bankruptcy in Arizona, it is strongly recommended that you retain the services of an experienced bankruptcy lawyer Phoenix, AZ residents turn to during their time of need. It can be an overwhelming process to think about filing for bankruptcy. Still, the right bankruptcy lawyer in Phoenix, AZ may help you navigate this complex process and understand your rights and responsibilities as you move forward.

All property in a Chapter 7 bankruptcy case that is classified as exempt under the law means that you can keep it. There are several things you need to keep in mind in determining whether or not certain property is exempt. First of all, the value of the property is what the property is worth currently, not what you paid for it. You also need to consider your equity directly in any property. Our Phoenix Arizona bankruptcy lawyer shares that in a Chapter 13 case, you may be eligible to keep all of your property so long as your plan meets the requirements of bankruptcy law.

Arizona exemptions include a homestead exemption of a mobile home, apartment, or real estate property that you intend to occupy worth up to $150,000. Your personal property has items such as a living room chair, two beds, one dresser, bedding for each bed, a couch, three lamps, four chairs, family portraits, radios, stereos, alarm clocks, and other items up to $4000 total. The homestead declaration must be recorded before the attempted sale of the home if you intend to make use of this.

Our bankruptcy lawyer in Phoenix Arizona wants you to know that you are also eligible to keep fuel and food up to six months, books up to $250, bank deposits up to $150 in one account, group life insurance proceeds or policies, disability, health and accident benefits, and life insurance cash value of up to $1000 per dependent.

What are the benefits of filing for bankruptcy?

While bankruptcy can affect your finances for a while, it still has its upsides. If you file for bankruptcy with the help of a bankruptcy lawyer Phoenix, AZ respects, you may experience the following benefits:

  • Financial fresh start: Bankruptcy allows you to discharge most of your unsecured debts so that you can start over financially. You will not have to stay awake at night anymore, worrying about how much money you owe. With all the stress off your back, you can concentrate on putting more savings away and improving your credit.
  • No more calls from creditors: Perhaps one of the most stressful parts of being in debt is receiving constant calls from creditors. Some of these creditors may even harass you and threaten to come after your assets if you don’t pay. If you file for bankruptcy, creditors won’t be allowed to contact you anymore. If they do still try to call you, let your bankruptcy lawyer in Phoenix, AZ know right away.
  • No one has to know: Many people shy away from bankruptcy because they’re embarrassed that somebody might find out. However, you can keep this information private, as a bankruptcy lawyer Phoenix, AZ trusts can attest. Your family and friends do not have to know that you filed for bankruptcy if you don’t want them to.
  • It may improve your credit: Bankruptcy can indeed lower your credit score for a while, but you can improve your credit rating over time. You can start applying for new credit cards and loans and get your credit rating back up.

How long does bankruptcy take?

If you are thinking about filing for bankruptcy, you are probably wondering how long the process will take. If you are filing for Chapter 7, your case can typically be resolved in three to six months, as a bankruptcy lawyer Phoenix, AZ relies on may explain. On the other hand, if you file for Chapter 13, the process will take three to five years.

What should I expect during an initial consultation with a bankruptcy lawyer?

During your first meeting with a Phoenix Arizona bankruptcy lawyer, your lawyer may ask to discuss your assets, debts, and income in detail. They may also want to see pay stubs, copies of bills, tax returns, and other financial documents. All of this may help your lawyer determine if bankruptcy is the right solution for you. If it’s not the right choice for you, your lawyer may review your other options with you.

When a bankruptcy lawyer Phoenix, AZ offers asks you these questions, make sure to be as detailed as possible in your answers. You should not feel embarrassed to tell a bankruptcy lawyer Phoenix, AZ counts on about your financial situation. Even though bankruptcy may be a sensitive topic, your lawyer is not there to judge you.

Contact Kamper & Estrada, PLLC Today

It is crucial to retain a bankruptcy lawyer Phoenix, AZ community members turn to regarding bankruptcy as soon as possible if you have additional questions. Our firm offers free consultations, and we’re happy to discuss your case with you in person.

The right Phoenix Arizona bankruptcy lawyer can have a significant impact on the outcome of your case. To find out more information, call our firm today at 602-730-7988. Don’t wait to schedule a consultation with a bankruptcy lawyer Phoenix, AZ trusts when you need a fresh start.

Bankruptcy Lawyer Phoenix Arizona

Contacting a bankruptcy lawyer Phoenix Arizona residents trust can help you to resolve your financial woes. Several signs may indicate that you need help in some way. If you are struggling to get out from beneath surmounting debts, and are finding that things are getting worse, you need the help of Kamper & Estrada, PLLC. Bankruptcy may be the most appropriate way to move forward. Our Phoenix Arizona bankruptcy lawyer can help you to understand your options so that you can move forward with rebuilding your credit after bankruptcy. 

Signs That Bankruptcy May Be Appropriate

While chances are you recognize that there is a problem, it can be hard to decide to move towards filing for bankruptcy. While it can be challenging to come to terms with financial challenges, they won’t go away on their own. Here are some signs that choosing bankruptcy with the help of our Phoenix Arizona lawyer may be the right way to move forward:

  • You are missing payments
  • You can only pay the minimum on your credit cards
  • Debt collectors are calling you
  • You don’t have enough money to cover your monthly expenses
  • You can’t get a debt consolidation loan

You don’t have to live in constant worry over how you will be able to make ends meet. Our Phoenix Arizona bankruptcy lawyer can help you take steps towards debt relief. 

Know Your Bankruptcy Options

We can help you to understand your options when considering bankruptcy and whether it is the right step for you. We will work with you to understand your financial situation so that you can make the most informed decision possible. For personal bankruptcies, there are primarily two options that you can choose from: 

Chapter 7: Chapter 7 is a liquidation bankruptcy that allows all unsecured debts to be wiped away. Chapter 7 can help to provide you with a clean slate. To choose Chapter 7, you must qualify. To qualify, you must engage in credit counseling at least 180 days before filing, and your income must fall below the median income in your state.

Chapter 13: This can be an attractive option for those who do not qualify for Chapter 7 because their income is too high. The wage earner’s plan is much different than Chapter 7. This is because not all debts are discharged. In some cases, Chapter 13 may even be a way to keep your home. Our bankruptcy lawyer in Phoenix Arizona will work with you to develop a repayment plan. Typically it will take 3-5 years to repay debts for Chapter 13. 

Let our bankruptcy lawyer in Phoenix Arizona help you by listening to your specific needs and protecting your interests throughout the process.

Rebuilding Your Credit After Bankruptcy

Our Phoenix Arizona bankruptcy lawyer knows that the idea of filing for bankruptcy can send many people reeling. While your credit will undoubtedly take a hit, you will be able to rebuild your credit after bankruptcy. Here are some tips provided by our bankruptcy lawyer in Phoenix Arizona to help get you back on track:

  • Always check to make sure your credit report is accurate
  • Keep up with payments on accounts that are still open
  • While interest rates may be high, you must get a credit card and make payments to rebuild your credit
  • Keep credit card balances low; you don’t want to find yourself in the same situation you were in before

Taking the step towards financial relief starts with calling Kamper & Estrada, PLLC. We know that deciding to consider bankruptcy probably wasn’t an easy one to come to. We are here to help ensure as smooth of a process as possible. Get started today by scheduling a consultation with our Phoenix Arizona bankruptcy lawyer.