Chapter 7 Bankruptcy Attorneys in Scottsdale
Don’t Let Debt Rule Your Life
Debt can be dangerous. You may be on top of your payments, but if bills start to pile up, it can be easy to lose control. If you’re overwhelmed by your financial situation, you have options. Taking action as soon as possible is the best way to regain power over your life.
Why File for Chapter 7 Bankruptcy?
Filing for Arizona Chapter 7 bankruptcy is one of your options. While some may believe that filing for bankruptcy is synonymous with failure, that couldn’t be further from the truth. In reality, filing for bankruptcy is the first step toward achieving financial stability.
At Compassionate Counsel, our seasoned Scottsdale Chapter 7 lawyers have the experience necessary to advise you on the bankruptcy process, and we truly care. Our firm name speaks to the level of service we provide to each and every one of our clients.
What Is Arizona Chapter 7 Bankruptcy?
While Chapter 13 bankruptcy requires committing to a repayment plan, Chapter 7 involves a liquidation plan. When you file for Chapter 7, your assets will be gathered, and those that are nonexempt will be sold.
The proceeds will then go towards paying back your creditors. Some property, like your home, will be considered exempt and will not be liquidated.
Chapter 7 bankruptcy is an excellent way to eliminate your:
- Credit card debt
- Medical bills
- And more
Who Qualifies for Chapter 7 in Arizona?
To qualify for Chapter 7, you must pass a means test. This test compares your average monthly income over a six-month period to the median income of a similar household in Arizona. If your income falls below this median, you are eligible to file for Chapter 7 bankruptcy.
Is Chapter 7 Right for You?
Chapter 7 is typically the right option for those with little to no disposable income and few assets. Our Scottsdale Chapter 7 bankruptcy lawyers are ready and willing to evaluate your personal financial situation and advise you on the best path forward.
If you are considering filing for Chapter 7 bankruptcy in AZ, below are the general steps of the process:
- Evaluate your eligibility: Determine if you meet the eligibility requirements to file bankruptcy Chapter 7 in Arizona. This includes passing the Arizona bankruptcy means test.
- Complete a credit counseling course: Complete a course that is from an agency that is approved by the Bankruptcy Court. This aims to ensure that you understand the risks of filing for bankruptcy and may explore alternative options to resolving your debt.
- Gather your financial documents: Collect your relevant financial documents, including income records, tax returns, bank statements, property deeds, and a list of your debts and assets. This will help you complete the bankruptcy filing forms.
- File your Chapter 7 bankruptcy forms in Arizona: Prepare and file the required forms with the Arizona bankruptcy court. These forms include the petition, schedules, statement of financial affairs, and any other necessary documents. It's crucial to accurately disclose all your financial information to ensure your filing goes smoothly.
- Attend the 341 Meeting of Creditors: This meeting allows the bankruptcy trustee and creditors to ask questions about your financial situation. Your presence is required, and your Chapter 7 attorney will guide you through the process.
- Complete a debtor education course: This course must be approved by the Bankruptcy Court as well. You will learn about personal financial management and it is a required course for receiving a discharge of your debts.
- Receive discharge of your debts: If everything proceeds smoothly and there are no objections from creditors or the trustee, you will receive a discharge order from the court. The discharge eliminates your personal liability for most debts included in the bankruptcy, providing you with a fresh start.
It's important to note that the bankruptcy process can be complex, and the specific requirements and procedures may vary. Consulting with an experienced Chapter 7 attorney in Scottsdale is highly recommended to guide you through the process, ensure accurate filing, and protect your rights and interests.
Compassionate Guidance When You Need It Most
We understand that the thought of filing for bankruptcy may be just as overwhelming as the debt you’re facing. We’re here to show you that, not only is bankruptcy a viable option, but it may even be the best option if you’re trying to achieve financial stability.
With so much on your plate, the last thing you need to worry about is paying outrageous legal fees. At Compassionate Counsel, we offer needs-based pricing to fit your specific circumstances. Our number one priority is providing top-notch guidance at an affordable rate, because we believe everyone deserves access to legal help.
Curious About Filing Bankruptcy Chapter 7 Arizona? Call (602) 641-5228.
We’ll serve as more than just your attorneys. We’ll be your resource when you have questions, your reassurance when you’re concerned, and your leaders on the path toward a more stable and secure financial future.
Don’t let debt rule your life. Take your power back by talking to our team at Compassionate Counsel about filing for Chapter 7 bankruptcy. If it isn’t right for you, we also provide Chapter 13 services, as well as debt settlement and negotiation. If you are located in Scottsdale, Phoenix, Tempe, Mesa, or Chandler, schedule a free consultation.
Debt can negatively impact every aspect of your life. When you start to lose control and bills begin to pile up, take action. Speak with a qualified Scottsdale Chapter 7 lawyer as soon as possible.
Contact our team of attorneys at Compassionate Counsel in Scottsdale to discuss the process of filing for Chapter 7 bankruptcy. A liquidation plan may help you get back on your feet.
“Incredibly Helpful”- Casey H.